The global temperature sensor market is expected to grow at a CAGR of close to 12% during the period 2017-2021, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global temperature sensor market from 2017-2021. (Photo: Business Wire)
The report categorizes the global temperature sensor market by application, which includes consumer electronics, HVAC, food and beverage, automotive, and oil and gas. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: regulatory framework associated with the automotive segment
Many regulations associated with the safety and emission controls standards require sensors. It is essential for automotive manufacturers to comply with essential safety and emission standards set by the authorities. This will drive the global temperature sensor market during the forecast period.
According to Rohan Joy Thomas, a lead analyst at Technavio for embedded systems research, "The innovation and development of newer electric, hybrid, and driverless cars will further enhance the demand for temperature sensors during the forecast period. The applications include checking of the air intake temperature in cylinder heads to alert the driver about the engine overheating. The sensors are also used in the engine coolant compartment, which is used to measure the temperature of transmission fluid applications."
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Market trend: increasing demand for contactless temperature sensors
Contactless temperature sensors are experiencing high demand, which will increase during the forecast period. Contactless temperature sensors are convenient to use and are relatively less complex compared with contact temperature sensors. Such sensors can be used conveniently in hazardous environments such as places that are exposed to radiation and microwaves. The contactless temperature sensors are also believed to sense temperature with a better level of accuracy. Such sensors are small and hence occupy lesser space. This will boost the demand for temperature sensors during the forecast period.
Market challenge: constant reduction in the price
The global temperature sensor market is highly competitive due to many vendors offering homogeneous products. Manufacturers constantly compete based on product quality, performance, durability, and price. In emerging countries like China, many small domestic suppliers enter the market by introducing products at lower prices, leading to price wars among vendors which is a constant challenge for the OEMs.
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Key vendors in the market
- Honeywell International
- Microchip Technology
- NXP Semiconductors
The competition in the global temperature sensor market will intensify during the forecast period as the entry barriers are quite low. The market is witnessing competition, specifically among the large and the recognized market players who are investing high amounts in R&D with the aim of developing advanced sensors that can cater to the diversified markets. The demand for temperature sensors will increase because of the growing demand from industries such as consumer electronics, automobiles, and defense and aerospace.
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