Rising Demand of Non-Contact Sensors in the Medical Sector to Bolster Temperature Sensors Market Growth
Use of non-contact temperature sensors in the medical field has been increasing since past few years. These temperature sensors use radiation and convection to measure temperature changes and are able to detect radiant energy that is transmitted from gases and liquids. They provide accurate temperature measurements in various medical applications and are used in the diagnosis of conditions associated with hypothermia and infection. Detailed assessment of such conditions facilitates patient comfort and outcome, which is likely to spearhead their demand in the healthcare industry. Moreover, non-contact temperature sensors are used in various monitoring devices to carry out temperature measurement of body parts such as forehead, ear and skin. Adoption of such temperature sensors in the medical sector is expected to bolster growth of the temperature sensors market in the coming years.
Infrared Temperature Sensors Likely to Gain High Traction on the Back of Their Perceived Benefits
Demand for infrared temperature sensors has been witnessing steady growth since past few years and it is expected to maintain status quo going forward. Infrared temperature sensors, unlike other contact temperature sensors, can obtain readings from moving objects with a 10 ms response time. This feature of infrared temperature sensors has expanded its scope of application across defence, manufacturing, automotive and food and beverage industries. Typically, infrared temperature sensors were widely used in military tracking applications such as variable emissivity measurements and optical target sighting. However, with the advent of industry 4.0, their demand in the manufacturing industry is gaining significant traction. Being non-contact temperature sensors, they are also used in measurement of temperatures of fast moving objects such as brakes and tires, making them a vital component in the automotive industry. Other perceived benefits of infrared temperature sensors such as zero friction, zero wear and tear, higher operating life and detailed assessment by including temperature fluctuation measurement are expected to give an impetus to their demand, in turn contributing to the growth of the temperature sensors market.
North America to Remain a Lucrative Revenue Pocket for Global Temperature Sensors Market
Temperature sensors market in North America is expected to witness significant growth on the back of favourable business environment coupled with economic aspects such as higher GDP and growing investments in end use industries in the region. Various established manufacturers of temperature sensors are eyeing the lucrativeness of the region in turn contributing to the growth of the market across developed economies in North America. Moreover, according to the analysis of American Automotive Policy Council, the automotive industry holds a significant share wherein automakers and suppliers alongside are responsible for around 3% of the GDP of the US. In addition, investments in the automotive sector by major players are expected to fuel demand for temperature sensors. For instance, since past five years, Ford, General Motors and FCA US have raised investments worth US$ 35 billion across their engine and transmission plants, assembly plants, research and development laboratories and other infrastructure activities, in a bid to expand their current portfolio, which is likely to trigger use of temperature sensors.
Additionally, the country’s expanding oil and gas sector is also expected to fuel growth of the temperature sensors market. IEA (International Energy Agency) predicts that the demand for oil and gas in the region is expected to increase over the next 5 years. Similarly, demand for temperature sensors from the healthcare sector is further expected to augment growth as they are widely used in cardiac output monitoring and thermal dilution catheters. These factors continue to influence growth of the temperature sensors market in North America, making it a lucrative revenue pocket.
Global Temperature Sensors Market: Competitive Landscape
New product development, production capacity expansion and other strategies such as mergers and acquisitions and collaborations have been pursued by key players in the temperature sensors market. For instance, in 2020, Texas Instruments expanded temperature sensors portfolio and included linear thermistors. These products can deliver over 50% accuracy as compared to NTC thermistors. This efficiency enhancement can increase performance while reducing total solution and BOM (Bill of Materials) cost. Same year, ForaCare Suisse launched autonomous measuring stations that use infrared temperature sensors to measure forehead temperature in a bid to fight the COVID pandemic. The system provided by ForaCare does not need operator control or support and measures temperature remotely using non-contact technology.
Few of the key players in the temperature sensors market include Honeywell International Inc., Emerson Electric Co., ABB Ltd., Siemens AG and Texas Instruments Inc.
Global Temperature Sensors Market is Segmented as Below:
Key Elements Included In The Study: Global Temperature Sensors Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.Read more