The Global Market for Temperature Sensors is Projected to Reach US$7.2 Billion by 2020
Expanding
Applications & Technology Advancements Drive Growth in the Temperature
Sensors Market, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global
report on Temperature Sensors. The
global market for Temperature Sensors is projected to reach US$7.2 billion by 2020,
driven by technology advancements, recovering automobile production, and proliferation
of consumer electronic devices.
Temperature sensors find use in a wide range of
applications that require continuous monitoring, maintenance and control of
temperature at a desired level. Thermal protection and management represents a
crucial function in virtually all electronic devices, mechanical equipment and
industrial processes. Industrial sector, including heavy industrial production
and manufacturing facilities, and process industries such as petrochemical
chemical, food & processing units and refineries, represent major end-use
markets for temperature sensors. Consumer electronics industry ranks as another
major end-use market, where Temperature sensing circuitry is used for thermal
management of electronic devices, such as, computers, and mobile computing
devices. Automobiles too have tremendous potential for the use of temperature
sensors in enhancing the engine performance and improving passenger safety and
comfort. Expanding applications of temperature sensors in food & processing
industries, pulp & paper, water and wastewater treatment are helping drive
growth in the market.
Key factors spurring adoption of temperature sensors
in industrial and manufacturing plants include focus on energy efficiency,
optimum asset utilization, and the growing preference for automated process
control solutions. The trend towards automated process monitoring and control is
especially benefiting demand for smart temperature sensors featuring self-diagnostic
and communication capabilities. The market is also poised to benefit from technology
developments, which render temperature sensors more accurate, reliable,
efficient, versatile, and cost effective. Thermocouple sensors and resistance temperature
detector (RTD) are growing in popularity encouraged by benefits such as ease of
use, tough design, low cost and accurate temperature measurement capabilities. Temperature
sensors in smaller form factors will continue to gain significant traction
given the trend towards miniaturization of electronic devices. Development of
MEMS based temperature sensors and use of nanotechnology for their production will
guide future innovation and growth in the market.
As stated by the new market research report on Temperature
Sensors, Europe represents the largest regional market worldwide. Asia-Pacific
ranks as the fastest growing market with sales projected to grow at a CAGR of
about 7.8% over the analysis period. Demand in the region is expected to
strengthen guided by factors such as increase in manufacturing investments and
productivity in developing Asian countries as a result of growth in
Asia-to-Asia trade amid flattening trade with developed countries, and stable
automobile production trends. The resulting new plant establishments, capacity
expansions, and automation of process monitoring and control will positively
benefit demand in the market.
Major players in the global market include NXP Semiconductors N.V., Analog Devices,
Atmel Corporation, Measurement Specialties Inc., Calex Electronics Limited,
Maxim Integrated Products Inc., E+E ELEKTRONIK GES.M.B.H, Emerson Climate
Technologies Inc., Esterline Technologies Corporation, Honeywell International,
Inc., Innovative Sensor Technology, Panasonic Corporation, Integrated Device
Technology, Inc., BLUECHIIP LIMITED, Micro-Epsilon, Microchip Technology, Inc.,
OMEGA Engineering Limited, Raytek Corporation, Sensata Technologies Inc.,
Siemens AG, STMicroelectronics NV, and Texas Instruments Incorporated, among
others.
Comments
Post a Comment