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Temperature Sensors Market by Product Type, End-Use Application & Geography - Global Forecast to 2023DUBLIN, July 18, 2017 /PRNewswire/ -- The "Temperature Sensors Market by Product Type (Bimetallic, Thermoistor, IC, RTD, Thermocouple, IR, Fiber Optics), End-Use Application (Oil & Gas, Chemical, Refining, HVAC, Automotive, Electrical, Electronics), and Geography - Global Forecast to 2023" report has been added to Research and Markets' offering. The temperature sensors market was valued at USD 4.99 Billion in 2016 and is expected to reach USD 6.86 Billion by 2023, at a CAGR of 4.5% between 2017 and 2023. The major factors driving the growth of this market include increasing demand for advanced and portable healthcare equipment, growing automotive industry, and increasing trend of home and building automation. This report segments the temperature sensors market on the basis of product type, end-use application, and geography. The chemicals and petrochemicals industries are likely to hold major shares of the temperature sensors market for process end-use applications by 2023. Temperature sensors are used in applications such as gas flow indicators, liquid level indicators, commercial vending machines, pipeline and temperature monitoring, and welding equipment. With the highly mature oil market and stiff competition amongst players, there is an increasing demand for lean manufacturing and process optimization, which canonly be achieved by replacing obsolete technologies. The replacement demand for temperature sensors will drive the market for these applications. The temperature sensors market for HVAC is expected to grow at a high rate between 2017 and 2023. This market growth can be attributed to the rising trend of home and building automation. Temperature sensor is one of the vital components of HVAC systems; it helps to control and monitor temperature and in increasing the efficiency of HVAC systems. Thermocouples and temperature sensor ICs are commonly used HVAC systems because of their wide compatibility and robustness.
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Key Topics Covered: For more information about this report visit https://www.researchandmarkets.com/research/l9bfmj/temperature Media Contact: Laura Wood, Senior Manager
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