Market Trends of Temperature Sensors Industry
This section covers the major market trends shaping the Temperature Sensors Market according to our research experts:
Infrared Temperature Sensors to Drive the Market Growth
- IR Temperature sensors, unlike many contact temperature sensors, could be used for taking readings from a moving object at less than 10 m/s. Such advantages of temperature sensors enable them to be used for multiple applications in various fields, including manufacturing, automotive, food processing, and defense.
- The applications of IR temperature sensors are also found in various defense applications, including variable emissivity measurements and optical target sighting, which helps track activities. All these applications have a continuous demand and advance owing to the increasing military spending.
- Recently, the demand for infrared temperature sensors has been increasing in the manufacturing sectors, driven by the global adoption of Industry 4.0 policies. IR temperature sensors, in the case of predictive maintenance, have been increasingly gaining a considerable market share. The increasing requirement for monitoring the temperature of moving parts could rarely be substituted with the efficiency of IR temperature sensors.
- In the case of the plastic molding industry, IR sensor technology can optimize thermoplastic demolding processes. In the automotive sector, IR temperature sensors are used in collaboration with paint workshops, which, with the help of intelligent algorithms, calculate the amount of time a chassis spends in the drying oven without affecting the paint job.
- The rapid surge in COVID-19 cases has caused nations worldwide to take steps to stop the spread. Ever since the deadly disease outbreak, there has been a need to check temperatures routinely. Large-area detection and screening for fever would soon be a reality for the safety of all and containment of not only the current COVID-19 impacting today but also a prescriptive measure of preparedness.
- An infrared body temperature monitoring system for large-area monitoring and detection would significantly improve awareness and control the spread of an outbreak. Such a system would have an effective alarm using a temperature range feature, the ability to track and raise alarms at multiple points, miss no targets, identify between human/animal/organic targets and other high-temperature objects and use video/photographic images for monitoring and analysis - all in real-time.
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North America to Hold Maximum Market Share
- North America held the largest market share due to several established manufacturers in the region investing significantly in developing and improving existing temperature sensors.
- According to the American Automotive Policy Council, Automakers and their suppliers are America's largest manufacturing sector, responsible for 3% of America's GDP. Moreover, over the past five years alone, FCA US, Ford, and General Motors have announced nearly USD 35 billion in investments in their U.S. assembly, engine and transmission plants, R & D labs, headquarters, administrative offices, and other infrastructure that connects and supports them.
- Companies in the region, such as Emerson Electric Co., offer thermocouple temperature sensors that feature resilience and durability in harsh process environments. Other companies, such as Vernier Software and Technology, offer thermocouple temperature sensors to measure temperatures between -200oC to 1400oC. It can also measure flame temperatures as high as 1400 虋C or liquid nitrogen temperatures at -196 虋C.
- Moreover, the region is expected to supply much of the world's growing demand for oil over the next five years, according to the International Energy Agency (IEA). As per the IEA, the United States is expected to account for 80% of the global oil supply increase between 2017 and 2025 as shale producers find more ways to pump oil profitably at lower prices. Thus, the country's growing oil and gas sector is likely to boost further the demand for the market studied over the forecast period.
- With the U.S. Department of the Interior planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
- Additionally, the healthcare industry uses temperature sensors extensively for continuous cardiac output monitoring, thermal dilution catheters, etc. With such advancements across various industries in the region and the R & D of various types of temperature sensors being integrated into more and more products, the market for temperature sensors is set to grow at a healthy rate.
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