Digital Temperature Sensor Market - Forecast(2022 - 2027)

Report Code: AIR 0332 Report Format: PDF + Excel

Digital Temperature Sensor Market Overview

Digital Temperature Sensor Market size is estimated to reach $4.3 billion by 2026 at a CAGR 9.9% during the forecast period 2021-2026. The growth of Digital Temperature Sensor market is majorly attributed to the rising demand for integrated humidity and temperature sensors to provide high accuracy measurements with low power requirements in order to simplify asset monitoring solutions preventing from premature equipment failure. Increasing penetration of digitalization in sensing technology is estimated to drive Digital Temperature Sensor Market. The burgeoning demand for advanced electronics products for consumer electronics including smartphones, smart wears or smart home applications is significantly triggering the market. Presence of temperature sensors integrated with heating, ventilation air conditioning (HVAC) system in autonomous cars or electric vehicles are also contributing to the Digital Temperature Sensor market growth.

Digital Temperature Sensor Market Report Coverage

The report “Digital Temperature Sensor Market – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Digital Temperature Sensor Market

By Sensor: Capacitive Temperature Sensor, Resistive Temperature Sensor, Temperature Switch, Thermostat, Fan Controller IC
By Technology: Contact, Non-Contact
By Usage: Gas, Liquid, Air
By Application: Powertrain, Body Electronics, Smart Utility, Smart Home, Control and Automation, Medical Devices, HVAC and Others
By End User: Automotive, Aerospace, Agriculture, Power, Utility, Oil & Gas, Mining, Healthcare, Chemical, Food & Beverage, Retail & Consumer Goods, Warehouse & Logistics, Enterprise, Residential/Consumer, Industrial and Others
By Geography: North America (U.S, Canada, Mexico), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, South Korea, Australia and Others), South America(Brazil, Argentina and others), and RoW (Middle east and Africa)

Key Takeaways

  • APAC is estimated to be the fastest growing market during 2021-2026 with a CAGR of 11.5% owing to high investments in industrialization and digitalization.
  • Among industrial sectors, Utility sector is analyzed to be the fastest growing market with a CAGR of 12.1% due to increasing penetration of smart utility leveraging real-time monitoring platform. Consumer sector is estimated to witness the highest growth due to burgeoning demand for advanced electronic devices for smart home applications.
  • Increasing demand for IoT sensors in automotive sector and increasing penetration of smart utility are driving the market.
  • High capital expenditure is one of the challenges impeding the market growth.

Global Digital Temperature Sensor Market Value By Region, By 2020 (%)

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Digital Temperature Sensor Market Segment Analysis – By Application

By application in Digital Temperature Sensor, Smart home applications are estimated to witness significant growth due to rising demand for consumer electronics and increasing penetration of smart home appliances to control residential HVAC system. In February 2021, Leeds City Council announced to deploy IoT sensors including temperature leveraging smart home solutions. Such initiatives are set to drive the market from 2021 to 2026.

Digital Temperature Sensor Market Segment Analysis – By End User

By end user Industrial sector is estimated to account for the largest market share at 14.5% during 2021-2026. Among industrial sector, Automotive is analysed to witness a significant growth between 2021 and 2026 due to the rising demand for powertrain, body electronics and alternative fuel vehicle. Utility sector is estimated to witness the highest growth with a CAGR of 12.9% during 2021-2026 due to increasing demand for real-time thermal monitoring of mission critical applications to optimize performance and efficiency. In December 2020, Hitachi ABB Power Grids developed a fully integrated 220 kV substation with advanced power system management and equipment monitoring system to fulfil the unprecedented upsurge in electricity in Dublin. Such developments are estimated to significantly trigger the market growth during the forecast period 2021-2026. Consumer sector is analysed to witness significant growth from 2021 to 2026 due to rising demand for smart sensors for smart home applications.

Digital Temperature Sensor Market Segment Analysis – By Geography

By Geography, Digital Temperature Sensor market is segmented under North America, Europe, APAC, South America and RoW. APAC is estimated to be the fastest growing market with a CAGR of 11.5% owing to heavy industrialization and transition towards digitalization. According to reports by Northeast Group, in October 2020, South-east Asia declared to invest USD 25.9 billion in smart grid infrastructure over the next decade to accelerate smart metering, grid automation for enhancing the developments in utility sector and such government initiatives are set to drive the market. North America is estimated to hold a significant amount of market share at 37.1% during the forecast period 2021-2026 owing to high government investments in smart grid infrastructure and continuous up-gradation of existing infrastructure towards latest technology. In February 2021, New York Power Authority (NYPA) announced the availability of remote monitoring of utility assets to prevent equipment failure ensuring more resilient, reliable and flexible energy system and thus accelerating the market growth.

Digital Temperature Sensor Market Drivers

Increasing demand for IOT sensors in Automotive Vehicles

Increasing adoption of autonomous cars and electric vehicles is set to drive the market during the forecast period 2021-2026. Rising demand for intelligent sensors in automotive sector enabling data conversion, digital processing to create a robust thermal management solution ensuring safety of critical applications is propelling the market. Growing demand for faster data processing and instantaneous reliable decision making to simplify asset monitoring solution with minimum human intervention is analyzed to significantly trigger the growth of the market during 2021-2026. In February 2021, Angila announced the partnership with Sensirion AG to provide digital microsensors serving wide range of industrial applications for IoT sensing applications. Such partnerships are steering the market.

