Temperature Sensors Market to experience increase in growth by 2016-2024
Zion Market Research, the market research group announced the analysis report titled ‘Temperature Sensors Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024’
Global Temperature Sensors Market: Overview
Temperature sensors are getting more popular across the world due to their increasing uses in various applications such as electronics, petrochemical, automotive, healthcare, and aerospace. Companies are heavily investing in R&D in temperature sensors in order to enhance product innovation and functional efficiency. Some of the temperature sensors include infrared temperature sensors, thermistors, resistance temperature detectors, fiber optic temperature sensors, thermocouple, and bimetallic temperature sensors. Advancements in technology and increasing industrial applications are the major factors for wide adoption of temperature sensors globally. They are extensively used in the wearable devices. The US Naval Research Laboratory and UNL Engineers have recently designed next-generation temperature sensor, which will be capable of measuring climate patterns, marine biology, and military operations.
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Global Temperature Sensors Market: Growth Factors
Temperature sensors market is driven by several factors such as increasing use of non-contact temperature sensors in medical facilities, automobiles, defense, and airplanes. Additionally, increasing investment on R&D in chemicals and healthcare sectors may accelerate the growth of the global market in future. The temperature sensor market may gain momentum owing to higher demand from the electronics industry. Due to increasing demand for temperature sensors globally, companies are focusing on manufacturing electronics, which may drive the global market is the coming years. Moreover, the application of the temperature sensors in the wearable electronics devices has increased that is fostering the global market growth.
Global Temperature Sensors Market: Segmentation
The global temperature sensors market is categorized based on the application as aerospace and defense, consumer electronics, petrochemical, healthcare and medical, automotive, power generation, environmental, and others. Based on products, the global market is classified as bimetallic sensors, temperature sensor IC, thermocouple, fiber optic sensors, thermistor, resistive temperature detector, and others. Of these, the thermistor is the dominating segment in the global market.
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Global Temperature Sensors Market: Regional Analysis
Asia Pacific dominated the temperature sensors market; this trend is followed by North America. Asia-Pacific is the fastest growing market due to cheap labor cost and abundant opportunities for temperature sensors in this region. Economically developing countries such as China and India are growing significantly due to increasing government initiatives for the betterment of the medical and healthcare sector. Asia Pacific may offer lucrative growth opportunities to the major competitors involved in semiconductor, manufacturing, and electronics industries. Other developing countries such as South Korea, China, and Japan are projected to boost the global market growth due to growing application of these sensors in wearable devices. North America is a prominent contributor in the global temperature sensors market. In addition, expansion in the oil and gas sector is further contributing to the growth in the temperature sensors and may continue its dominance in the world in future. Latin America, the Middle East and Africa, and Europe are projected to exhibit healthy growth in the coming years.
Global Temperature Sensors Market: Competitive Players
The global market for temperature sensors is highly competitive due to the presence of numerous players such as Honeywell International, ST Microelectronics, National Semiconductors, Analog Devices, Texas Instruments, Microchip Technology, and Siemens.
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Global Temperature Sensors Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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What Report Provides
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market.
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