Temperature Sensor Market worth $9.7 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, Jan. 11, 2024 /PRNewswire/ -- The Temperature Sensor Market is projected to grow from USD 7.4 billion in 2024 to USD 9.7 billion by 2029, registering a CAGR of 5.6% during the forecast period according to a new report by MarketsandMarkets™. The market growth is attributed to the increasing adoption of Industry 4.0 and the deployment of temperature sensors in space applications. Furthermore, the rising inclusion of temperature control systems in food safety management is expected to create lucrative opportunities for the market.

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Temperature Sensor Market Report Scope:

The digital temperature sensor segment is expected to account for the largest share of the temperature sensor market in 2024.

The digital segment is a significant market for temperature sensors. Temperature sensors with digital output have several advantages over sensors with analog output and are mostly suited for remote applications. These sensors offer advantages in terms of range-bound alert signaling, and the setpoints can be stored in non-volatile memory. Digital temperature sensors find application in medical and aerospace industry verticals, test and measurement equipment, and industrial automation. TE Connectivity (Switzerland), Texas Instruments (US), and NXP Semiconductors (Netherlands) are some of the major players providing digital temperature sensors.

Consumer Electronics segment is expected to account for the largest share of the temperature sensor market in 2024.

The consumer electronics segment accounted for the largest share of the temperature sensor market in 2024, and a similar trend is expected to be witnessed during the forecast period. With the increasing technological advancements, consumer electronic products such as PCs, laptops, game consoles, DVD players, printers, hard disk drives, cameras, washing machines, and refrigerators are becoming compact as well as power- and cost-efficient. With the introduction of new and innovative technologies in the consumer electronics industry, there is a huge opportunity for innovative and power-efficient temperature sensors. The introduction of new technologies is expected to propel the growth of the temperature sensor market for electrical and electronic applications.

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The Asia Pacific market is expected to witness the highest CAGR in the temperature sensor market during the forecast period.

Asia Pacific is projected to record the highest CAGR during the forecast period. China, India, South Korea, and Japan are the major contributors to the growth of the temperature sensor industry in Asia Pacific. Fast-track industrialization across the APAC region has created a conducive environment for the growth of the temperature sensor market. Expanding automobile and industrial manufacturing, in particular, is generating massive demand for temperature sensors. Continuous demand for cost-effective and highly efficient temperature sensors from chemicals, oil & gas, consumer electronics, energy & power, healthcare, automotive, and metals & mining industries is expected to drive the growth of the temperature sensor market in this region.

Key players

Key players in the temperature sensor companies include Honeywell International Inc. (US), TE Connectivity (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Group Services AG (Switzerland), Siemens (Germany), Emerson Electric Co. (US), Analog Devices (US), Amphenol Corporation (US), WIKA Alexander Wiegand SE & Co. KG (Germany), and Microchip Technology Inc. (US) among others. 

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