High sensitivity, low cost, quick response rate, the ability to customize flexibility, small size, and ease of use are some of the advantages of these devices over the other variants. When vertical is taken into consideration, the market is divided into automotive & aerospace, petrochemical and oil & gas, consumer electronics, food & beverage, pharmaceuticals, industrial, and utilities.
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Amongst these, the automotive & aerospace category recorded the highest growth in the market in the past years. This was because of the enactment of several strict government regulations and policies that mandate the usage of temperature sensors in vehicles. This was done for making the fuel consumption of the automobile more efficient, mainly due to the high air pollution and the huge demand for reducing the greenhouse gas emissions of vehicles.
Furthermore, the rapid expansion of the automotive industry and the aftermarket is boosting the requirement for temperature sensors all over the globe. Geographically, the temperature sensor market recorded the highest growth in Asia-Pacific (APAC) in the past and this trend is predicted to continue in the coming years as well. This would be because of the growing requirement for processed food items in the region, the rising urbanization rate, and the expanding automobile industry in the regional countries.
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This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings