Wireless Temperature Sensor Market to Rise at 7.2% CAGR till 2027; Increasing Number of Company Mergers and Collaborations will Bode well for Market Growth, says Fortune Business Insights™

Pune, India, April 06, 2021 (GLOBE NEWSWIRE) -- The global wireless temperature sensor market size is projected to reach USD 3,129.8 million by the end of 2027.  The increasing demand for the product is consequential to the rapidly rising cases of coronavirus across the world. According to a report published by Fortune Business Insights, titled “Wireless Temperature Sensor Market Size, Share & COVID-19 Impact Analysis, By Type (Thermocouple, Thermistor, Resistance Temperature Detector (RTD), Semiconductor Temperature Sensor, Infrared Temperature Sensor, and Others), By Channel Output (Single-channel, Multi-channel), By Technology (Wi-Fi, Bluetooth, ZigBee, Radio-frequency identification (RFID), and Others), By End-user (Healthcare, Consumer Electronics, Automotive, Aerospace and Defense, Food and Beverages, Energy and Power, Oil and Gas, Chemicals, and Others), and Regional Forecast, 2020-2027,” the market was worth USD 1,816.0 million in 2019 and will exhibit a CAGR of 7.2% during the forecast period, 2020-2027.

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Wireless temperature sensors are used to check and monitor the temperature of any material, human, or substance where temperature of that particular subject is to be checked without having to be in contact. Technological intervention in temperature monitoring has played a huge role in the growth of the overall market in recent years. Several large scale manufacturers are focused on implementing advanced concepts such as IR sensors and heat sensors. The use of technologically advanced concepts will open up a huge potential for the growth of the overall market in the coming years. Moreover, increasing product applications will create a massive platform for growth for the companies operating in the global market. The increasing applications of wireless temperature sensor across diverse industry verticals, including healthcare, aerospace and defense, electronics, and consumer goods, will bode well for Wireless Temperature Sensor Market growth.

Surge in Wireless Temperature Sensors during Covid-19 to Create a Massive Platform for Manufacturers

The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has compelled governments across the world to implement strict lockdowns and advise social distancing practises. Despite the fact that Covid-19 has had an adverse effect on several industries, a few businesses have essentially benefited from the pandemic. A few businesses in the healthcare sector, for instance, have hugely benefited from the Covid-19 pandemic. It has been a similar situation for manufacturers in the wireless temperature sensor market. There has been a sudden rise in the demand for these products during the pandemic across the world. Wireless temperature sensor is being used to check the temperature of almost all people that are operating at or visit public spaces.

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Constant Product Innovations will Emerge in Favor of Market Growth

The Wireless Temperature Sensor Market report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of product launches has made the highest impact on the growth of the market in recent years. Accounting to the huge demand for wireless sensors across the world, several companies are focusing on innovative products with the aim of covering a wider consumer area. The use of technologically advanced products will help ward off the competition in an otherwise competitive market. In May 2020, CubeWorks Inc. announced the launch of a self-contained smart sensing platform. The ‘CubiSens’ is a   self-contained platform that is inclusive of three different wireless temperature sensors. The product was introduced with the aim of temperature monitoring due to the mounting coronavirus cases.

North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth

The Wireless Temperature Sensor Market report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in North America is projected to emerge dominant in the coming years.  The presence of several large scale companies will provide impetus to the growth of the regional market. The recent coronavirus outbreak has had a huge say in the market behavior. The rising coronavirus cases, especially in the United States, will emerge in favor of the regional operators as well as other global companies. Subsequently, the presence of numerous such companies in this sector will emerge in favor of the growth of the regional market. As of 2019, the market in North America was worth USD 659.9 million and this value is projected to increase further in the coming years.

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List of companies profiled in the Wireless Temperature Sensor Market report:

•             Temptime Corporation (New Jersey, United States)
•             OMEGA Engineering Inc. (Connecticut, United States)
•             Texas Instruments Incorporated (Texas, United States)
•             PASCO scientific (California, United States)
•             Emerson Electric Co. (Missouri, United States)
•             Honeywell International Inc. (North Carolina, United States)
•             ABB Ltd. (Zürich, Switzerland)
•             Axzon Inc. (Texas, United States)
•             E+E Elektronik Ges.m.b.H. (Engerwitzdorf, Austria)
•             Phoenix Sensors LLC (Arizona, United States)
•             Microchip Technology Inc. (Arizona, United States)
•             Schneider Electric SA (Rueil-Malmaison, France)
•             Endress+Hauser SA (Reinach, Switzerland)
•             Siemens AG (Munich, Germany)
•             Yokogawa Electric Corporation (Tokyo, Japan)

Industry Developments:

  • July 2020: - Yokogawa Electric Corporation announced the launch of a new pressure and temperature sensors - "XS110A/XS550" for the Sushi Sensor. This product was launched with the aim of expanding sushi sensor's wireless industrial IoT solution lineup in North America, Southeast Asia, and Europe.

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Table Of Content:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Executive Summary
  • Wireless Temperature Sensor Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
    • Porter’s Five Force Analysis
    • Global Wireless Temperature Sensors Market Share Analysis and Matrix, 2019
  • Key Market Insights and Analysis, By Segments
  • Global Wireless Temperature Sensor Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
    • By Type (Value)
      • Thermocouple
      • Thermistor
      • Resistance Temperature Detector (RTD)
      • Semiconductor Temperature Sensor
      • Infrared Temperature Sensor
      • Others (Bimetallic, Optical Fiber Temperature Sensor, etc.)
    • By Channel Output (Value)
      • Single-channel
      • Multi-channel
    • By Technology (Value)
      • Small & Medium Enterprise (SMEs)
      • Large Enterprise
    • By End-user (Value)
      • Healthcare
      • Consumer Electronics
      • Automotive
      • Aerospace and Defense
      • Food and Beverages
      • Energy and Power
      • Oil and Gas
      • Chemicals
      • Others (Transportation, etc.)
    • By Region (Value)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • Latin America

TOC Continued…!

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