SEATTLE–(BUSINESS WIRE)–#EmbeddedTemperatureSensor–According to Coherent Market Insights, the global embedded temperature sensor market was valued at US$ 6,524 Million in 2019 and is projected to exhibit a CAGR of 7.1% during the forecast period (2020–2027).
Key Trends and analysis:
The global embedded temperature sensor market is expected to witness significant growth during the forecast period, owing to rising deployment of data centers by major IT companies to manage large amounts of data and integration of cloud services. As most of countries are moving towards on-soil data requirement where customer PII data can’t leave the country, to meet this requirement all the IT companies across the globe are setting data center in every country. For instance, Amazon Web Service, Inc. invested US$ 1,500 million to set up two data centers in Hyderabad due to increased demand for cloud services in India.
COVID-19 pandemic is expected to drive growth of the embedded temperature sensor market during the forecast period. Temperature sensors are used at airports, land borders, and popular public spaces to check the temperature of people.
Moreover, increasing demand from the oil & gas sector is expected to significantly drive growth of market over the forecast period. These sensors are used in the upstream and downstream processes in the oil & gas sectors. For instance, in July 2019, according to the International Energy Agency (IEA), oil demand is expected to reach by 6.9 million barrels per day by 2023.
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Key Market Takeaways:
The global embedded temperature sensor market is projected to witness a CAGR of 7.1% during the forecast period, owing to increasing demand for embedded temperature sensor across the globe
North America held the dominant position in the global embedded temperature sensor market in 2019 and is expected to retain its dominance over the forecast period. This is owing to market expansion strategies adopted by the temperature sensor manufacturers to cater to the increasing demand for sensors. For instance, in 2018, Amazon Inc. invested 61 million in ecobee, a Canadian based automation company that manufactures temperature sensors, contact sensors, and smart light switches. This funding helped ecobee build upon its suite of smart home technologies connected by whole-home-voice control, sensor technology, and artificial intelligence.
Asia Pacific is expected to show significant growth over the forecast period. This is owing to robust growth in the manufacturing, and semiconductor and electronics industries. For instance, according to India Brand Equity Foundation (IBEF), the auto component industry of India expanded by 10.6% and reached 5,620 million by 2019. India has become the largest manufacturer of vehicles in the automotive sector. For instance, in 2019, India exported 676,193 units of passenger vehicles to other countries.
Major players operating in the global embedded temperature sensor market include—
Honeywell International Inc., NXP Semiconductors, Panasonic Corporation, Delphi Technologies, Siemens, ABB, STMicroelectronics, Emerson Electric Co., Microchip Technology Inc., Fluke Process Instruments, Mouser Electronics, Inc., Robert Bosch GmbH, TE Connectivity, DENSO CORPORATION, OMRON Corporation, FLIR Systems, Inc., Amphenol Advanced Sensors, Maxim Integrated, KONGSBERG, Yokogawa India Ltd., Infineon Technologies AG, TDK-Micronas GmbH, Amphenol Corporation, OMEGA Engineering inc, ON Semiconductor, CODICO GmbH, Sensata Technologies, Inc., VINCI, and Digi-Key Electronics
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Market Segmentation:
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