Temp Sensors Market to Reach 6.79 Billion by 2022

According to MarketsAndMarkets Report

MarketSize_2022Online  —  The temperature sensors market is expected to grow from USD 5.13 Billion in 2016 to USD 6.79 Billion by 2022, at a CAGR of 4.8% between 2016 and 2022.

In terms of volume, the global temperature sensors market is estimated to grow at a double digit growth rate between 2016 and 2022.

The base year used for this study is 2015 and the forecast period is between 2016 and 2022.

Currently, there is a growing demand for temperature sensors in the semiconductors segment, automotive segment, and in some process industries such as metal, F&B, and plastics among others. This is attributed to the increasing demand for sensing technologies among industry end users, and growing vehicle production in economies such as Japan and India.

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Most of the companies in the temperature sensor market play a major role as service providers and system integrators, and they form an integral part of the temperature sensors market ecosystem.

In 2015, the overall temperature sensors market was dominated by Texas Instruments Incorporated (U.S.), Analog Devices, Inc. (U.S.), ABB Ltd. (Switzerland), Honeywell International, Inc. (U.S.), Maxim Integrated Products, Inc. (U.S.), Siemens AG (Germany), Danaher Corporation (U.S.), Kongsberg Gruppen (Norway), TE Connectivity Ltd. (U.S.), Emerson Electric Company (U.S.), Panasonic Corporation (Japan), General Electric Company (U.S.), STMicroelectronics N.V. (Switzerland), Microchip Technology Incorporated (U.S.), and NXP Semiconductors N.V. (Netherlands).

The increasing number of new product developments and mergers & acquisitions among the industry players drive the overall temperature sensors market.

The increasing demand for temperature sensors in industrial end users and surge in automobile industry on global basis are further driving the overall temperature sensors market.

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About Report :

The scope of this report covers the temperature sensors market segmented on the basis product type, end-user industry (subsegmented into process industry end user and discrete industry end user), and geography. In terms of product type, thermocouple-based temperature sensors are expected to hold the largest market share and dominate the overall market between 2016 and 2022. In terms of process industry end users, the chemical & petrochemical industry is expected to hold the largest market share and dominate the temperature sensors market between 2016 and 2022 owing to the growing usage of temperature sensors in the industrial sector and the increasing concerns toward security & surveillance.

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