Europe Temperature Sensor Market revenue to reach $1.5bn by 2026, says Graphical Research
Major temperature sensor market players in Europe region include TE Connectivity, Endress+Hauser, Siemens, WIKA Instruments, ABLIC Inc, Amphenol Advanced Sensors, ams AG, Analog Devices, Inc, Honeywell International Inc, OMEGA Engineering, On Semiconductor, Pyromation, Siemens, STMicroelectronics.
Pune, India, Aug. 08, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America temperature sensor market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 1.5 billion by 2026.
With the use of wearable bands, patient monitoring devices and smartphones becoming pronounced, Europe temperature sensor market forecast is likely to gain prominence. A growing need for HVAC systems in aircraft and temperature stabilization will boost the need for temperature sensors. Besides, the demand for high-performance, reliable and low-cost sensors has fared well across U.K., France and Italy.
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The rising penetration of temperature sensors in portable healthcare equipment amidst the surging geriatric population will reshape the industry dynamics. The integration of technologies, including machine learning, artificial intelligence (AI), cloud computing, data analytics and IoT will solidify the position of temperature sensor manufacturers. In July 2019, the European Commission had proposed a plan to update Energy, Environment and Development (EED) through 30% energy efficiencies by 2030.
Non-contact devices thrive amidst the COVID-19 pandemic
The need to measure the surface temperature of a body or object without any physical contact has triggered the growth of non-contact equipment. These temperature sensors have become trendier with the soaring adoption of advanced portable healthcare devices. Developments of advanced thermal imaging equipment in the medical sector will spur the penetration of infrared temperature sensors.
SegunLife, in May 2020, came up with an infrared thermometer with an accuracy of around 2 degrees Celsius. Europe temperature sensor market share from non-contact segment is likely to grow at a moderate growth rate of 3% up to 2026.
Multi-channel digital output to usher growth
End-users have exhibited increased traction for multi-channel digital output owing to easy usage and high accuracy when compared to analog output. So much so that industrial and home automation systems have upped investments in the digital output portfolio. It is worth noting that these devices use remote temperature sensors for accurate measurement and monitoring with increasing adoption across smart homes.
For instance, Dobeny rolled out a new infrared temperature sensor and controller in July 2020. Europe temperature sensor industry value from multi-channel digital output will grow at around 5% growth rate through 2026.
Automotive industry boosts investments
The adoption of temperature sensors will gain popularity in automotive sector for comfort, reliability, control and monitoring of electric motors inside EVs. Moreover, the palpable penetration of ADAS, HVAC systems and thermal seats has triggered the demand for sensors. OEMs in Europe have upped investments to roll out advanced products.
To illustrate, Files Thru The Air rolled out a new sensor for monitoring temperature threshold in autonomous vehicles in December 2020. Automotive sector contributed around 17% share to Europe temperature sensor market in 2019 and could expand at a stable CAGR of more than 2.5% through 2026.
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U.K. market to have immense growth potential
Stakeholders expect England, Scotland and Northern Ireland to be favorable destinations for temperature sensor suppliers. Specifically, in December 2020, NTT had announced the launch of the London 1 data center that would triple their U.K.-based data center penetration. Leading players are expected to develop smart sensors for intelligent wearables and data centers. U.K. temperature sensor market could grow at a 2.5% CAGR up to 2026.
Considering the stride Europe has taken in automation systems and wearable devices, companies are poised to invest in R&D to design advanced products. In doing so, they will explore opportunities across the healthcare, automotive and oil & gas industries.
About Graphical Research:
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