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U.S. Temperature Sensors Market to Hit $1.65B by 2018
June 10, 2015 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "U.S. Temperature Sensors Market - Growth, Trends & Forecasts (2014-2020)" report to their offering.
The U.S. temperature sensors market is expected to increase to $1.65 billion by 2018 at a CAGR of 6.91% over the period 2014-2020
Temperature sensing has been gaining importance, particularly in R&D and industrial settings, giving rise to high demand for temperature sensors. Companies operating in the market have been investing heavily in research and development activities in order to develop and enhance temperature sensor functionality. Increasing adoption of HVAC modules is expected to favorably impact the U.S. industry. Even the technological advancements and reduced prices have resulted in introduction of new applications in the HVAC space.
Growing demand for consumer electronics such as smartphones, cameras and media players make use of microprocessors, which is expected to boost market growth, as they have temperature sensing ICs. Mandates related to safety in U.S. have acted a key driver for overall industry growth. Temperature controls are essential for manufacturing, handling and storing of medical equipment and drugs. They are increasingly used in communication industry with growth in handheld communication devices. Intense competition and significant price cuts may restrain the temperature sensors market over the forecast period. U.S. accounted for about 83% of the North American market in 2014, the largest segment over the forecast period, mainly due to advancements in sensor technologies in the region.
The U.S. Temperature Sensors Market is segmented on the basis of Type (Bimetallic Sensor, Thermistor Sensors, RTD, Thermocouple Sensors, IR Sensors, Fiber Optic Sensors, and Others), & Industry (Consumer Electronics, Power Generation, Automotive, Petrochemical, Aerospace & Defense, Healthcare, Industrial, and Others)
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