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Europe Temperature Sensor Market Size is Expected to Grow USD 1.5 Bn By 2026

Author : Ronak Bora | Published Date : 2021-08-26 

Europe temperature sensor market is projected to foresee commendable growth in coming years owing to surging development of home and building automation systems across the region. The rising integration of technologies like data analytics, cloud computing, machine learning, IoT, and AI (Artificial Intelligence) in smart building structures is pushing the demand for these systems.

Additionally, rising government initiatives are accelerating the deployment of smart buildings and automation systems, favorably impacting the global demand. In July 2019, the European Commission reportedly proposed a plan for updating EED (Energy, Environment and Development) by including around 30% energy efficiency goal by 2030.

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Escalating need for critical applications like HVAC systems within aircrafts and temperature stabilization within satellites is also expected to fuel the Europe temperature sensor market growth. Widescale adoption of temperature sensors in space applications for removing calibration and drift is also creating new opportunities for market expansion. Numerous market players are inclining toward the development of temperature sensors designed precisely for space applications.

In fact, in July 2020, IST (Innovative Sensor Technology AG), reportedly launched a novel space telescope integrated with sensors to measure temperatures ranging right from -200 degree C to +200 degree C, for controlling temperature inside the satellite as well as of the outer shell.

With respect to product, the non-contact segment accounted for over 12.5% of the Europe temperature sensor market share and is projected to grow at a CAGR of about 3% over the estimated time period. In the non-contact segment, infrared segment will account for a substantial share due to the increasing adoption in advanced and portable healthcare devices. These are utilized to monitor as well as diagnose the health of patient like severe infection, helping reassure patients with enhanced accuracy.

Shifting inclination towards the utilization of advanced thermal imaging equipment in medical domain is expected to provide positive avenues to market growth. Citing an instance, SegunLife, in May 2020, reportedly developed a novel infrared thermometer having accuracy of up to 2 degree C. The thermometer also comes in with a no touch sensor, which decreases the cross infections risk.

In terms of application, in 2019, the chemical segment accounted for around 18.5% of the market share and is expected to grow at a CAGR of about 3% over the forthcoming time period. The Europe temperature sensor market growth is majorly ascribed to the increasing requirement for control systems and temperature monitoring in chemical manufacturing plants. Temperature sensors in chemical plants are mainly used for processes like refining, incineration, cracking, as well as heat tracing of chemicals. Further, wireless sensors are incorporated into systems like sanitary and piping systems owing to temperature control and contactless monitoring, since operating temperature is relatively higher. These benefits are slated to fuel the demand for Europe temperature sensor market across chemical applications.

On the regional front, temperature sensor market in Germany was valued at more than $390 million in 2019 and is likely to grow at a respectable CAGR of 3% over the forecast time period. This projected growth is ascribed to rising digitization and increasing demand for technologies like IIoT in the manufacturing sector.

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Numerous firms are adopting advanced automation processes to enhance their manufacturing operations and surge their competitiveness in the market. Citing an instance, Siemens, in June 2020, reportedly announced plans to adopt advanced manufacturing technologies like IoT, humidity monitoring system, 3D sensing, as well as others catering to the increasing adoption of Industry 4.0.

Siemens, WIKA Instruments, Endress+Hauser, and TE Connectivity among many others are some of the key market players operating in the Europe temperature sensor market. These key market players are actively focusing on novel product innovations to offer technically advanced products as well as to stay competitive in the market. Citing an example, TE Connectivity, in October 2020, reportedly introduced MS5839 chlorine-resistant digital pressure along with temperature sensor with optimized solution and compact size.

Table of Contents (ToC) of the report:

Chapter 1   Methodology and Scope

1.1    Research methodology

1.2    List of data sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2   Executive Summary

2.1    Europe temperature sensor market snapshot

Chapter 3   Europe Temperature Sensor Insights

3.1    Industry coverage

3.2    Industry size, 2016 – 2026

3.3    Impact of COVID-19 pandemic

3.4    Value chain analysis

3.4.1    Company product snapshot

3.5    Innovation landscape

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Market drivers

3.7.2    Market restraints

3.8    Industry analysis - Porter's

3.9    Competitive benchmarking, 2019

3.9.1    Strategy dashboard

3.10    PESTEL analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1632/europe-temperature-sensor-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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