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The temperature sensor market is estimated to grow from USD 5.62 Billion in 2018 to USD 7.48 Billion by 2023, at a CAGR of 5.9% between 2018 and 2023.
The growth of this market can be attributed to the increasing penetration of temperature sensors in advanced and portable healthcare equipment.
This report segments the temperature sensor market by product type, end-user industry, and region. By product type, the temperature sensor market has been segmented into contact-type temperature sensor and non contact-type temperature sensor. The market for contact-type temperature sensor is expected to grow at a higher CAGR between 2018 and 2023 owing to the various advantages of these sensors, such as easy handling, increased throughput rates, fast response time, high flexibility, and prolonged service life.
By end-user industry, the temperature sensor market has been segmented into chemicals, oil & gas, consumer electronics, energy & power, automotive, healthcare, food & beverages, metals & mining, advanced fuels, aerospace & defense, glass, and pulp & paper. The chemicals end-user industry is expected to dominate the temperature sensor market during the forecast period.
Growing demand for advanced and portable healthcare equipment is driving the temperature sensor market. With the onset of technologies such as advanced patient monitoring systems and portable health monitoring systems, demand for temperature sensors is on the rise. Temperature control plays an important role in food safety management. In food safety management, temperature controlling or monitoring is required in various stages, such as cooking, hot holding, reheating, refrigeration, cooling, freezing, and defrosting.
Temperature Sensor Market
Temperature sensors are used in personal computers mainly for controlling and monitoring the temperature of CPU. Generally, 3-5 temperature sensor ICs are used in desktops and laptops. As computers/desktops and laptops are vulnerable to overheating, measuring and controlling temperature is of utmost importance. Hence, personal computers (PCs) have contributed significantly to the growth of the temperature sensor market. However, the introduction of smartphones and tablets has impacted the shipment of PCs. Hence, the declining trend of the PC market has adversely affected the growth of the temperature sensor market.
The temperature sensor market in APAC is expected to grow at the highest CAGR during the forecast period. APAC has strong demand for consumer equipment, including portable healthcare electronics and white goods. In addition, the increasing industrial automation, especially in automotive and food & beverages sectors, will generate more demand for temperature sensors in APAC.