Temperature Sensors Market Segmentation by Sensors Types Worth $4.51 Billion by 2016 ? New Report by MarketsandMarkets

Temperature Sensors Market Segmentation by Sensors Types Worth $ 4.51 Billion by 2016 – New Report by MarketsandMarkets

MarketsandMarkets

(PRWEB) March 03, 2014

According to a new market research report "Temperature Sensor Market, A Study of major Sensor types (ICs, Thermostat, Thermistor, Resistive Temperature Detectors (RTDs), Thermocouple) & Applications, Global Forecast & Analysis 2011 – 2016", the market size of temperature sensors in the year 2010 was $ 3.27 billion and is expected to reach $ 4.51 billion units by 2016, at an estimated CAGR of 5.6%. In terms of volume, the unit shipment for temperature sensors was 2.02 billion units in the year 2010 and is expected to reach 3.54 billion units by 2016, at an estimated CAGR of 10%from 2011 to 2016.

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The need for temperature sensors is evolving and this section is continuously climbing up the success ladder. Temperature sensors mainly utilize digital technology, which means better in efficiency and sensing performance. Temperature sensors have a significant place in different industry verticals. The major applications of temperature sensors are in petrochemical industry, automotive industry, consumer electronics industry, metal industries, food and beverages industry, and healthcare. The largest application segment for temperature sensors is the petrochemical segment, together with related process applications. The electronics segment follows as the second largest application segment for temperature sensors. In the automotive industry, the temperature sensors are improving passengers comfort, engine's efficiency, and performance. The demand for reliable, high performance and low cost sensors is increasing leading to the development of micro technology and nanotechnology, offering opportunities like miniaturization, low power consumption, mass production, etc. New temperature sensors such as the IR temperature sensor offer several key advantages. They allow contact-less and consequently corrosion-free measurement of temperature. These devices have gained immense popularity in food and beverage industry and chemical segment.

Global temperature sensor market size is estimated to grow with CAGR of 5.6%. Temperature sensors are used for two purposes. The first is as a warning system, typically on two-way catalytic converters such as are still sometimes used on LPG forklifts. The function of the sensor is to warn of catalytic converter temperature above the safe limit of 750°C (1,380 F). More-recent catalytic-converter designs are not as susceptible to temperature damage and can withstand sustained temperatures of 900°C (1,650°F). Temperature sensors are also used to monitor catalyst functioning — usually two sensors will be fitted, with one before the catalyst and one after to monitor the temperature rise over the catalytic-converter core. For every 1% of CO in the exhaust gas stream, the exhaust gas temperature will rise by 100°C.

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