November 23, 2021 05:27 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, November 23, 2021 (GLOBE NEWSWIRE) - By 2026, the global temperature sensor market is expected to reach USD 7.88 billion, with a compound annual growth rate of 6.1% during the forecast period. The increasing application of temperature sensors in process industries such as oil and natural gas and chemicals used to prevent moisture, overheating and corrosion will significantly increase the market share of temperature sensors. In addition, the increase in investment in the oil and gas industry will bring sales opportunities to the market in the next few years. For example, according to the Indian Brand Equity Foundation, by 2022, India’s investment in oil and gas exploration and production activities is expected to reach US$25 million. During the forecast period, the number of new projects will make a positive contribution to the revenue of the temperature sensor market.
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List of major companies operating in the temperature sensor market:
According to the report entitled "Temperature sensor market size, share and global trends, by type (thermocouple, thermistor, resistance temperature detector (RTD), semiconductor temperature sensor, infrared temperature sensor, etc.)" published by Fortune Business Insights, Author's end users (healthcare, consumer electronics, automotive, aerospace and defense, food and beverage, energy and power, oil and gas, chemicals, etc.) and geographic forecasts by 2026 "the market size in 2018 will be 5.02 billion U.S. dollars. The report aims to comprehensively describe the temperature sensor market dynamics and structure by identifying and providing information about key market segments. It also focuses on participation in leading markets by financial status, products, product mix, prices, growth strategies, and regional influence Provides PORTER analysis and SWOT analysis to document shareholder issues and highlight future investment potential. It also shows what procedures and strategies are currently being implemented in the market. It further examines the components and convincing market expansion , Growth model, limiting factors and market strategy.
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Exergen Global launches PEKO to increase market potential
Exergen Global, a global leader and supplier of non-contact infrared sensor solutions, launched "PEKO", which is the first non-contact thermal dynamic management solution in history, which combines a proprietary designed cooling mechanism and a unique Emissivity control device to provide accurate, repeatable thermal measurement results in industrial environments under extreme conditions, with ambient temperatures up to 500°C. The introduction of new thermal dynamic management solutions may be a key factor in promoting the growth of the temperature sensor market, as it enables manufacturers to safely operate and locate thermal sensors close to the measurement target while assisting industrial processes. In addition, Bram Stelt, CEO of Exergen Global, said in a statement: “Exergen Global is well known for its proprietary Sensoranics™ design method, which combines thermal management, thermodynamics and engineering expertise.” PEKO "It is an outstanding example of how this approach can provide solutions to solve the most unusual and complex thermal management challenges in various industries in a cost-effective manner."
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Continuous technological advancement promotes growth in North America
North America generated $1.79 billion in revenue in 2018 and is expected to grow rapidly during the forecast period due to increasing emphasis on HVAC systems, compact systems with independent sensors, and wearable devices. In addition, increasing awareness of the advantages of temperature sensors in various industries such as automobiles, oil and gas, and healthcare will drive the temperature sensor market trend during the forecast period. Due to the existence of various automobile companies in the region, Europe may experience rapid growth during the forecast period. Due to the rapid growth of the automotive industry and the growth of car sales, the Asia-Pacific region is expected to experience astonishing growth during the forecast period.
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