Digital Temperature Sensor Market estimated to grow at a CAGR of 11.14% during 2020-2025

Digital Temperature Sensor Market size was valued $3.76 billion in 2019, estimated to grow at a CAGR of 11.14% during 2020-2025. The shift towards digitalization in electronics has led to the rise of IoT and IIoT which has further fueled the growth of the digital temperature sensors. Furthermore, the digital revolution in the sensing industry has enhanced the manufacturers to design and develop new temperature sensors that utilize a digital interface with low interface. In addition, the growing use of temperature sensors in the industrial marketplace are further anticipating the growth of the digital temperature sensors market during the forecast period.
Key Takeaways
  • In 2019, the Digital Temperature Sensors market was dominated by Asia Pacific owing to the growth of the manufacturing and consumer electronics industry in the countries such as China and India.
  • The demand for consumer electronic products such as wearable’s including fitness trackers are highly enhancing the growth of the digital temperature sensors market. moreover, the growing demand for smart homes including enhanced consumer electronic products such as refrigerators, air conditioning and so on are highly propelling the market’s growth.
  • With the increasing demand for internet of things (IoT) powered devices including thermostats and the connected home, crop/livestock monitors, as well as industrial machinery as part of the Industrial Internet of Things (IIoT) are further expanding the market’s growth .
  • The major drawback that is hampering the growth of the market is designing of the digital temperature sensors, which require enhanced skill workforce.
Application – Segment Analysis
Consumer Electronics segment held the largest market share in the Digital Temperature Sensors market in 2019. As people nowadays are highly relying on consumers electronic products such as mobile devices including wearable’s, phones, handheld gaming consoles and so on. Also, the rising demand for smart meters in the power generation sector and the growing need for advanced electronic products for smart homes are enhancing the consumer electronics application. Thus, the growing use of these products enables the requirement of in-built digital temperature sensors for effectively monitoring the temperature without leading to any complexity. This factors are further enhancing the demand for the consumer electronics industry and further propelling the market growth.
Geography – Segment Analysis
In 2019, Asia Pacific dominated the Digital Temperature Sensor market with a share of more than 42.36%, followed by North America and Europe. As countries such as China and Industries has major manufacturing industries which has fueled the demand for digital temperature sensors market in this region. Furthermore, China is the most major manufacturer of consumer electronics products which is also amongst the most common factors that is driving the market’s growth. Also, the launch of Chandrayan-2 in 2019 by the Indian Space Research Organization has also made a positive impact one the growth of the market. As, digital temperature sensors are most important component for space missions in order to monitor the temperature and maintaining the temperature.  This major key factors has driven the digital temperature sensors market in the APAC region during the forecast period.
Drivers – Digital Temperature Sensor Market
  • Growing popularity of fitness products
The increasing demand for fitness products in order to become aware of the negative implications of health issues, either going unnoticed or undetected has raised the demand for digital temperature sensors. The growing popularity of wearable’s and fitness trackers for enhanced patient monitoring has enhanced the need for latest digital temperature sensors. Moreover, the changing lifestyle of the consumers for maintaining health and, further reducing the risks of any diseases is also driving the need for fitness trackers.  As, fitness trackers checks the body temperatures and monitors patients health requires the need for digital temperature sensors. As a result, digital temperature sensors are highly employed in fitness trackers that tracks the temperature of the body during activity and at rest.
  • Increasing Demand for IoT
The rising demand for Internet of things (IoT) devices has raised the need for digital temperature sensors. Moreover, the increasing application of mobile battery-powered IoT applications has driven the need for digital temperature sensors, as it has very low power consumption, and can be used at any point of time. In addition, the demand for air conditioner equipped with IoT are significantly enhancing the need for advanced digital temperature sensors for optimizing the room temperature and compressor settings. Thus, the increasing demand for the IoT platforms is majorly driving the demand for the digital sensors market.
Challenges – Digital Temperature Sensor Market
  • Design Challenges
The digital temperature sensors are becoming widely popular, but it is mainly hindered by the process of the designing the temperature sensors. The designing of the digital temperature sensors are complex and also requires features such as stability, accuracy and sensitivity. In order to maintain these features digital temperature sensors are widely dependent on monitoring solution. Thus, this monitoring solution requires highly skilled workforce in order to overcome the designing challenges of the digital temperature sensors.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Digital Temperature Sensor market. In 2019, the market of Digital Temperature Sensor has been consolidated by the top ten players – TI, Maxim, Analog, Microchip, NXP, ON Semiconductor, Silicon Labs, Measurement Specialties, Melexis, IDT, STMicroelectronics, Semtech