DUBLIN, Aug. 14, 2020 /PRNewswire/ -- The "Thermocouple Temperature Sensors Market - Growth, Trends and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The thermocouple temperature sensors market is expected to register a CAGR of over 3.68% during the forecast period 2020-2025. The increasingly popular trend of the development of smart cities in countries is contributing to the high growth of the electronic security market.
Further, the introduction of advanced technologies in the global sensors market, along with the ever-rising trend of digital transformation in the industrial world, has resulted in a rising demand for sensors, especially for smart sensors.
Moreover, thermocouple temperature sensors are mainly used for thermal management and automatic transmissions systems in the automotive industry. Therefore, the stringent emission norms for automobiles, aggressive development in an autonomous vehicle, and increasing penetration of electric vehicle (EV) globally are some of the major factors driving the market growth. For instance, the Indian government is focusing on creating charging infrastructure and policy framework, so that by 2030, more than 30% of vehicles are electric vehicles.
In February 2019, STMicroelectronics' has entered into a partnership with Hyundai Autron launch development lab for eco-friendly automotive sensor solutions. The collaboration will provide the environment for engineers to collaborate on pioneering solutions for eco-friendly vehicles, with a focus on powertrain controllers.
However, technical awareness about sensor and heating issues in the extreme condition is the key restraints which hamper the market growth.
Key Market Trends
Automotive Industry is Expected to Register a Significant Growth
The need for temperature sensors for safety and precision measurements of the smart automotive equipment, in order to analyze and produce sensor data timely, is likely to increase because of the miniaturization of the intelligent sensor technology. This is expected to fuel the demand for thermocouple temperature sensors in this application.
Automatic Temperature Control (ATC) is a common feature among most of the electric vehicles and high-end models in the mid-range segment the increased sales of electric vehicles among high disposable income regions, such as the United States, Germany, and China, provides an opportunity for the growth of the thermocouple temperature sensors market.
The battery charges used for charging multiple devices in the automotive segment are equipped with temperature-sensing elements that regularly check and monitor the heating issue, as this is a common problem with batteries mostly used in automated vehicles. This helps in increasing the life of devices and decreases damage; thereby, ensuring that the batteries have charged enough.
Therefore, with increasing electric vehicles manufacturing, thermocouple temperature sensors demand is also expected to increase.
North America Holds the Largest Market Share
The United States is expected to have a prominent share in the thermocouple temperature sensor market. The country is one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. Electric vehicle use in the United States has risen rapidly, with an estimated 1% of automotive sales in the US market from electric vehicles.
California dominates the US market in terms of sales of electric vehicles (EVs). It's Zero Emission Vehicle (ZEV) program is driving the demand for EVs, by requiring automakers in the state to sell a certain percentage of electric cars. US auto market, which is likely to further pressurize automakers to expand their affordable EV offerings, thereby fueling the demand for a thermocouple temperature sensor in the country.
US aerospace manufacturers are very competitive internationally. In 2017, the aerospace industry contributed USD 143 billion in export sales to the US economy. Companies in the aerospace sector, such as Boeing, won contracts worth USD 12 billion in 2018, to supply 47 new 787 Dreamliner jets to American Airlines. Similarly, the company signed a deal with Singapore Airlines for the delivery of 39 new wide-body jets, worth USD 13.8 billion, in 2017. Such trends are expected to drive the demand for a thermocouple temperature sensor in the country.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Rising Trends of Security and Surveillance
4.3.2 Rapid Technological Developments
4.4 Market Restraints
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Maxim Integrated Inc
6.1.2 Keyence Corporation
6.1.3 NXP Semiconductors NV
6.1.4 Honeywell International Inc.
6.1.5 Danfoss Group
6.1.6 Texas Instruments Inc.
6.1.7 Microchip Technology
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/1l7mfm
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:http://www.prnewswire.com/news-releases/world-thermocouple-temperature-sensors-market-outlook-to-2025---market-forecast-to-register-a-cagr-of-3-68-during-the-forecast-period-2020-2025--301112577.html
SOURCE Research and Markets