The Temperature Sensor Market is projected to grow from USD 5.9 billion in 2021 to USD 8.0 billion by 2028, at a CAGR of 4.5% from 2021 to 2028. The continuous demand for temperature sensors, which are integrated into devices like wearable bands, smartphones, and patient monitoring devices, from industries such as consumer electronics and healthcare is driving the temperature sensor market growth. For the past few years, the demand for reliable, high-performance, and low-cost sensors has been increasing, leading to the development of new technologies like micro and nanotechnology, which provides benefits such as miniaturization, low power consumption, and mass production. However, high initial cost involved in advanced sensors is expected to restraint market growth.
In 2020, the Temperature Sensor Market was dominated by Honeywell International Inc. (US), TE Connectivity Ltd. (Switzerland), Texas Instruments Incorporated (US), Endress+Hauser Management AG (Switzerland), and Siemens AG (Germany). The major strategies adopted by the top 5 players in the Temperature Sensor Market included product launches and developments, collaborations, and acquisitions which helped them to innovate on their product offerings and broaden their customer base.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=522
Top 2 Players in the Temperature Sensor Market are:
In 2020, Honeywell stood first in the Global Temperature Sensor Market, primarily based on its product portfolio, R&D investments, market penetration, and geographic reach. Honeywell holds a strong position in most of the markets it serves. Honeywell is a diversified technology and manufacturing company that offers building automation systems, commercial combustion control systems, scanners, computer devices, wearable devices, radio frequency identification (RFID) solutions, connected vehicle solutions, advanced automotive technologies, protective equipment, sensors, and switches, among others. The company invests significantly in R&D activities to design innovative products to fulfill the changing requirements of the customers and explore new opportunities to drive growth and profitability. Honeywell has a presence in Asia Pacific (APAC), Europe, North America, South America, and the Middle East and Africa. The company has operations at about 970 sites in over 70 countries. Honeywell Safety Products Europe SAS (France), Honeywell Technology Solutions Lab Pvt. Ltd. (India), Life Safety Distribution AG (Switzerland), Honeywell Korea Ltd. (South Korea), and Honeywell Ltd. (Australia) are a few of its major subsidiaries.
Honeywell also focuses on adopting the organic growth strategy of expansion to enhance its market presence and produce advanced sensor offerings based on cutting-edge technologies. For instance, in November 2018, the company relocated its global headquarters to North Carolina, US. It plans to add 500 employees at the same site by FY 2024.
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=522
In May 2021, Honeywell announced that dnata US introduced Honeywell ThermoRebellion temperature monitoring solution to support domestic and international passengers at Boston Logan International Airport. One of the worlds largest air services providers, dnata US offers ground handling, cargo, travel, and flight catering services across five continents.TE Connectivity (Switzerland):
In 2020, TE Connectivity ranked second in the Global Temperature Sensor Market. TE Connectivity has established itself as one of the leading players in the Temperature Sensor Market. The company has gained a significant market share through its 110 manufacturing and engineering centers and more than 15,000 patents. It operates in more than 150 countries. TE Connectivity HK Ltd. (Hong Kong), TE Connectivity Solutions GmbH (Switzerland), TE Connectivity Germany GmbH (Germany), TE Connectivity Corporation (US), and Tyco Electronics Japan G.K. (Japan) are among a few of the subsidiaries of the company. TE Connectivity seeks to expand its market presence through expansions.
TE Connectivity offers a diversified product portfolio through its operating business segments. The company has established its presence globally with a business portfolio of market-leading connectivity solutions and sensors that provides it a significant competitive advantage. The company’s global presence of production facilities helps it to reduce transportation costs and increase profit margins. The company’s temperature sensor portfolio includes digital temperature sensors, NTC thermistors, sensors and probes, RTD sensors and probes, thermocouple sensors, thermopile infrared digital sensors, and thermopile infrared sensors. These sensors are used in chemicals, oil & gas, energy & power, consumer electronics, and food & beverages. The strong product portfolio in the Temperature Sensor Market enables the growth of the company in the market.
In June 2019, TE Connectivity opened the TE Store for European customers comprising more than 25,000 product offerings.
Browse For More Details - https://www.marketsandmarkets.com/Market-Reports/temperature-sensor-market-522.html
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/ResearchInsight/temperature-sensor-market.asp