Market Size of LA Temperature Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Temperature Sensors Market Analysis
The Latin American temperature sensor market was valued at USD 594.5 million in 2020, and it is projected to be worth USD 913.6 million by 2026, registering a CAGR of 7.4% during the period 2021-2026.
- Latin America is one of the leading adopters and promoters of smart technology in various industries, such as consumer electronics, oil, gas, power generation, aerospace, and automotive.
- According to the Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), As of February 2020, there are more than 7,500 hybrid and electric vehicles in circulation. Electric vehicles significantly utilize temperature sensors, making the automotive sector one of the country's prominent users of temperature sensors.
- Among other countries in the region, Mexico has traditionally been the dominant producer of oil and is being considered the world's new oil frontier with a potential to add three Million BPD to the global output during the next decade.
- Temperature sensors were readily used in combat against covid-19. In May 2020, the Juscelino Kubitschek Airport in Brazil announced the implementation of a body-heat sensor system for domestic departures. The system measures the temperature of 30 people at a time and can differentiate normal body temperatures from other sources of heat.
Latin America Temperature Sensors Industry Segmentation
The temperature sensors are devices to measure temperature readings through electrical signals. The sensor is made of two metals that generate electrical voltage or resistance once it notices a temperature change. The temperature sensors have various sensor 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.
| By Type | |
| Wired | |
| Wireless |
| By Technology | |
| Infrared | |
| Thermocouple | |
| Resistance Temperature Detector | |
| Thermistor | |
| Temperature Transmitter | |
| Fiber Optic | |
| Others |
| By End-user Industry | |
| Chemical and Petrochemical | |
| Oil and Gas | |
| Metal and Mining | |
| Power Generation | |
| Food and Beverage | |
| Automotive | |
| Medical | |
| Aerospace and Military | |
| Consumer Electronics | |
| Other End-user Industries |
| By Country | |
| Brazil | |
| Mexico | |
| Rest of Latin America |
LA Temperature Sensors Market Size Summary
The Latin America temperature sensor market is experiencing significant growth, driven by the region's rapid adoption of smart technologies across various industries such as consumer electronics, oil, gas, power generation, aerospace, and automotive. Brazil, as the largest country in the region, plays a pivotal role in this expansion, with its aerospace industry being the largest in the Southern Hemisphere and its oil sector attracting substantial investments. The automotive sector, particularly in Mexico, is a major consumer of temperature sensors, fueled by the increasing sales of hybrid and electric vehicles. However, challenges in the automotive industry in Argentina, such as declining demand, have impacted the usage of temperature sensors in that country. The market is characterized by competitive dynamics, with major players focusing on expanding their global presence and leveraging strategic collaborations to enhance their market share and profitability.
The market's growth is further supported by developments in smart cities, such as the low-cost smart city project in Natal, Brazil, which is expected to increase the demand for sensor systems, including temperature sensors. Companies like Cold Chain Technologies and Alps Alpine Co., Ltd. are expanding their operations in the region, offering innovative solutions that cater to the growing need for temperature monitoring and control. Additionally, initiatives like CAF's Digital Transformation strategy aim to integrate temperature sensors into agricultural practices, enhancing decision-making processes for producers. These trends underscore the increasing importance of temperature sensors in supporting technological advancements and industry growth across Latin America.
LA 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 By Type
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2.1.1 Wired
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2.1.2 Wireless
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2.2 By 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 By End-user Industry
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2.3.1 Chemical and 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 By Country
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2.4.1 Brazil
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2.4.2 Mexico
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2.4.3 Rest of Latin America
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LA Temperature Sensors Market Size FAQs
What is the current LA Temperature Sensors Market size?
The LA Temperature Sensors Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)
Who are the key players in LA Temperature Sensors Market?
TEXAS INSTRUMENTS INC. , Honeywell International Inc. , ANALOG DEVICES INC. , Fluke Process Instruments and EMERSON ELECTRIC CO. are the major companies operating in the LA Temperature Sensors Market.
