Technology - - May 11,2017
Due to the extensive growth of the manufacturing and the electronics sectors worldwide, the demand for temperature sensors is likely to surge tremendously in the coming years.
With the advent of modern technology, the need for high-grade electronics has risen globally. Temperature sensors form one of the popular categories which are used for a number of applications.
These sensors are also made available in wearable devices which have boosted its market significantly. According to the latest report offered by Transparency Market Research (TMR), the temperature sensor market on the global scale is estimated to swell at a CAGR of 4.60% during the period from 2016 to 2024. To be precise, it would reach a value of US$6.6 bn, which is quite impressive.
Looking at the most prosperous regions of temperature sensors, Asia Pacific, Latin America, North America, the Middle East and Africa, and Europe, grab active spots in the list. It is interesting to know that, a share of nearly 40% was enjoyed by North America to be the most prominent contributor to the global market for temperature sensors, as noted in 2015. The escalation in government initiatives for the improvement of the medical and healthcare sector is viewed as one of the prime reasons for this major market share occupied by North America.
The other vibrant market for temperature sensors is the Asia Pacific region where the demand for electronic goods in economies such as China, Japan, and South Korea are planned to expand in the near future. This region is seen as the most promising market, progressing at a CAGR of 5.9%.
The various popular varieties of temperature sensors include thermistors, resistance temperature, thermocouple detectors, bimetallic temperature sensors, infrared temperature sensors and fiber optic temperature sensors. The top players from this sector who are also part of the 20% market share comprise of Texas Instruments Inc., General Electric Company, and Honeywell International Inc.
For more information on this report visit - http://www.transparencymarketresearch.com/temperature-sensors-market.html