Temperature & Image Sensors ‘Hot’ Through 2020
Temperature sensors, in a word, will remain “hot” in North America and Europe. Thanks to demand from both the industrial and consumer market segments, sales of temperature sensors are expected to grow at a decent clip in those regions through 2020.
In Europe, the market is expected to increase to $1.36 billion by 2018, with a CAGR of 4.85 percent over the period 2014-2020, according to “Europe Temperature Sensors Market – Growth, Trends & Forecasts 2014-2020”. Temperature sensing has been gaining importance, particularly in R&D and industrial settings, giving rise to high demand for temperature sensors. Companies operating in the market have been investing heavily in research and development activities in order to develop and enhance temperature sensor functionality. Increasing adoption of HVAC modules is expected to favorably impact the Europe industry. Even the technological advancements and reduced prices have resulted in introduction of new applications in the HVAC space.Similar drivers are impacting the North American temperature sensors market which is expected to increase to $1.95 billion by 2018 with a CAGR of 6.45 percent over the period 2014-2020, according to “North America Temperature Sensors Market – Growth, Trends & Forecasts 2014-2020.” Growing demand for consumer electronics such as smartphones, cameras and media players make use of microprocessors, which is expected to boost market growth, as they have temperature sensing ICs. Mandates related to safety in Europe and the Americas have acted as a key driver for overall industry growth. Temperature controls are essential for manufacturing, handling and storing of medical equipment and drugs.