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Temperature sensor market experiencing tremendous growth

Temperature sensor market experiencing tremendous growth


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2012-12-11 17:40:17 - Temperature sensor market experiencing tremendous growth

The temperature sensor market has been forecast to increase at a compound annual growth rate (CAGR) of 6.2% through to 2015, with the industry being primarily driven by the increasing demand for temperature sensors in the automotive sector, along with the increase in technological advancements in the industry.Recent developments in temperature sensor technology have resulted in tremendous growth in the market. Today, the temperature sensor industry is dominated by contact type sensors like thermocouples and RTDs (Resistive Temperature Detectors), but there can be a strong competition between contact and non contact type sensor technologies for holding the maximum market share.Non contact type sensors are dominated by the infrared sensors (IR), which are generally used for high temperature applications. They are

 

 

strongly recommended in industries such as plastics, metals, food and beverages, etc.Demand for high performance, reliable and low cost sensors has resulted in the development of microtechnology and nanotechnology. IR temperatures offer several advantages like contactless and corrosion-free measurement of temperature. These devices have gained immense popularity in the food and beverage industry.The temperature sensor market is characterised by the presence of a large number of manufacturers focusing on most end-user and geographic segments. Considering that temperature measurement is a vital parameter in almost any process, the product has achieved deep market penetration.This is affecting growth opportunities for most sensor manufacturers. Additionally, volume discounting in the case of low-priced sensors is contributing to this restraint.Key companies currently dominating the temperature sensor market include Analog Devices Inc., Microchip Technology Inc., STMicroelectronics N.V., and Texas Instruments Inc.In order to sustain market demand, high precision, ease of integration, and competency are prerequisites. It has become imperative for companies to redefine their strategies to provide customers with instruments that are easily operable and have a very high level of reliability, keeping critical applications, high temperature environments, and portability in mind.For more information on the temperature sensor market, see the latest research: Temperature Sensor MarketFollow us on Twitter @CandMResearch

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