The US Temperature Sensors Market is expected to register a CAGR of 6% during the forecast period.
Key Highlights
- Industries, such as aerospace, oil and gas, and mining, among others, are characterized by the harsh and complex operating environment and the adoption of a suitable sensor to withstand such external environment extremities and perform at the desired accuracy, reliability, precision, and repeatability are of crucial importance for these end-users.
- Rapid technological advancements in temperature monitoring have played a crucial role in the growth of wireless temperature sensors in the past few years. Multiple large-scale manufacturers have been focusing on implementing advanced concepts such as IR sensors and heat sensors. The usage of advanced concepts is further expected to open up significant potential for the market's growth in the coming years.
- With the increase in defense expenditure, wireless type sensors have been an emerging technology area with multiple applications within the defense industry. Applications such as integrated vehicle health monitoring (IVHM) of the defense and aerospace vehicles are primarily needed to ensure the crew's safety and the vehicle.
- At their essence, the sensor networks have been monitoring the physical characteristics of an environment and then translating those physical measurements to electrical impulses. The sensor networks primarily measure characteristics such as temperature, among others. In various cases, the network has been designed to sense the environment and act on the physical environment based on the sensed data.
- Temperature sensors are employing IoT connectivity to speed COVID-19 screening. The market demand for screening process equipment has enabled the demand for temperature sensors where various firms' collaboration to invent new temperature sensor devices has raised significantly. For instance, Polysense Technologies and Semtech have joined forces in developing a series of human body temperature monitoring devices based on Semtech's Long Range (LoRa) Low-Power Wide-Area Network (LPWAN). The sensors offer real-time data to frontline healthcare workers and quickly screen individuals with high temperatures, one of the most common symptoms of COVID-19.
US Temperature Sensors Market Trends
infrared Temperature Sensors to drive the market growth
- IR temperature sensor applications are found in various defense applications such as optical target sighting and variable emissivity measurements, often helpful in tracking activities. However, all these applications are very advanced and have a continuous demand due to the globally increasing military spending.
- In recent years, even the top snack manufacturers like Frito-Lay North America, Inc, a popular division of Pepsi Co, have started a new range of products rather baked than fried. Such trends, coupled with stringent food safety regulations worldwide, are expected soon to create substantial market opportunities for IR temperature sensors.
- Forward-Looking Infrared (FLIR) has been a prominent vendor for such technology. FLIR technology has been used in ports and borders and airports, and other places to look for elevated body temperatures. The company has witnessed a significant increase in those orders in the past month.
- Predictive maintenance is one of the functional uses of Infrared (IR) temperature sensors in the market; enterprises are increasingly focusing on predictive maintenance, automation, and IoT.
Automotive to Hold the Highest Market Share
- The United States holds a significant market share due to the presence of several established manufacturers in the region. According to the American Automotive Policy Council, automakers and their suppliers are the United States' largest manufacturing sector, responsible for approximately 3% of the US GDP.
- Moreover, over the last five years alone, FCA US, Ford, and General Motors announced investments of nearly USD 35 billion in their US assembly, engine, and transmission plants, headquarters, research and development labs, administrative offices, and other infrastructure that connects and supports them.
- Automakers, like General Motors, have planned to introduce 20 new all-electric vehicles by 2023. Tesla Company also changed the face of the electric vehicle market segment in the country by introducing reliable and efficient electric vehicles.
- The United States's automotive industry, directly and indirectly, employs hundreds of thousands of Americans and invest billions of dollars. It was estimated that the automotive industry annually spends nearly USD 105 billion on R&D worldwide, USD 18 billion of which is spent in the United States to incorporate newer and more advanced sensors into automobiles.
US Temperature Sensors Industry Overview
The United States temperature sensor market is moderately fragmented due to many players operating in the market, such as Honeywell, Analog Devices Inc, and Texas Instruments, among other regional and local manufacturers. Continuous product up-gradation and industry convergence are driving the market towards highly differentiated offerings. Further, players adopt strategic initiatives such as mergers and acquisitions, partnerships, etc., to strengthen their market presence. Some of the recent developments in the market are:
- July 2020 - Maxim Integrated Products Inc. and Analog Devices Inc. announced that they entered into a definitive agreement. Analog Devices Inc. will acquire Maxim in an all-stock transaction that values the combined enterprise at over USD 68 billion. The transaction is expected to close in the summer of 2021. This transaction would strengthen Analog Devices Inc. and increase its reach and scale across multiple markets.
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