Digital Temperature Sensor Market Size Estimated to Reach $4.3 Billion by 2026
Digital Temperature Sensor Market size is estimated to reach $4.3 billion by 2026 at a CAGR 9.9% during the forecast period 2021-2026. The growth of Digital Temperature Sensor market is majorly attributed to the rising demand for integrated humidity and temperature sensors to provide high accuracy measurements with low power requirements in order to simplify asset monitoring solutions preventing from premature equipment failure. Increasing penetration of digitalization in sensing technology is estimated to drive Digital Temperature Sensor Market. The burgeoning demand for advanced electronics products for consumer electronics including smartphones, smart wears or smart home applications is significantly triggering the market. Presence of temperature sensors integrated with heating, ventilation air conditioning (HVAC) system in autonomous cars or electric vehicles are also contributing to the Digital Temperature Sensor market growth.
Digital Temperature Sensor Market Segment Analysis – By Application
By application in Digital Temperature Sensor, Smart home applications are estimated to witness significant growth due to rising demand for consumer electronics and increasing penetration of smart home appliances to control residential HVAC system. In February 2021, Leeds City Council announced to deploy IoT sensors including temperature leveraging smart home solutions. Such initiatives are set to drive the market from 2021 to 2026.
Digital Temperature Sensor Market Segment Analysis – By End User
By end user Industrial sector is estimated to account for the largest market share at 14.5% during 2021-2026. Among industrial sector, Automotive is analysed to witness a significant growth between 2021 and 2026 due to the rising demand for powertrain, body electronics and alternative fuel vehicle. Utility sector is estimated to witness the highest growth with a CAGR of 12.9% during 2021-2026 due to increasing demand for real-time thermal monitoring of mission critical applications to optimize performance and efficiency. In December 2020, Hitachi ABB Power Grids developed a fully integrated 220 kV substation with advanced power system management and equipment monitoring system to fulfil the unprecedented upsurge in electricity in Dublin. Such developments are estimated to significantly trigger the market growth during the forecast period 2021-2026. Consumer sector is analysed to witness significant growth from 2021 to 2026 due to rising demand for smart sensors for smart home applications.
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Digital Temperature Sensor Market Segment Analysis – By Geography
By Geography, Digital Temperature Sensor market is segmented under North America, Europe, APAC, South America and RoW. APAC is estimated to be the fastest growing market with a CAGR of 11.5% owing to heavy industrialization and transition towards digitalization. According to reports by Northeast Group, in October 2020, South-east Asia declared to invest USD 25.9 billion in smart grid infrastructure over the next decade to accelerate smart metering, grid automation for enhancing the developments in utility sector and such government initiatives are set to drive the market. North America is estimated to hold a significant amount of market share at 37.1% during the forecast period 2021-2026 owing to high government investments in smart grid infrastructure and continuous up-gradation of existing infrastructure towards latest technology. In February 2021, New York Power Authority (NYPA) announced the availability of remote monitoring of utility assets to prevent equipment failure ensuring more resilient, reliable and flexible energy system and thus accelerating the market growth.
Digital Temperature Sensor Market Drivers
Increasing demand for IOT sensors in Automotive Vehicles
Increasing adoption of autonomous cars and electric vehicles is set to drive the market during the forecast period 2021-2026. Rising demand for intelligent sensors in automotive sector enabling data conversion, digital processing to create a robust thermal management solution ensuring safety of critical applications is propelling the market. Growing demand for faster data processing and instantaneous reliable decision making to simplify asset monitoring solution with minimum human intervention is analyzed to significantly trigger the growth of the market during 2021-2026. In February 2021, Angila announced the partnership with Sensirion AG to provide digital microsensors serving wide range of industrial applications for IoT sensing applications. Such partnerships are steering the market.
Increasing adoption of smart sensors in smart utility
Increasing convergence of utility sector with digitalization to deliver an intelligent digital grid management system has contributed to the growth of the market. Growing demand for deployment of Advanced Metering Infrastructure (AMI) and Distribution Automation (DA) has significantly triggered the market. Increasing penetration of smart sensors in utility sector enabling transmission of data and communication with external devices to optimize power generation, transmission and distribution is poised to drive the market. Massive and quick adoption of smart meters for smart home applications is also set to steer the digital temperature sensor market. In April 2021, Network Thermostat launched new surface mount remote temperature sensor to incorporate both temperature and humidity sensing in the same device. Such product launches are augmenting the market.
Digital Temperature Sensor Market Challenges
High Capital Expenditure
Digital Temperature Sensor installation includes high capital expenditure due to rising costs of intelligent electronic devices. Many enterprises are reluctant to adopt this advanced monitoring system due to budget constraint and thus restraining the growth of the market.
Digital Temperature Sensor Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Digital Temperature Sensor market. In 2020, the market of Digital Temperature Sensor industry outlook has been fragmented by several companies. Digital Temperature Sensor top 10 companies include Robert Bosch GmbH, Honeywell International, Inc., Continental Ag, Delphi Automotive PLC, NXP Semiconductor N.V., Texas Instruments, Inc., Sensata Technologies, Inc., Analog Devices, Inc., Sensirion AG, Melexis NV among others.
Acquisitions/Technology Launches
In March 2021, Bosch Sensortec launched BME688, first gas sensor combining gas, temperature, humidity, barometric pressure sensing with Artificial Intelligence.
In November 2020, Cisco launched two new cloud based IoT sensor solution to provide real time insights on temperature, humidity, water leak and property/room access.
Key Takeaways
APAC is estimated to be the fastest growing market during 2021-2026 with a CAGR of 11.5% owing to high investments in industrialization and digitalization.
Among industrial sectors, Utility sector is analyzed to be the fastest growing market with a CAGR of 12.1% due to increasing penetration of smart utility leveraging real-time monitoring platform. Consumer sector is estimated to witness the highest growth due to burgeoning demand for advanced electronic devices for smart home applications.
Increasing demand for IoT sensors in automotive sector and increasing penetration of smart utility are driving the market.
High capital expenditure is one of the challenges impeding the market growth.
Relevant Report Titles:
Temperature Sensors Market
https://www.industryarc.com/Report/123/Global-Temperature-Sensors-Market.html
Smart Thermostats Market
https://www.industryarc.com/Report/15440/smart-thermostats-market.html
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