The global Embedded Temperature Sensor Market was valued at US$ 7,182.3 Million in 2021 and is expected to surpass US$ 13,401.1 Million by 2030, registering a CAGR of 7.4% during the forecast period (2022-2030), according to the Global Embedded Temperature Sensor Market Report, By Type (Non-contact (Infrared and Fiber Optic) and Contact (Bimetallic, Temperature Sensor IC, Thermistor, Resistive Temperature Detector, and Thermocouple)), End-use Industry (Chemicals, Oil & Gas, Energy & Power, Healthcare, Food & Beverages, Consumer Electronics, Aerospace & Defense, and Metals & Mining), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Increasing demand for temperature sensors from various sectors such as automotive, healthcare, consumer electronics, food & beverage, aerospace & defense is expected to significantly drive growth of the market. Temperature sensors are used to measure temperature in industrial processes. These sensors are essential in the manufacturing, handling, and storing of medical equipment and drugs. Moreover, increasing demand from the communication industry is also driving growth of this market. These sensors are used in switches, modems, Bluetooth devices, voice over IP (VoIP) equipment, and communication equipment such as automated teller machine (ATM), Multi-Protocol Label Switching (MPLS), Synchronous Optical Network (SONET), etc.
Furthermore, major global players across different regions are focusing on developing new products with new features and technologies to gain competitive edge in the market. Industries are developing high-efficiency temperature sensors with new features to cater to the demand from the end users. For instance, in 2016, TDK Corporation acquired InvenSense Inc., who is the provider of Motion Tracking sensor system on chip (SoC) for consumer electronics. Through this acquisition, the main focus of the companies were to strengthen its product line and technologies. The combination of sensor technologies and software creates products with enhanced solutions for customers across multiple fields.
Key Developments
In May 2021, Honeywell, a multinational conglomerate corporation announced that dnata US has released the Honeywell ThermoRebellion temperature monitoring solutions to assist domestic and international passengers at Boston Logan International Airport.
Global Embedded Temperature Sensor Market - Impact of Coronavirus (Covid-19) Pandemic:
Globally, most countries were affected by COVID-19 and most of the countries had announced lockdown. Temperature sensors are used in the oil & gas industry to measure the temperature of oil in upstream and downstream processes. Moreover, Due to the lockdown imposed by countries, the demand and price of crude oil had fallen. For instance, in the U.S., the price of crude oil decreased from US$ 61.06 to US$ 23.36. Moreover, every country banned international and domestic travel due to which there was a huge decline in the consumption of Aviation Turbine Fuel (ATF) across the globe. These factors had negative impact on the temperature sensor market. However, Companies focused on launching portable temperature-sensing devices to detect early symptoms of coronavirus.
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Key Trends and Analysis of the Global Embedded Temperature Sensor Market:
- North America held the dominant position in the global embedded temperature sensor market in 2021 and is expected to retain its dominance throughout the forecast period. This is owing to the adoption of smart technologies such as smartwatches in the U.S. Wearable manufacturers are using advanced technology and embedding temperature sensors into smartwatches. Moreover, due to high disposable income, people in the U.S are spending on wearable technologies such as a smartwatch to monitor their health. Temperature sensors are being embedded into devices, which track the fertility cycle of women as well. The women in the U.S. are showing interest in such devices to maintain a healthy fertility cycle.
- Asia Pacific is expected to show significant growth over the forecast period, owing to rapidly rising population and increasing demand for smart wearables in emerging economies. The increasing disposable income in the developed and emerging economies allow people to spend more money on smart devices.
- Europe is expected to show significant growth over the forecast period, owing to the presence of various automobile companies in the region
- Among end user, the food & industry segment held the dominant position in the market in 2021 and is expected to retain its dominance during the forecast period. This is owing to the increasing demand for temperature sensors for safety purposes.
- Major players operating in the global embedded temperature sensor market include Honeywell International Inc., NXP Semiconductors, Panasonic Corporation, Delphi Technologies, Siemens, ABB, STMicroelectronics, Emerson Electric Co., Microchip Technology Inc., Fluke Process Instruments, Mouser Electronics, Inc., Robert Bosch GmbH, TE Connectivity, DENSO CORPORATION, OMRON Corporation, FLIR Systems, Inc., Amphenol Advanced Sensors, Maxim Integrated, KONGSBERG, Yokogawa India Ltd., Infineon Technologies AG, TDK-Micronas GmbH, Amphenol Corporation, OMEGA Engineering inc, , ON Semiconductor, CODICO GmbH, Sensata Technologies, Inc., VINCI, and Digi-Key Electronics
