Looking at the Future of Temperature Sensors Market worth 6.86 Billion USD by 2023
According to the new market research report on the "Temperature Sensors Market by Product Type (Bimetallic, Thermoistor, IC, RTD, Thermocouple, IR, Fiber Optics), End-Use Application (Oil & Gas, Chemical, Refining, HVAC, Automotive, Electrical, and Electronics), and Geography - Global Forecast to 2023", this market is expected to be valued at USD 6.86 Billion by 2023, at a CAGR of 4.5% between 2017 and 2023.
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The major factors driving growth of the temperature sensors market include the increasing demand for advanced and portable healthcare equipment and the growing automotive sector.
The research methodology used to estimate and forecast the size of the temperature sensors market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research include information from various journals and databases such as IEEE journals, Factiva, Hoovers, and OneSource.
The vendor offerings have also been taken into consideration to determine the temperature sensors market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the temperature sensors market from the revenues of the key players in this market. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub segments. The analysis of the temperature sensors market includes extensive primary research to gather information, and verify and validate the critical conclusions arrived at.
Temperature sensors market for HVAC to grow at a high rate between 2017 and 2023
The temperature sensors market for HVAC is expected to grow at a high rate between 2017 and 2023. This market growth can be attributed to the rising trend of home and building automation. Temperature sensor is one of the vital components of HVAC systems; it helps to control and monitor temperature and in increasing the efficiency of HVAC systems. Thermocouples and temperature sensor IC