Temperature Sensor Market Estimation, Dynamics, Trends, Competitor Analysis and Forecast 2028
The Temperature Sensor Market is expected to grow from USD 5.9 billion in 2021 to USD 8.0 billion by 2028, at a CAGR of 4.5%.
The Temperature Sensor Market Report Share is estimated to be USD 5.9 billion in 2021 and expected to reach USD 8.0 billion by 2028, at a CAGR of 4.5% from 2021 to 2026.
Manufacturers are adopting sensing technology before the robots are installed to ensure compliance and create a safe environment for workers leading to higher demand for temperature sensors.However, high initial cost involved with the implementation of advanced sensorsis expected to restraint market growth.
Increasing penetration of temperature sensors in advanced & portable healthcare equipment
The growing demand for advanced and portable healthcare equipment is driving the Temperature Sensor Market. With the onset of technologies like advanced patient monitoring systems and portable health monitoring systems, the demand for temperature sensors is on the rise. Factors such as the rising geriatric population, deteriorating lifestyle, and growing viral infections are expected to further increase the demand for portable healthcare devices.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=522
Key Market Players
- Honeywell International Inc. (US),
- TE Connectivity Ltd. (Switzerland),
- Texas Instruments Incorporated (US),
- Endress+Hauser Management AG (Switzerland),
- Siemens AG (Germany),
- Maxim Integrated (US),
- Emerson (US),
- ABB (Switzerland),
- NXP (US), and
- Kongsberg (Norway).
Increasing trend of wearable devices
Wearable devices are used for tracking several biometric parameters, such as heartbeat and body temperature. The adoption of wearable devices is increasing rapidly with a growing number of end-users seeking such technologies to improve their fitness and overall health. Currently, 1 in 6 people own and use a wearable device, and this adoption trend is expected to grow in the coming years. This rising demand and growing health consciousness among individuals are expected to create growth opportunities for the players in the Temperature Sensor Market.
Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/temperature-sensor-market-522.html
Oil and gas industryholds the second largest share in the Temperature Sensor Market
The oil and gas segment is projected to register a CAGR of 3.7% during the forecast period. Oil and gas industry is heavily reliant on different sensors to measure, analyse record and share the different parameters for safety and proper functioning of the equipment and workers. Temperature monitoring sensors are one of the key sensors implemented by this industry. These sensors are used to measure, andanalysetempearutres of various equipment and environment. It is expected that the implementation of temperature sensors in the oil and gas industry will continue to grow over the forecast period allowing the industry to hold a prominent position in the Temperature Sensor Market.
Geographical Revenue for Regions Around the World
The market has been segmented based on type, end user, and region. Based on type, the market is divided into contact sensor and non-contact sensor. Contact sensor is further classified into air temperature sensor and water temperature sensor. Non-contact sensor includes infrared temperature sensor and laser beam temperature sensor. End users include industrial and commercial organizations such as manufacturers, distributors, and retail customers. Region includes North America, Europe, Asia Pacific, and Rest of the World.
The temperature sensors are used for various purposes such as controlling machinery or vehicles in different locations. They work by measuring the surrounding environment using one or more sensors then sending this data to a controller where it can be used to control various actuators or devices located near the sensors.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Visit Our Website: https://www.marketsandmarkets.com