A market study from Global Market Insights Inc. suggests that global temperature sensor market  value will surpass USD 11 billion by 2032. Temperature sensors are widely used in medical devices, home appliances, consumer electronics, HVAC systems, and in the production of renewable energy. With the growing consumer interest in luxury lifestyles, several private and public entities are ramping up smart home projects across APAC and the Middle East regions. For instance, in June 2022, Prescott Real Estate, a Dubai-based property developer revealed its new property housing 141 smart homes.

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A surge in home & building automation systems in developing economies, a rise in data center development projects in APAC, and the growing popularity of portable & wearable medical devices are seen as some of the prominent industry drivers.

Below is a brief overview of some key aspects propelling the temperature sensor industry growth:

1. Breakthroughs in fiber optics enhancing sensor capabilities

Fiber optics-based temperature sensors have evolved significantly over the past few years, effectively replacing aging electronic sensor technologies. They offer a myriad of benefits including compact size, remote detection, distributed measurement capabilities, multiplexing, and resistance to electromagnetic interference. Fiber optic sensors are a promising alternative to contact thermocouples as they provide greater accuracy and eliminate the need for upgraded controllers with a superior precision-to-price ratio.

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Several developments worldwide, across public and private institutions, represent the significant potential of sensor technology. For instance, in May 2022, Michigan State University published a study demonstrating a novel fabrication technique for silicon-tipped fiber optic FPI temperature sensors. Many more enhancements in the field, with continuously changing application landscape, will foster temperature sensor market outlook.

2. **NTC thermistors for monitoring preterm infants

Contact temperature sensors industry share from thermistors is estimated to go beyond USD 2.5 billion by 2032, with the increasing use of NTC thermistors in healthcare monitoring. Due to robust investments in medical tech and extensive R&D initiatives, neonatal intensive care units (NICUs) are exploring the scope of wearable sensors. The components can monitor the body temperature of newborn infants. Thermistors are also being increasingly used in the development of advanced IoT-enabled infant incubators.

3. Advent of electric vehicles (EVs)

The growing emphasis on the reduction of automobile emissions has spurred the adoption of EVs, providing impetus to the temperature sensor industry. These sensor elements are used by automakers to enhance EV performance by monitoring & controlling different systems to prevent power malfunction, battery meltdown, and fires originating from overheating of motors. Ongoing improvements in the field of next-generation AI-powered mobility solutions and the emergence of new trends such as autonomous driving will drive innovation efforts by market players.

For instance, in January 2023, Analog Devices, Inc. entered a partnership with Seeing Machines, a leading semiconductor manufacturer to boost the development of advanced driver assistance systems (ADAS) and high-performance occupant monitoring system (DMS/OMS) technology. It certainly represents key potential of temperature based sensor components across the transportation sector.

4. Strict HVAC emission control policies in the U.S.

Temperature sensors are used in HVAC systems as they provide outdoor pipe detection NTC (negative temperature coefficient thermistor), compressor suction detection NTC, indoor ambient temperature detection NTC, and compressor exhaust gas detection NTC. The increasing residential energy consumption and the burgeoning emissions associated with heating & cooling systems have compelled several developed economies to introduce strict HVAC emission control norms.

For instance, the U.S. Department of Energy (DOE) had introduced new energy conservation standards to determine energy-efficiency ratings of all residential as well as light commercial air conditioners, and heat pumps; The policy covers products manufactured on or after January 1, 2023.

TEXAS INSTRUMENTS, ABLIC, Amphenol Advanced Sensors, Analog Devices, Inc., Littelfuse, Inc., Microchip Technology Inc., Murata, On Semiconductor Corporation, NXP Semiconductors, STMicroelectronics N.V, Sensata, Renesas Electronics, are some of the major companies manufacturing temperature sensors. These companies are leveraging current market trends and technological advancements to develop advanced products. In the looming years, hefty investments in healthcare infrastructure development, the advent of smart homes, and the growing efforts toward decarbonization will consolidate industry expansion.

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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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