Increasing adoption of smart sensors in smart utility

Increasing convergence of utility sector with digitalization to deliver an intelligent digital grid management system has contributed to the growth of the market. Growing demand for deployment of Advanced Metering Infrastructure (AMI) and Distribution Automation (DA) has significantly triggered the market. Increasing penetration of smart sensors in utility sector enabling transmission of data and communication with external devices to optimize power generation, transmission and distribution is poised to drive the market. Massive and quick adoption of smart meters for smart home applications is also set to steer the digital temperature sensor market. In April 2021, Network Thermostat launched new surface mount remote temperature sensor to incorporate both temperature and humidity sensing in the same device. Such product launches are augmenting the market.

Digital Temperature Sensor Market Challenges

High Capital Expenditure

Digital Temperature Sensor installation includes high capital expenditure due to rising costs of intelligent electronic devices. Many enterprises are reluctant to adopt this advanced monitoring system due to budget constraint and thus restraining the growth of the market.

Digital Temperature Sensor Market Landscape

Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Digital Temperature Sensor market. In 2020, the market of Digital Temperature Sensor industry outlook has been fragmented by several companies. Digital Temperature Sensor top 10 companies include Robert Bosch GmbH, Honeywell International, Inc., Continental Ag, Delphi Automotive PLC, NXP Semiconductor N.V., Texas Instruments, Inc., Sensata Technologies, Inc., Analog Devices, Inc., Sensirion AG, Melexis NV among others.

Acquisitions/Technology Launches

  • In March 2021, Bosch Sensortec launched BME688, first gas sensor combining gas, temperature, humidity, barometric pressure sensing with Artificial Intelligence.
  • In November 2020, Cisco launched two new cloud based IoT sensor solution to provide real time insights on temperature, humidity, water leak and property/room access.

Relevant Report Titles:

