Temperature Sensor Market Skyrockets to $9.66 Billion by 2030 | CAGR of 6.3%, Dominated by Tech Giants - Texas Instruments Inc, Siemens AG and TE Connectivity Ltd | The Insight Partners

The global temperature sensor market is set for explosive growth, with projections indicating a surge to $9.66 Billion by 2030. This remarkable expansion, driven by increasing number of data centers and strategic initiatives by the government, growing adoption across various industries and rising demand for wireless temperature sensors.

/EIN News/ -- US & Canada, Dec. 13, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “Temperature Sensor Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, Connectivity, End User, and Geography”, the global temperature sensor market is observing significant growth. Growing demand for temperature sensing technologies among manufacturers across the globe is expected to boost the temperature sensor market during the forecast period.

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Temperature sensing technologies are widely integrated into consumer electronics, automotive, communications, industrial, and enterprise sectors. The growth in the number of data center construction activities, increasing renewable energy and smart city projects, and significant government initiatives are propelling the temperature sensor market.

The report runs an in-depth analysis of market trends, key players, and future opportunities. A rise in demand for temperature sensors in industries such as semiconductor manufacturing, aerospace, healthcare & pharmaceuticals, food & beverages, energy & utilities, and data centers contributes significantly to the overall temperature sensor market growth.

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Market Overview and Growth Trajectory:

Temperature Sensor Market Growth: According to an exhaustive report by The Insight Partners, the Temperature Sensor Market is experiencing significant growth, driven by miniaturization of temperature sensors and evolution of Industry 4.0. The market, valued at $6.01 Billion in 2022, is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.3% during 2022–2030.

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Rapid urbanization and rise in the global population drive the semiconductor manufacturing, consumer electronics, and automotive sectors. The expansion of the consumer electronics industry, coupled with the rising demand for smartphones, tablets, laptops, smartwatches, and desktop computers, contributes significantly to the expansion of the temperature sensor market size. Consumers are highly concerned about maintaining the device temperature and protecting their device from overheating, which reflects a high demand for temperature sensor features integrated into smartphones, smartwatches, tablets, laptops, and other consumer electronic devices. Thermocouple temperature sensors are highly integrated into smartphones and tablets to prevent overheating.

Growing Adoption Across Various Industries: Temperature sensors are used for various purposes across industries such as semiconductor manufacturing, aerospace, healthcare & pharma, food & beverage, energy & utilities, and data centers for accurately and efficiently monitoring the temperatures of a particular object or environment. These sensors are used for calculating the temperature of a certain object or environment. The growing use of temperature sensors helps industries measure temperature by tracking activities, which is propelling the market.

Increasing number of Data Centers: A growing number of data center construction activities worldwide is accelerating the market. Data centers are increasingly using temperature sensors to monitor key environments. A change in the data center’s temperature results in overheating and can cause downtime. The replacement of damaged equipment may incur huge expenses for the data center during downtime. For instance, according to the ASHRAE report of 2021, a data center requires a minimum of six temperature sensors per rack for monitoring the air inflow and exhaust temperatures. Similarly, high-density data centers most commonly use more than six temperature sensors per rack to measure more accurate temperature ranges, especially ambient temperature of 80°F. Thus, the growing number of data center construction activities has surged the demand for temperature sensors for measuring temperate ranges and overheating equipment.

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Evolution of Industry 4.0: The introduction of Industry 4.0 brings several advances in the efficiency and productivity of industrial processes. Several industries use temperature sensors for generating real-time data based on temperature variation. Industries use this data for process optimization, predictive maintenance, and quality control, which further leads to a reduction in downtime, creating opportunities in the market. Temperature sensors are deployed to monitor complex industrial instruments and machines for monitoring their temperature range to maintain operational efficiency. The evolution of Industry 4.0 encourages technological advancements in nations such as China, the UK, the US, Japan, India, South Korea, Canada, and Germany, which is creating opportunities for market growth.

Temperature Sensor Market Segmentation, Applications, Geographical Insights:

Based on type, the temperature sensor market is segmented into thermocouples, thermistors, resistance temperature detectors, infrared, and others. The thermocouple segment held the largest share of the temperature sensor market in 2022.
Connectivity in temperature sensors refers to how the sensors transmit temperature data to monitoring or control systems. Connectivity can be wired or wireless. The wired segment held the largest share of the temperature sensor market in 2022.
Based on end users, the temperature sensor market is segmented into semiconductor manufacturing, aerospace, healthcare & pharma, food & beverages, energy & utility, data centers, and others. The semiconductor manufacturing segment held the largest share of the temperature sensor market in 2022.
The temperature sensor market is segmented into five major regions: North America, Europe, APAC, the Middle East and Africa, and South and Central America.

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Key Players and Competitive Landscape:

The Temperature Sensor Market is characterized by the presence of several major players, including:

Texas Instruments Inc
Siemens AG
TE Connectivity Ltd
Amphenol Corp
Analog Devices Inc
Emerson Electric Co
Microchip Technology Inc
Panasonic Holdings Corp
Honeywell International Inc
NXP Semiconductors NV

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

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Temperature Sensor Market Recent Developments and Innovations:

"Microchip Technology launched the MCP998x family of 10 automotive-qualified remote temperature sensors. The MCP998x family is one of the largest portfolios of automotive-grade multi-channel temperature sensors in the industry and is designed for 1°C accuracy at a wide operational temperature range."
"E+E Elektronik launched its most powerful humidity and temperature sensor for industrial applications on the market. This versatile, high-end measuring device combines the Austrian sensor specialist's decades of experience in the field of humidity measurement with the high-quality demands of industrial metrology."
"TDK Corporation announced the introduction of its new NTCWS series of NTC thermistors, available with Au wire bonding. These bondable NTC thermistors can be mounted with Au wire bonding inside the package for highly accurate temperature detection of laser diodes (LDs) used for optical communication. Mass production of the product series began in September 2023."

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Conclusion:

Miniaturized devices play a crucial role in monitoring and controlling temperature in a wide range of applications such as medical, wearables, diagnostics, and automotive. Advancements in microelectromechanical systems (MEMS) and nanotechnology have enabled the development of smaller and more precise temperature sensors. These technologies allow seamless integration of temperature-sensing capabilities into smaller devices without hampering accuracy and reliability. Furthermore, market players are highly adopting advanced technologies and entering into partnerships to meet industry-specific requirements. The companies are planning to integrate miniaturized temperature sensors into film sensors to increase measurement accuracy. Moreover, the emergence of numerous other industries, including agriculture and environment monitoring, has surged the demand for miniaturized temperature sensors for monitoring soil conditions and climate change indicators. Thus, the rising demand for miniaturized temperature sensors is projected to drive the market in the near future.

With projected growth to $9.66 Billion by 2030, the Temperature Sensor Market represents a significant opportunity for component providers, system technology integrators, system manufacturers, and end-users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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