The global RTD temperature sensors market value is expected to increase from US$ 1.2 billion in 2023 to US$ 1.7 billion by 2033. Over the forecast period, RTD temperature sensor sales are forecast to soar at 3.8% CAGR.
Demand in the market is expected to remain high for analog RTD sensors during the forecast period. This is attributable to the higher accuracy of analog-based temperature sensors. The target segment is projected to thrive at 3.6% CAGR during the assessment period.
Several factors are expected to stimulate growth in the RTD temperature sensors market. These include robust growth of end-use industries such as automotive and consumer electronics, high adoption of digitalization and automation, and advancements in sensing technology.
RTD temperature sensors are devices used to measure temperature in various applications. These sensors contain a resistor that changes resistance value as its temperature changes. They are gaining wider popularity due to their high accuracy, linearity, and stability.
Increasing usage of RTD temperature sensors across diverse industries due to their high accuracy and precision is expected to boost the global market. Industries today require more accurate temperature measurements for process control and quality assurance. As a result, they are adopting RTD sensors.
Rising penetration of automation and Industry 4.0 is anticipated to bolster RTD temperature sales through 2033. This is because RTD sensors play a key role in Industry 4.0. For instance, they are used for monitoring and controlling temperature in a variety of industrial applications.
In the long run, the worldwide RTD temperature sensors industry is set to witness steady growth. This growth is expected to be fuelled by increasing penetration of Industry 4.0 and innovation in RTD sensing technology.
Companies continuously integrate RTD temperature sensors into automated systems to monitor temperature conditions in real time. They can also be incorporated into IoT platforms for remote monitoring and control. Thus, high automation and IoT integration adoption are expected to boost the target market.
Similarly, the growing usage of smart home devices, the increasing popularity of electric vehicles, and the high adoption of wearable devices are expected to uplift RTD temperature sensor demand. Hence, the target market is likely to witness steady growth through 2033.
Key Takeaways:
· The global RTD temperature sensors industry is forecast to reach US$ 1.7 billion by 2033.
· Based on function, an analog segment is poised to exhibit a 3.6% CAGR through 2033.
· By end use, consumer electronics segment is expected to thrive at 3.4% CAGR between 2023 and 2033.
· The United States is set to attain a valuation of US$ 301.3 million by 2033.
· Demand in South Korea is estimated to rise at 5.6% CAGR through 2033.
· China’s market size is anticipated to reach US$ 271.2 million by 2033.
· Sales in Japan market are predicted to rise at 4.5% CAGR between 2023 and 2033.
· The United Kingdom industry is projected to expand at 5.1% CAGR through 2033.
“As industries continue to automate their processes, demand for temperature sensors, such as RTDs, is expected to rise as they can help to monitor and control temperature sensitive processes. To gain maximum profits, key companies are looking to develop novel temperature sensors.” – opines Sudip Saha, Managing Director at Future Market Insights (FMI).
Who is Winning?
ABB Ltd., Analog Devices Inc., Emerson Electric Company, General Electric Company, Honeywell International Inc., Kongsberg Gruppen ASA, Maxim Integrated Products Inc., Microchip Technology Inc., NXP Semiconductors NV, Panasonic Corporation, Siemens AG, STMicroelectronics, and Texas Instruments Inc. are leading RTD temperatures sensor manufacturers profiled in the report.
Key RTD temperature sensor players are introducing new products with enhanced features. They also implement strategies such as partnerships, alliances, mergers, collaborations, facility expansions, and acquisitions to boost revenues.
Recent developments:
· In August 2021, to strengthen its position, Analog Devices, Inc. completed the acquisition of Maxim Integrated Products, Inc.
· In November 2018, ABB Ltd. introduced NiTemp, a highly accurate, non-invasive temperature sensor.
These insights are based on a report on the RTD Temperature Sensors Market by Sudip Saha, Managing Director and Principal Consultant, Future Market Insights