Market Size of APAC Temperature Sensors Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 7.30 % |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Temperature Sensor Market Analysis
The Asia Pacific temperature sensor market was valued at USD 1857.6 million in 2020, and it is projected to be worth USD 2837 million by 2026, registering a CAGR of 7.3% during the period 2021-2026.
- The oil and gas and chemical/petrochemical industries are some of the most prominent consumers of temperature sensors in the region. Being one of the major hubs for refineries, chemical and petrochemical processing plants, and metals, mining, and manufacturing, the region has been experiencing an increase in the demand for temperature sensors. The pneumatics and hydraulics used in the oil and gas sector are the major applications for temperature sensors. The infrastructure build-out in the oil patches has increased in recent years, thereby translating the demand for temperature sensors.
- The Indian automotive industry is well-positioned for growth, economically and demographically, serving both domestic interest and export possibilities, which are set to rise in the near future. As a part of the "Make In India" scheme, the Government of India aims to make automobile manufacturing the main driver for the initiative. The scheme expects the passenger vehicles market to triple to 9.4 Million units by 2026, as highlighted in the Auto Mission Plan (AMP) 2016-2026. This factor is expected to rise the adoption of temperature sensors in the automotive sector of the region.
- According to the Ministry of Natural Resources, from May 1, 2020, foreign firms registered in China with net assets no lower than CNY 300 Million (USD 43 Million) would be allowed to participate in oil and gas exploration and production. This move comes as part of Beijing's push to increase oil and gas development and bring private capital into the upstream energy business. In 2019, China produced 173 billion cubic meters of natural gas and 191 Million metric tons of oil. Annual investment in upstream exploration and production was CNY 332 billion (USD 47.8 billion). The development of industries in the region has been driving the growth of temperature sensors, owing to their growing applications in the oil and gas industry.
- The medical sector of the region has also been significantly utilizing a temperature sensor. For instance, at the end of January 2020, Shanghai Public Health Clinical Center (SPHCC) utilized US-based connected health startup VivaLNK's continuous temperature sensor to monitor COVID-19 patients, which has been considerably reducing the risks of healthcare workers being exposed to the virus. In April 2020, SPHCC announced that they are utilizing Bluetooth IoT products and solutions provider Cassia Network's gateways, coupled with VivaLNK's medical temperature sensors to monitor COVID-19 patients.
Asia-Pacific Temperature Sensor Industry Segmentation
The temperature sensors have various types based on the technology type, such as Infrared, Thermocouple, Resistance Temperature Detectors (RTD), Thermistor, and others. The report describes the type of sensors, such as wired and wireless, and also provides the study of output, which are analog and digital.
The end-user industry is comprised of temperature sensor applications, and majorly includes Chemical & Petrochemical, Oil & Gas, Metal & Mining, Power Generation, Food & Beverage, Automotive, Medical, Aerospace & Military, and others. The study is also being provided based on the COVID-19 impact.
APAC Temperature Sensors Market Size Summary
The Asia Pacific temperature sensor market is experiencing significant growth, driven by its extensive applications across various industries such as oil and gas, automotive, and consumer electronics. The region's robust industrial base, including refineries, chemical and petrochemical processing plants, and manufacturing sectors, has led to an increased demand for temperature sensors. The automotive industry, particularly in India and China, is poised for substantial expansion, further boosting the adoption of these sensors. Government initiatives like India's "Make In India" scheme and China's focus on enhancing its automotive sector are key factors contributing to this growth. Additionally, the medical sector's use of temperature sensors, especially during the COVID-19 pandemic, has highlighted their critical role in healthcare settings.
The market is characterized by intense competition, with major players like Panasonic Corporation, Denso Corporation, and Omron Corporation leading the charge. Innovations in product offerings, such as smartwatches and infrared thermometers, underscore the growing demand for temperature sensors in consumer electronics. The region's strategic initiatives, such as Japan's efforts to enhance its petroleum reserves and South Korea's promotion of autonomous vehicles, are expected to further drive market expansion. Moreover, developments in the aerospace and military sectors, along with the introduction of advanced temperature sensing technologies, are anticipated to open new avenues for growth. Overall, the Asia Pacific temperature sensor market is set to witness robust expansion, supported by technological advancements and increasing industrial activities.
APAC Temperature Sensors Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Assessment of Impact of COVID-19 on the Industry
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1.3 Market Drivers
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1.3.1 Growth in Industry 4.0 & Rapid Factory Automation
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1.3.2 Increasing Demand for Wearable in Consumer Electronics
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1.4 Market Restraints
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1.4.1 Fluctuation in Raw Material Prices
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1.5 Industry Value Chain Analysis
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1.6 Industry Attractiveness - Porter's Five Force Analysis
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1.6.1 Bargaining Power of Suppliers
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1.6.2 Bargaining Power of Buyers
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1.6.3 Threat of New Entrants
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1.6.4 Threat of Substitute Products
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1.6.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Wired
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2.1.2 Wireless
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2.2 Technology
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2.2.1 Infrared
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2.2.2 Thermocouple
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2.2.3 Resistance Temperature Detector
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2.2.4 Thermistor
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2.2.5 Temperature Transmitter
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2.2.6 Fiber Optic
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2.2.7 Others
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2.3 End-user Industry
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2.3.1 Chemical & Petrochemical
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2.3.2 Oil and Gas
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2.3.3 Metal and Mining
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2.3.4 Power Generation
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2.3.5 Food and Beverage
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2.3.6 Automotive
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2.3.7 Medical
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2.3.8 Aerospace and Military
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2.3.9 Consumer Electronics
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2.3.10 Other End-user Industries
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2.4 Country
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2.4.1 China
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2.4.2 India
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2.4.3 Japan
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2.4.4 South Korea
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2.4.5 Rest of Asia Pacific
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APAC Temperature Sensors Market Size FAQs
What is the current APAC Temperature Sensors Market size?
The APAC Temperature Sensors Market is projected to register a CAGR of 7.30% during the forecast period (2024-2029)
Who are the key players in APAC Temperature Sensors Market?
PANASONIC CORPORATION , DENSO CORPORATION , Omron CORPORATION , ABB LIMITED and Siemens AG are the major companies operating in the APAC Temperature Sensors Market.