LONDON /BUSINESS WIRE/ -- The worldwide market for temperature sensors is projected to reach $4.5 billion by 2018-end. The growth will be driven by the petrochemicals industry, given the extensive use of these sensors in many industrial and mechanical processes. The emerging opportunities in developing markets will contribute to the market growth as well. There will be a shift to noncontact temperature sensors, particularly infrared sensors for corrosive and high-temperature applications. The demand for MEMS-based sensors will also grow. Besides, there will be growth in smart temperature sensors, which can output a digital code to industrial information systems.
Europe represents the largest regional market for temperature sensors, but the debt crisis in the region is softening domestic markets and thus sensor demand while putting pressure on global growth. The key reason for poor growth in Europe is a set of challenges being faced by the European petrochemical industry. The Asia-Pacific forms the fastest-growing regional market, with sales anticipated to grow at over 9% CAGR up to 2018.
In-demand research report "Temperature Sensors: Market Research Report" elaborated by Global Industry Analysts (GIA) analyzes the market for temperature sensors worldwide, with separate comprehensive analytics for the U.S., Canada, Japan, Europe, the Asia-Pacific, Latin America, and RoW offered as well. The study provides annual estimates and forecasts for the period 2010 through 2018, besides including a six-year historic analysis for these markets. The report is supplemented with elaborate profiles of 312 key and niche industry participants (including divisions/subsidiaries—420).
More in-demand reports by GIA can be found online.