Just as the population is increasing, so is the number of automobiles on the roads. In the last few decades, automotive has become one of the most-productive sectors in the world, especially since developing countries started witnessing robust economic growth. Though vehicles were first popularized by European and North American companies, now many Asian automakers have higher sales than their Western counterparts. The vast population in developing countries is rapidly buying vehicles as a show of its social status.
The growing automotive industry would be one of the key reasons for the advance of the temperature sensor market from $6.9 billion in 2019 to $11.1 billion in 2030, at a 4.4% CAGR between 2020 and 2030, according to P&S Intelligence. This is because such instruments are widely used in vehicles to track the temperature of various gases and fluids and in heating, ventilation, and air conditioning (HVAC) systems. Moreover, with the increasing demand for electric vehicles (EVs), the procurement volume of temperature sensors will grow further, as they are an important component of the battery management systems.
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This market research report provides a comprehensive overview of the temperature sensor market
This is why of all the verticals, viz. petrochemical and oil & gas, automotive and aerospace, food & beverage, consumer electronics, utilities, pharmaceuticals, and industrial, the automotive and aerospace vertical makes the highest usage of temperature sensors. A big advantage of using such instruments is that they make vehicles more efficient in terms of operation, which decreases their greenhouse gas (GHG) emissions. In the coming years, food & beverage companies are predicted to generate the fastest-increasing demand for such instruments, which are used to sense the temperature of the products and that inside the processing machines.
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Presently, the largest temperature sensor market is Asia-Pacific (APAC), as it is the most industrially productive region on earth. The region is a hub for automobile and consumer electronics companies, which are some of the biggest users of such instruments. With the increasing disposable income, the sale of smartphones, tablets, laptops, desktop PCs, processed food, wearable devices, and automobiles is swiftly surging here, which is leading to a drastic rise in the demand for temperature sensing devices.
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