Industrial Automation Magazine India

RTD temperature sensor sales to total US$ 1.7 bn by 2033

Published on : Tuesday 02-01-2024

RTD temperature sensors are devices used to measure temperature in various applications.

January 2024 – The global RTD temperature sensor market value is expected to increase from US$ 1.2 billion in 2023 to US$ 1.7 billion by 2033, according to a study by Future Market Insights, Inc. 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 \. 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 digitalisation 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.

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, the 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). 

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.

 

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