The Digital Temperature Sensors Market key players have dealt with multiple challenges in extending the deployment of these sensors to various industries. With regular investment in R&D of these sensors to become more adaptable to different environments, newer breakthroughs are emerging consistently. In a first, innovation in temperature sensor technology has assisted in the failure-proof deployment of the fifth-generation wireless technology. This R&D undertaking initiated by the ICE Corporation in collaboration with a university resulted in temperature sensors that we're able to withstand exposure even to extreme radiation. These sensors are reliant on Oecanthus Fulton, which is a completely organic temperature sensing element. Similarly, these sensors have been indispensable in the success of the Internet of Things technology. IoT has seeped into nearly all connected and inanimate objects for making human life simpler. Without temperature sensors, some of the most important functions provided by the internet of things technology such as heating, cooling, ventilation, and others will cease to exist. The rising demand for temperature sensors in machinery deployed in different kinds of manufacturing units will help the digital temperature sensors market in attaining noticeable growth in the upcoming years. During the forecast period 2019-2025, the market will grow with a CAGR of 11% and has been evaluated to have sold 3.8 billion units in 2018. The report covers Digital Temperature Sensors Market Size by type and Usage, Digital Temperature Sensors market share by top 5 companies and also the market share by start-ups during the forecast period
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APAC Region Leading The Digital Temperature Sensors Market
The Asia Pacific region has emerged as the global leader of the digital temperature sensors market and had a share of 42.36% out of the total revenue earned by the market globally in 2018. The manufacturing industries present in China and India have acted as the propelling factor behind the growth of the digital temperature sensors market. In China, 40.5% out of the total gross domestic product in 2017 was contributed by manufacturing industries alone. Temperature sensors are used in optimizing and controlling production environments for manufacturing products that are identical in every aspect. Moreover, both India and China are extensively spending on sending space crafts to explore the deep space. The Indian Space Research Organization, for example, achieved some very important spatial targets in the past 5 years. In July 2019, ISRO launched Chandrayaan-2 which is India’s second mission to the moon. Digital temperature sensors form an important component of space missions where they are used in monitoring both the temperature outside as well maintaining optimum temperatures inside. Temperature sensors in space are required to measure extremely high-temperature environments, especially those resulting from solar flares or high energy. This requirement in space has provided growth to the regional digital temperature sensors market in the APAC region.
The Internet of Things Technology Impacting the Digital Temperature Sensors Market
Internet of things technology is practically redundant without active sensors that are constantly collecting information related to their environments. As per the calculations of David Evans, futurist at Cisco, every second, 127 devices become connected to the Internet. Furthermore, according to technology giant Ericsson’s predictions, by the end of 2023, 3.5 billion cellular connections will get added to the IoT network. These statistics are reflective of the growing demand for IoT technology in everyday life and its increasing acceptance from the consumers. This visible growth in IoT technology-powered devices would not have been possible without the use of sensors or actuators. Digital temperature sensors are used in a variety of devices that form an important component in routine human life. For example, air conditioners equipped with the internet of things technology make immense use of temperature sensors. Not only do they provide comfort to consumers by optimizing both the room temperature and the compressor settings, but also help in the conservation of the environment by reducing additional power usage. Similarly, through IoT platforms, the digital temperature sensors market has attained further growth. Some of the common industries featuring deployment of temperature sensors include the health, agriculture, and manufacturing industries. In agriculture, temperature sensors are extensively used to monitor the temperature of the soil and the water for optimizing crop growth. Ground robots fitted with temperature sensors have become commonly used in farming practices to meet the ever-growing agricultural demand. Furthermore, temperature sensors help in making farming more environmental-friendly by assessing the amount of water and nutrients that might be optimum for different plants. This reduces the unnecessary expenditure of both financial and natural resources in agriculture.
Smart Homes Generating A High Demand For Temperature Sensors
Since the human population is inversely proportional to the number of natural energy resources present on Earth, smart homes that could help in the conservation of the environment have become the need of the hour. Using different types of sensors, smart homes help in the reduction of excessive power usage by optimizing the environment. According to IndustryARC, the smart homes market earned a revenue of $70 billion to $75 billion in 2018 and has been evaluated to grow with a CAGR of 12%-15%. The importance of having a smart home in everyday life is increasing owing to the comfort they provide, especially to the geriatric and the handicapped population. By reduction of manual controls and making the house safer, the smart homes market will experience tremendous growth, thus elevating the digital temperature sensors market growth. Temperature sensors are used in many devices in a smart home. Some of the most common uses of digital temperature sensors include ventilation, heating and cooling, fire detection, safety, and others. Without involving manual control, temperature sensors can completely automate the heating and cooling of any smart home environment. Moreover, they are also deployed in kitchens where early smoke detection is facilitated by these sensors. This symbiotic relationship between temperature sensors and smart homes has helped the digital temperature sensor market is experiencing noticeable growth.
The Fitness Industry Providing Impetus To The Digital Temperature Sensor Market
The general population is becoming increasingly aware of the negative implications of health issues, either going unnoticed or undetected. According to the World Health Organization, diseases continue to be the topmost cause for deaths worldwide and killed approximately 54% out of the total deaths in 2016. Taking care of health using diets and exercise has, therefore become extremely necessary for the human population. This is why doctors around the world are readily prescribing the use of wearables and fitness trackers that could help patients in monitoring their vital signs on their own. With these vital signs, taking care of health becomes easier, thus reducing disease incidence across the world. The impact of exercise on body temperature has provided growth to the digital temperature sensors market. When human exercises, the body produces more energy for the muscle by combining ATP with oxygen, thus increasing the overall body temperature. This is important to track lest symptoms such as weakness, dizziness, headaches, and nausea begin to occur. Resultantly, digital temperature sensors are employed inside fitness trackers that could help in tracking body temperature both at rest and during activity.
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Digital Temperature Sensors Market: Competitive Landscape
Key players of the digital temperature sensors market have increased their focus on increasing the application of these sensors in more industries. This has been pivotal to market growth as the demand for digital temperature sensors rises. These companies include TI, Maxim, Analog, Microchip, NXP, ON Semiconductor, Silicon Labs, Measurement Specialties, Melexis, IDT, STMicroelectronics, and Semtech.
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