The temperature sensor market is projected to grow from USD 5.9 billion in 2021 to USD 8.0 billion by 2028, at a CAGR of 4.5% from 2021 to 2028. The continuous demand for temperature sensors, which are integrated into devices like wearable bands, smartphones, and patient monitoring devices, from industries such as consumer electronics and healthcare is driving the temperature sensor market growth. For the past few years, the demand for reliable, high-performance, and low-cost sensors has been increasing, leading to the development of new technologies like micro and nanotechnology, which provides benefits such as miniaturization, low power consumption, and mass production. However, high initial cost involved in advanced sensors is expected to restraint market growth.
In 2020, the temperature sensor market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany). The major strategies adopted by the top 5 players in the temperature sensor market included product launches and developments, collaborations, and acquisitions which helped them to innovate on their product offerings and broaden their customer base.
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Top 2 players in the temperature sensor market are:
In 2020, Honeywell stood first in the global temperature sensor market, primarily based on its product portfolio, R&D investments, market penetration, and geographic reach. Honeywell holds a strong position in most of the markets it serves. Honeywell is a diversified technology and manufacturing company that offers building automation systems, commercial combustion control systems, scanners, computer devices, wearable devices, radio frequency identification (RFID) solutions, connected vehicle solutions, advanced automotive technologies, protective equipment, sensors, and switches, among others. The company invests significantly in R&D activities to design innovative products to fulfill the changing requirements of the customers and explore new opportunities to drive growth and profitability. Honeywell has a presence in Asia Pacific (APAC), Europe, North America, South America, and the Middle East and Africa. The company has operations at about 970 sites in over 70 countries. Honeywell Safety Products Europe SAS (France), Honeywell Technology Solutions Lab Pvt. Ltd. (India), Life Safety Distribution AG (Switzerland), Honeywell Korea Ltd. (South Korea), and Honeywell Ltd. (Australia) are a few of its major subsidiaries.
Honeywell also focuses on adopting the organic growth strategy of expansion to enhance its market presence and produce advanced sensor offerings based on cutting-edge technologies. For instance, in November 2018, the company relocated its global headquarters to North Carolina, US. It plans to add 500 employees at the same site by FY 2024.
TE Connectivity (Switzerland):
In 2020, TE Connectivity ranked second in the global temperature sensor market. TE Connectivity has established itself as one of the leading players in the temperature sensor market. The company has gained a significant market share through its 110 manufacturing and engineering centers and more than 15,000 patents. It operates in more than 150 countries. TE Connectivity HK Ltd. (Hong Kong), TE Connectivity Solutions GmbH (Switzerland), TE Connectivity Germany GmbH (Germany), TE Connectivity Corporation (US), and Tyco Electronics Japan G.K. (Japan) are among a few of the subsidiaries of the company. TE Connectivity seeks to expand its market presence through expansions.
TE Connectivity offers a diversified product portfolio through its operating business segments. The company has established its presence globally with a business portfolio of market-leading connectivity solutions and sensors that provides it a significant competitive advantage. The company’s global presence of production facilities helps it to reduce transportation costs and increase profit margins. The company’s temperature sensor portfolio includes digital temperature sensors, NTC thermistors, sensors and probes, RTD sensors and probes, thermocouple sensors, thermopile infrared digital sensors, and thermopile infrared sensors. These sensors are used in chemicals, oil & gas, energy & power, consumer electronics, and food & beverages. The strong product portfolio in the temperature sensor market enables the growth of the company in the market.
Temperature Sensor Market With COVID-19 Impact by Product Type (Thermocouples, RTDS, Thermistors, Temperature Sensor ICS, Infrared, and Fiber Optic Temperature Sensors), Output, Connectivity, End-User Industry, & Region - Global Forecast to 2028
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