Temperature Sensors Market Size and Share, Major Growth Drivers, Industry Analysis Research Report Forecasts to 2022-2031

Kenneth Research, in its repository of market research reports, has recently added a report on Temperature Sensors Market  that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Temperature Sensors Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Temperature Sensors Market products.

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The global Temperature Sensors Market was valued at USD 4.67 billion in 2016 and is projected to reach USD 6.93 billion by 2025, growing at a CAGR of 4.48% from 2017 to 2025.

A temperature sensor is a device, typically, a thermocouple or RTD, which provides for temperature measurement through an electrical signal.

Market Dynamics:
1. Market Drivers
1.1 Increasing Importance of Advanced and Portable Healthcare Equipment
1.2 GrowingAutomotive Sector
1.3 Growing Trend of Home and Building Automation

2. Market Restraints
2.1 Saturation in Pc Market

Market Segmentation:
1. Global Temperature Sensors Market, by Application:
1.1 Process End-Use Application
1.1.1 Chemical and Petrochemical
1.1.2 Oil and Gas
1.1.3 Advanced Fuels
1.1.4 Metal
1.1.5 Energy and Power
1.1.6 Food and Beverages
1.1.7 Glass
1.1.8 Plastics
1.1.9 Refining
1.1.10 Others
1.2 Non-Process End-Use Application
1.2.1 Electrical and Electronics
1.2.2 HVAC
1.2.3 Healthcare
1.2.4 Automotive
1.2.5 Aerospace & Defense

2. Global Temperature Sensors Market, by Product Type:
2.1 Bimetallic Temperature Sensor
2.2 Temperature Sensor IC
2.3 Thermistor
2.4 Resistive Temperature Detector (RTD)
2.5 Thermocouple
2.6 Infrared Temperature Sensor
2.7 Fiber Optic Temperature Sensor

3. Global Temperature Sensors Market, by Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. ABB Limited
2. Amphenol Corporation
3. Analog Devices, Inc.
4. Global Mixed Mode Technology, Inc.
5. Honeywell International Inc.
6. Integrated Device Technology Inc.
7. Kongsberg Gruppen
8. Maxim Integrated Products Inc.
9. Microchip Technology Inc.
10. NXP Semiconductors N.V.
11. On Semiconductor Corporation
12. Siemens
13. Stmicroelectronics N.V.
14. TE Connectivity Ltd.
15. Texas Instruments Inc.

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Temperature Sensors Marketwas performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.

The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

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