LONDON, Feb. 03, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the temperature sensor market, the growing healthcare sector is significantly contributing to the growth of the temperature sensor market. The increasing healthcare business necessitates the use of temperature sensors to provide dependable and precise monitoring of key temperatures. Temperature sensors are used in sleep apnea machines, digital thermometers, blood analyzers, anesthesia delivery machines, neonatal intensive care units to monitor patient temperature, ventilators, medical incubators, humidified oxygen heater temperature monitoring and control equipment, and kidney dialysis machines.
For instance, according to the India Brand Equity Foundation (IBEF) report, the healthcare sector is estimated to reach US $372 billion by 2023. Therefore, the growing healthcare sector is projected to propel the growth of the temperature sensor market in the coming years.
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The global temperature sensor market size is expected to grow from $7.50 billion in 2023 to $8.05 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The change in the temperature sensor market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2023. TBRC’s temperature sensor market growth analysis estimates the market to reach $10.49 billion in 2026 at a CAGR of 6.9%.
Growing technological advancements are being applied in healthcare as well as the automotive temperature sensor market. Key players are focusing on developing advanced technological temperature sensor devices to strengthen their position in the market. For instance, in March 2020, Polysense Technologies Inc., a US-based company that offers IoT-based temperature sensors, launched WxS x800-IRTMS and WxS x800-IRTM to penetrate the wireless temperature sensor market. WxS x800-IRTMS is a standalone thermal meter that measures human body temperature infrared touch-free. The WxS x800-IRTM is a self-calibrated IoT big data thermal meter that supports a variety of wireless uplinks for cloud connectivity, including NB-IoT, Wi-Fi, LoRaWAN, and 4G LTE.
Major players in the temperature sensor industry are Siemens AG, NXP Semiconductors N.V., Infineon Technologies AG, Texas Instruments Incorporated, Denso Corporation, TE Connectivity, Omron Corporation, Sensor Scientific Inc., CTS Corporation, WIKA Instruments India Pvt. Ltd., Keyence Corporation, Dwyer Instruments Ltd., Standex Electronics Inc., Thermocouple Technology LLC, Kelvin Technologies Inc., and Thermo Sensors Corporation.
The global temperature sensor market is segmented by product type into contact temperature sensors, non-contact temperature sensors; by output into digital, analog; by connectivity into wired, wireless; by end-user into manufacturing industry, aerospace industry, energy sector, electronics industry, HVAC industry, others.
Asia-Pacific is the largest region in the temperature sensor market. Asia-Pacific is also expected to be the fastest-growing region in the forecast period. The regions covered in the temperature sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Temperature Sensor Market Global Report 2020-30: COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide temperature sensor market overviews, temperature sensor market analyze and forecast market size and growth for the whole market, temperature sensor market segments and geographies, temperature sensor market trends, temperature sensor market drivers, temperature sensor market restraints, temperature sensor market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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