The global embedded temperature sensor market was valued at US$ 5,928.34 Million in 2017 and is expected to surpass US$ 9,876.32 Million by 2027, registering a CAGR of 7.2% during the forecast period (2019-2027), according to the Global Embedded Temperature Sensor Market Report, By Type (Non-contact (Infrared and Fiber Optic) and Contact (Bimetallic, Temperature Sensor IC, Thermistor, Resistive Temperature Detector, and Thermocouple)), End-use Industry (Chemicals, Oil & Gas, Energy & Power, Healthcare, Food & Beverages, Consumer Electronics, Aerospace & Defense, and Metals & Mining), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Increasing demand for temperature sensors from various sectors such as automotive, healthcare, consumer electronics, food & beverage, aerospace & defense is expected to significantly drive growth of the market. Temperature sensors are used to measure temperature in industrial processes. These sensors are essential in the manufacturing, handling, and storing of medical equipment and drugs. Moreover, increasing demand from the communication industry is also driving growth of this market. These sensors are used in switches, modems, Bluetooth devices, voice over IP (VoIP) equipment, and communication equipment such as automated teller machine (ATM), Multi-Protocol Label Switching (MPLS), Synchronous Optical Network (SONET), etc.
Furthermore, major global players across different regions are focusing on developing new products with new features and technologies to gain competitive edge in the market. Industries are developing high-efficiency temperature sensors with new features to cater to the demand from the end users. For instance, in 2016, TDK Corporation acquired InvenSense Inc., who is the provider of Motion Tracking sensor system on chip (SoC) for consumer electronics. Through this acquisition, the main focus of the companies were to strengthen its product line and technologies. The combination of sensor technologies and software creates products with enhanced solutions for customers across multiple fields.
Embedded Temperature Sensor Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 and most of the countries have announced lockdown. Temperature sensors are used in the oil & gas industry to measure the temperature of oil in upstream and downstream processes. Due to lockdown imposed by countries, the demand and price of crude oil have fallen. For instance, in March 2020, in the U.S., the price of crude oil decreased from US$ 61.06 to US$ 23.36. Moreover, every country has banned international and domestic travel due to which there is a huge decline in the consumption of Aviation Turbine Fuel (ATF) across the globe. These factors have a negative impact on the temperature sensor market. However, Companies are focusing on launching portable temperature sensing devices to detect early symptoms of coronavirus. Huawei‘s new smartphone, Honor Play 4 Pro, launched in June 2020, has a temperature sensor built-in. The infrared sensor supports temperatures from -20°C to 100°C.
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