Advancements in Technology & Expansion of Petrochemical Plants Drives the Temperature Sensors Market, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Temperature Sensors markets. Global market for Temperature Sensors is projected to reach US$4.5 billion by 2018, primarily driven by the growing use of the technology in a wide range of industries, particularly petrochemicals, in addition to emerging opportunities from developing markets.

  • Share on TwitterShare on FacebookShare on Google+Share on LinkedInEmail a friend
Temperature Sensors: A Global Strategic Business Report

San Jose, California (PRWEB) March 14, 2013

Follow us on LinkedIn – As a device used to measure temperature of any given medium, temperature sensors perform thermal protection and management functions in a multitude of equipment and industrial/mechanical processes. End-use markets for these sensors range from petrochemicals & chemicals, electronics & semiconductors, automotive, power generation, oil & gas to medical and healthcare. Maintenance of optimum temperature is of critical importance in numerous commercial and industrial process activities. The health, safety and efficient functioning of powerful engines, machinery and industrial equipment together with the safety of personnel on the work floor depends upon accurate and continuous temperature measurement and monitoring. In the process industry, for instance, processes such as, fermentation, chemical reaction, crystallization, calcination, combustion, are critically dependent on the right temperature. Boilers, incinerators, heat exchangers and cooling towers require optimum temperature for generating maximum yields at lowest energy costs. Post production, right temperature conditions is also critical in ensuring effective product storage and therefore temperature sensors are also of importance in the refrigeration industry. Temperature sensors are therefore indispensable elements that influence not just plant performance but also quality of the final product.

On the product front, thermocouple sensors are widely used in most end-use industries, given their ease of use, tough design, low cost and accurate temperature measurement capabilities. Resistance Temperature Detector (RTD) sensors, on the other hand, have been growing in popularity over the last decade, especially in application areas where accuracy in temperature measurement is required over a wide temperature range. In the upcoming years, the market is expected to witness a shift in end-user preference for non-contact temperature sensors away from the conventional contact type sensors. Infrared (IR) temperature sensors, in this regard, stand to benefit especially in high-temperature and corrosive applications. Also, MEMS based temperature sensors are forecast to witness growth in demand, with technology developments in fabrication of MEMS based temperature sensors expected to benefit the market going forwards.

Smart temperature sensors are also witnessing growing demand given their ability to convert the measured physical value of the temperature into a usable format such as an electronic signal, which can be directly used by the equipment and/or system. In other words, smart temperature sensors typically feature linear output abilities wherein a digital code equivalent to the measured temperature is generated. The growing demand for miniaturized sensors is poised to benefit smart sensors, given their small and compact form factors as a result of elimination of external components, accurate measurement capabilities, easy and cost effective installation. The automobile industry, where there is rising emphasis on vehicle weight reduction for improving fuel efficiency and reducing emissions, is illustrative of the growing demand for intelligent sensors with small form factors. The renewed drive towards minimizing the weight and dimensions of individual components has resulted in a ruthless weight reduction exercise across the entire automotive engineering platform, trickling down to even temperature sensors, which play a vital role in ensuring comfort, vehicle safety, and energy conservation.

As the largest regional market for temperature sensors, the worsening debt crisis in Europe and the ensuing softness in the domestic market are together exerting pressure on global growth. A key reason cited for the weakening growth in Europe is the myriad challenges currently being faced by the European petrochemical sector, which represents the largest end-use market for temperature sensors. Petrochemicals industry in Europe is going through a rough patch with chemical production in EU as a whole continuing to shrink. Currently, chemical production in comparison to pre-recession levels stands lower by over 7.5%. Weak domestic construction and automobile industry together have aggravated the poor consumption patterns of petrochemicals/chemicals being recorded in the region. The soft export market as a result of the slowing down of the BRICs and the United States additionally exacerbates the scenario.

As stated by the new market research report on Temperature Sensors, Europe continues to remain the largest regional market worldwide. Asia-Pacific represents the fastest growing regional market with sales poised to grow at a CAGR of about 9.1% over the analysis period.

Major players in the global marketplace include Analog Devices Inc., Calex Electronics Limited, Honeywell International Inc., Integrated Device Technology Inc., Microchip Technology Inc., and Texas Instruments, among others.

The research report titled “Temperature Sensors: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections in US$ for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK and Rest of Europe), Asia-Pacific, Latin America and Rest of World.

For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Temperature_Sensors_Market_Report.asp

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

Follow us on LinkedIn

Global Industry Analysts, Inc.
Telephone: 408-528-9966
Fax: 408-528-9977
Email: press(at)StrategyR(dot)com
Web Site: http://www.StrategyR.com/

###


Contact

Attachments