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Market Leader - Temperature Sensor Market

The temperature sensor market is expected to be worth USD 7.48 Billion by 2023, growing at a CAGR of 5.9% between 2018 and 2023. The increasing demand for temperature sensors, which are integrated into devices such as wearable bands, smartphones, and patient monitoring devices, from industries such as consumer electronics and healthcare is driving the temperature sensor market growth. Also, growing demand for advanced and portable healthcare equipment is driving the temperature sensor market. With the onset of technologies such as advanced patient monitoring systems and portable health monitoring systems, demand for temperature sensors is on the rise. Along with this, consumer electronics and food & beverages are the key end-user segments for the temperature sensor market.

The key strategies adopted by major players in the temperature sensor market include product launches and developments, acquisitions, partnerships, agreements, and collaborations. Companies such as Siemens (Germany), Emerson Electric (US), NXP Semiconductor (Netherlands), Maxim Integrated (US), and ABB (Switzerland) have adopted these strategies to expand their customer base and enhance their product portfolio.

ABB is one of the leading providers of temperature sensors across the world. ABB Limited offers a broad portfolio of temperature sensors. The company specializes in application-based temperature sensors and offers a variety of application-specific products. Thus, the company caters to the requirements of various verticals. The company’s temperature sensors are widely used in industrial, medical, non-computing, and automotive applications. ABB has adopted inorganic growth strategies such as acquisitions to gain competitive edge in the temperature sensor market. For instance, in 2017, ABB acquired GE Industrial Solution, GE’s global electrification solutions business, for USD 2.6 billion. This acquisition helped ABB expand its reach in the North American market through deep customer relationships, large installed base, and extensive distribution networks of GE (US).

Texas Instruments is one of the leading manufacturers of temperature sensors. The company was founded in 1930 and is headquartered in Dallas, Texas, US. The company has been strongly focusing on R&D. It has strategically located R&D centers in technologically developed and developing countries to expand its global presence. It primarily operates in 3 major segments: Analog, Embedded Processing, and Others (DLP, application-specific integrated circuits (ASICs), and calculators). The company is engaged in organic growth strategies by launching innovative products in this market space. For instance, in 2015, Texas Instruments introduced LMT01, a 2-pin digital pulse train output temperature sensor. This sensor eliminates the need for analog-to-digital converter (ADC). It can be used in server and power management applications.

Other companies operating in the temperature sensor market include Analog Devices (US), Honeywell International (US), Amphenol (US), Global Mixed Mode Technology (Taiwan), Integrated Device Tecgnology (US), Kongsberg Gruppen (Norway), Microchip Technology (US), ON Semiconductor (US), Endress+Hauser (Switzerland), Okazaki Manufacturing Company (Japan), Yamari Industries (Japan), STMicroelectronics (Switzerland), TE Connectivity (Switzerland), Gunther GmbH Temperaturmesstechnik (Germany), and Omega Engineering (US).

Related Reports:

Temperature Sensor Market by Product Type (Bimetallic, Thermistor, IC, RTD, Thermocouple, IR, Fiber Optic), End-User Industry (Oil & Gas, Chemicals, Automotive, Consumer Electronics, Healthcare), and Geography - Global Forecast to 2023

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