Asia Pacific dominates the Temperature Sensors Market
Asia Pacific will dominate the Temperature Sensors Market in the coming years. It is expected to reach $4,392.64 million by 2023 at a CAGR of 12.40%. The growth of this region is due to growing segments of automotive and consumer electronics. China holds the maximum share in the market followed by India, Japan, South Korea, and others. North America is the second largest region in the Temperature Sensors Market followed by Europe, Row, and South America. The growth of the South America temperature sensors market is due to the increasing safety and healthcare issues.
Selected Analysis done in the full Report:
The Consumer Electronics segment dominates the Temperature Sensors Market during the forecast period. In 2017, this segment reached a $1,619.81 million. By 2023 it is expected to reach $4,148.69 million at a CAGR of 16.97%. The growth of this segment can be attributed to growing demand for smartphones, tablets, and other electronic products that make use of the temperature sensor. The food and beverage segment is the second largest segment in the market. It is expected to grow at $1,537.48 million by 2023 at a CAGR of 14.86%.
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Excerpts on Market Growth Factors:
Technological developments in the petrochemical industry drive the demand for the thermistor in the coming years.
Growing demand for automotive sensors will enhance the demand for the rtd sensor during the forecast period.
Growing demand for medical sensors due to rise in the number of diseases boosts the growth of the thermistor sensor.
Electronic devices such as smartphones, cameras, and media players make use of microprocessors. This factor drives the market, since the devices have temperature sensing ICs.
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Key players of the Temperature Sensors Market:
The key players of the Temperature Sensors Market include Texas Instruments, Analog Devices, Maxim Integrated Products, Honeywell International and STMicroelectronics. Texas Instruments manufactures IR Thermopile Temperature sensors and local temperature sensors. Analog Devices produces different products such as data converters, amplifiers and linear products, radio frequency (RF) ICs, power management products, sensors based on microelectromechanical systems (MEMS) technology. Maxim Integrated Products headquartered in San Jose California US manufactures mixed-signal, high-frequency and analog integrated circuits. Honeywell Internationals Solutions provides many temperature sensor solutions to the industries through Honeywell Sensing & Control segment. STMicroelectroncis is the largest semiconductor company in Geneva which produces transistors, diodes, and integrated circuits.
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