DUBLIN — The North America temperature sensors market is forecast reach a value of $2.2 billion by 2020, growing at a compound annual growth rate (CAGR) of 6.45 percent over the period 2015-2020, according to a report from Research and Markets.
Temperature sensing has been gaining importance, particularly in industrial settings and R&D, giving rise to high demand for temperature sensors. Companies operating in the market have been investing heavily in order to develop and enhance temperature sensor functionality. Increasing adoption of HVAC modules is expected to favorably impact the North American industry. Technological advancements and reduced prices have resulted in the introduction of new applications in the HVAC space.
Mandates related to safety in North America have acted as a key driver for overall industry growth. Temperature controls are essential for manufacturing, handling, and storing of medical equipment and drugs.
The report also notes that intense competition and significant price cuts may restrain the temperature sensors market over the forecast period.
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Publication date: 5/27/2016