Temperature Sensor Market: In-depth Analysis of the Industry with Forecast 2030Posted by Devanshu Shrivastava on December 4th, 2020 In 2019, the global temperature sensor market attained a value of 6.9 billion dollar and is predicted to register a CAGR of 4.4% between 2020 and 2030. Furthermore, according to the estimates of P&S Intelligence, a market research company based in India, the market would generate a revenue of 11.1 billion dollar by 2030. The surging sales of smartphones and the burgeoning requirement for temperature sensors in the automotive industry are the main factors fueling the progress of the market. In the automotive industry, temperature sensors are used heavily for measuring the temperature of various liquids, systems, and gases integrated in automobiles in order to ensure their proper functioning. Out of all the vehicle components, temperature sensors are most extensively used in the heating, ventilation, and air conditioning (HVAC) systems. Besides the aforementioned factor, the rising penetration of smartphones is also propelling the advancement of the temperature sensor market across the world. Based on product type, the market is classified into thermistor, temperature IC, thermocouple, and resistance temperature detector (RTD). Out of these, the thermistor category is predicted to register the highest growth rate in the market in the future years. This would be a result of the several advantages offered of by these devices to end users. The ballooning sales of vehicles, especially in the Asia-Pacific (APAC) countries such as South Korea, China, and India, is pushing up the requirement for temperature sensors. This market research report provides a comprehensive overview of the temperature sensor market
Like it? Share it! More by this author |