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Wednesday, July 30, 2014

Report Forecasts Global Temperature Sensor Market to Reach $4.5 Billion by 2018

According to a report by Global Industry Analysts, the global market for temperature sensors is projected to reach $4.5 billion by 2018. While temperature sensors are used in a multitude of industrial and mechanical processes, the growth will be driven by the petrochemicals industry, in addition to emerging opportunities in developing markets.

In the research report, titled Temperature Sensors: A Global Strategic Business Report, thermocouple temperature sensors are widely used, given their ease of use, tough design, low cost, and accurate measurement. Resistance temperature detector sensors have been growing in the last decade, especially where accuracy over a wide temperature range is needed, Global Industry Analysts reports.

RTD sensor. Credit: Honeywell

RTD sensor. Credit: Honeywell

The analyst notes that there will be a shift to non-contact temperature sensors, especially infrared sensors for high-temperature and corrosive applications. Demand for microelectromechanical-based (MEMS) sensors will also grow. Global Industry Analysts also points out that there will be growth in smart temperature sensors, which can output a digital code to industrial information systems.

Europe represents the largest regional market for temperature sensors, but the debt crisis on the continent is softening domestic markets and thus sensor demand while exerting pressure on global growth. A key reason cited by Global Industry Analysts for weakening growth in Europe is the “myriad challenges currently being faced by the European petrochemical sector,” with petrochemical production in the EU continuing to shrink — it stands at 7.5 percent lower than pre-recession levels.

Asia-Pacific represents the fastest-growing region for temperature sensors, with sales expected to grow to a compound annual growth rate of more than 9 percent to 2018.

The outlook by Global Industry Analysts was reported by Flow Control. More details on the research report can be found here.

 

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