According to the new research report on " Temperature Sensor Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis," published by The Insight Partners, the temperature sensor market size is expected to reach US$ 9.66 million by 2030 and register a CAGR of 6.3% from 2023 to 2030.
The Europe temperature sensor market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, Germany dominated the temperature sensor market share. The aerospace & defense sector in Europe is a crucial contributor to the region's economy. According to the General Aviation Manufacturers Association, the overall 2023 general aviation shipments and billings, when compared to 2022, saw an increment in all aircraft segments, in shipments, and preliminary aircraft deliveries which were valued at US$ 27.8 billion, an increase of 3.6%. As almost all aircraft require temperature sensors to perform flawlessly and to monitor the temperatures of turbine blades and other critical components, the increase in aircraft deliveries simultaneously drives the market for temperature sensors. The demand for these sensors is also increasing in military applications, such as in military ground vehicles, where temperature sensors are employed to monitor engine and transmission temperatures, ensuring optimal performance in diverse operational environments. Further, a consistent growth in military spending has been observed for seven consecutive years. According to the European Defense Agency, European military spending was US$ 231 billion in 2021, a 6% increase from 2020.
Various companies in Europe are taking initiatives in the temperature sensor market to expand their portfolio, such as partnerships and product launches. For instance, in August 2023, Greece's prime minister announced the launch of forest temperature sensors to improve preventive firefighting after criticism from climate activists over a devastating wildfire burning for almost two weeks. Similarly, in January 2024, Monnit announced that its ALTA Wireless Standard Enterprise and industrial temperature sensors are certified for Europe's EN12830 cold chain traceability standard. Hence, the growth of the aerospace & defense industry and new launches of temperature sensors are boosting the temperature sensor market growth in Europe.
Key Findings of Study:
Based on type, thermocouples segment is estimated to hold a significant temperature sensor market share by 2030. The most commonly used type of temperature sensor is thermocouples. Thermocouples are self-powered, can operate over a wide temperature range, require no excitation, and have quick response times. These are made by joining two dissimilar metal wires, which causes a Seebeck Effect. Thermocouples are made from different materials, which allows for different sensitivities and different temperature ranges. The different types of thermocouples are differentiated by designated letters, such as type J, type K, type N, type T, type E, type R, type S, type B, and type C. The most commonly used is the type K. Several companies are launching new types of thermocouples. Thermocouples are used in various applications, such as food & beverages, automotive, industrial, and consumer applications. Restaurant appliances, such as fryers, grills, toasters, warmers, and ovens often use thermocouples. Also, manufacturing plastic products needs precise temperature control. Thermocouples are usually required in various areas for temperature monitoring during plastic processing. They are used to measure the melting or surface temperature in diecasting molds and injections.
Texas Instruments Inc, Siemens AG, TE Connectivity Ltd, Amphenol Corp, Analog Devices Inc, Emerson Electric Co, Microchip Technology Inc, Panasonic Holdings Corp, Honeywell International Inc, and NXP Semiconductors NV are among the key players profiled in the temperature sensor market report. Several other major players were studied and analyzed during the temperature sensor market analysis to get a holistic view of the market and its ecosystem.The temperature sensor market report also provides detailed market insights, which help the key players strategize their growth.
The report includes growth prospects owing to the current temperature sensor market trends and their foreseeable impact during the forecast period. The report includes temperature sensor market forecast by type, connectivity, end users and regions from 2023 to 2030.
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