Temperature Sensors Market 

Report Code: AIR 0020

Smart Thermostats Market

Report Code: ESR 017

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1. Digital Temperature Sensor Market – Market Overview 
    1.1. Definitions and Scope
2. Digital Temperature Sensor Market – Executive Summary 
    2.1. Market Revenue, Market Size and Key Trends by Company
    2.2. Key Trends by Type of Application
    2.3. Key Trends Segmented by Geography
3. Digital Temperature Sensor Market
    3.1. Comparative analysis
        3.1.1. Product Benchmarking – Top 10 Companies
        3.1.2. Top 5 Financials Analysis
        3.1.3. Market Value Split by Top 10 Companies
        3.1.4. Patent Analysis – Top 10 Companies
        3.1.5. Pricing Analysis
4. Digital Temperature Sensor Market – Startup Companies Scenario
    4.1. Top 10 Startup Company Analysis by
        4.1.1. Investment
        4.1.2. Revenue
        4.1.3. Market Shares
        4.1.4. Market Size and Application Analysis
        4.1.5. Venture Capital and Funding Scenario
5. Digital Temperature Sensor Market – Industry Market Entry Scenario Premium Premium
    5.1. Regulatory Framework Overview
    5.2. New Business and Ease of Doing Business Index
    5.3. Case Studies of Successful Ventures
    5.4. Customer Analysis – Top 10 Companies
6. Digital Temperature Sensor Market — Market Forces
    6.1. Drivers
    6.2. Constraints
    6.3. Challenges
    6.4. Porter’s Five Force Model
        6.4.1. Bargaining Power of Suppliers
        6.4.2. Bargaining Power of Customers
        6.4.3. Threat of New Entrants
        6.4.4. Rivalry Among Existing Players
        6.4.5. Threat of Substitutes
7. Digital Temperature Sensor Market – Strategic Analysis
    7.1. Value Chain Analysis
    7.2. Opportunities Analysis
    7.3. Product Life Cycle
    7.4. Suppliers and Distributors Market Share
8. Digital Temperature Sensor Market – By Type (Market Size – $Million/$Billion)
    8.1. Market Size and Market Share Analysis
    8.2. Application Revenue and Trend Research
    8.3. Product Segment Analysis
        8.3.1. Introduction
        8.3.2. Capacitive Temperature Sensor
        8.3.3. Thermostat
        8.3.4. Temperature Switch
        8.3.5. Fan Controller IC
       8.3.6. Resistive Temperature Sensor
9. Digital Temperature Sensor Market – By Technology (Market Size – $Million/$Billion)
    9.1. Non-Contact
    9.2. Contact (Local)
10. Digital Temperature Sensor Market – By Usage(Market Size – $Million/$Billion)
    10.1. Introduction
    10.2. Gas
    10.3. Liquid
    10.4. Air 
11. Digital Temperature Sensor Market – By Application (Market Size – $Million/$Billion)
    11.1. Automotive
        11.1.1. Telematics
        11.1.2. Displays
        11.1.3. Dashboards
        11.1.4. Electronic Systems
        11.1.5. Battery packs
        11.1.6. Engine
        11.1.7. Others (EV/HEV, Charging Station, Powertrain (Inverter), Airflow Sensing, Climate Control, Xenon Lighting)
    11.2. Medical
        11.2.1. MRI imagers
        11.2.2. Portable ultra sound scanners
        11.2.3. Others (Wearables (medical), X-Ray, Thermometers) 
    11.3. Consumer Electronics
        11.3.1. Mobile devices (Phones, Wearables (Non-Medical),  Handheld Gaming Consoles)
        11.3.2. Tablets
        11.3.3. Cameras
        11.3.4. Refrigerators
        11.3.5. Microwave ovens
        11.3.6. Data loggers
        11.3.7. Others (Servers, Smart Thermostat, Smart Meter, Gaming Consoles, PCs (incl. Peripherals) and other Smart Home Devices)
    11.4. Automation
12. Digital Temperature Sensor Market – By Geography
    12.1. Digital Temperature Sensor Market – Americas Segment Research
    12.2. North America Market Research (Market Size — $Million/$Billion)
        12.2.1. Segment Type Size and Market Size Analysis 
        12.2.2. Revenue and Trends
        12.2.3. Application Revenue and Trends by Type of Application
        12.2.4. Company Revenue and Product Analysis
        12.2.5. North America Product Type and Application Market Size
                12.2.5.1. U.S.
                12.2.5.2. Canada
                12.2.5.3. Mexico
    12.5. Digital Temperature Sensor Market – Europe Segment Research
    12.6. Europe Market Research (Market Size – $Million/$Billion)
        12.6.1. Segment Type Size and Market Size Analysis 
        12.6.2. Revenue and Trends
        12.6.3. Application Revenue and Trends by Type of Application
        12.6.4. Company Revenue and Product Analysis
        12.6.5. Europe Segment Product Type and Application Market Size
                12.6.5.1. Germany
                12.6.5.2. U.K.
                12.6.5.3. France
                12.6.5.4. Italy
                12.6.5.5. Spain
                12.6.5.6. Poland
                12.6.5.7. Russia
                12.6.5.8. Czech republic
                12.6.5.9. Turkey
                12.6.5.10. Rest of Europe
    12.7. Digital Temperature Sensor Market – APAC Segment Research
    12.8. APAC Market Research (Market Size – $Million/$Billion)
        12.8.1. Segment Type Size and Market Size Analysis
        12.8.2. Revenue and Trends
        12.8.3. Application Revenue and Trends by Type of Application
        12.8.4. Company Revenue and Product Analysis
        12.8.5. APAC Segment – Product Type and Application Market Size
                12.8.5.1. China
                12.8.5.2. Japan
                12.8.5.3. India
                12.8.5.4. Australia
                12.8.5.5. Indonesia
                12.8.5.6. Thailand
                12.8.5.7. South Korea
                12.8.5.8. Rest of Asia-Pacific
    12.3. Digital Temperature Sensor Market – South America Segment Research
    12.4. South America Market Research (Market Size — $Million/$Billion)
        12.4.1. Segment Type Size and Market Size Analysis 
        12.4.2. Revenue and Trends
        12.4.3. Application Revenue and Trends by Type of Application
        12.4.4. Company Revenue and Product Analysis
        12.4.5. South America Product Type and Application Market Size
                12.4.5.1. Brazil
                12.4.5.2. Argentina
                12.4.5.3. Colombia
                12.4.5.4. Rest of South America
    12.9. Digital Temperature Sensor Market – RoW Segment Research
    12.10. RoW Market Research (Market Size – $Million/$Billion)
        12.10.1. Segment Type Size and Market Size Analysis 
        12.10.2. Revenue and Trends
        12.10.3. Application Revenue and Trends by Type of Application
        12.10.4. Company Revenue and Product Analysis
        12.10.5. RoW Segment – Product type and Application Market Size
                12.10.5.1. Middle East
                12.10.5.2. Africa
13. Digital Temperature Sensor Market — Market Entropy 
    13.1. New Product Launches
    13.2. M&As, Collaborations, JVs and Partnerships
14. Digital Temperature Sensor Market – Industry/Segment Competition Landscape
    14.1. Market Share Analysis
        14.1.1. Market Share by Country — Top Companies
        14.1.2. Market Share by Region — Top 10 Companies
        14.1.3. Market Share by Type of Application – Top 10 Companies
        14.1.4. Market Share by Type of Product/Product Category – Top 10 Companies
        14.1.5. Market Share at Global Level — Top 10 Companies
        14.1.6. Best Practices for Companies
15. Digital Temperature Sensor Market – Key Company List by Country Premium Premium
16. Digital Temperature Sensor Market Company Analysis
    16.1. Market Share, Company Revenue, Products, M&As, Developments
    16.2. Company 1
    16.3. Company 2
    16.4. Company 3
    16.5. Company 4
    16.6. Company 5
    16.7. Company 6
    16.8. Company 7
    16.9. Company 8
    16.10. Company 9
    16.11. Company 10