Applying Strategic Sourcing Principles to Modern Procurement
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Temperature sensors, in a word, will remain “hot” in North America and Europe. Thanks to demand from both the industrial and consumer market segments, sales of temperature sensors are expected to grow at a decent clip in those regions through 2020.
In Europe, the market is expected to increase to $1.36 billion by 2018, with a CAGR of 4.85 percent over the period 2014-2020, according to "Europe Temperature Sensors Market - Growth, Trends & Forecasts (2014-2020)". Temperature sensing has been gaining importance, particularly in R&D and industrial settings, giving rise to high demand for temperature sensors. Companies operating in the market have been investing heavily in research and development activities in order to develop and enhance temperature sensor functionality. Increasing adoption of HVAC modules is expected to favorably impact the Europe industry. Even the technological advancements and reduced prices have resulted in introduction of new applications in the HVAC space.
Similar drivers are impacting the North American temperature sensors market which is expected to increase to $1.95 billion by 2018 with a CAGR of 6.45 percent over the period 2014-2020, according to "North America Temperature Sensors Market - Growth, Trends & Forecasts (2014-2020)." Growing demand for consumer electronics such as smartphones, cameras and media players make use of microprocessors, which is expected to boost market growth, as they have temperature sensing ICs. Mandates related to safety in Europe and the Americas have acted as a key driver for overall industry growth. Temperature controls are essential for manufacturing, handling and storing of medical equipment and drugs.
Temperature sensors are increasingly used in the communications industry with growth in handheld communication devices. Intense competition and significant price cuts may restrain the temperature sensors market over the forecast period. Europe accounted for about 25 percent of the global market in 2014, the third largest segment over the forecast period, mainly due to advancements in sensor technologies in the region. The major reason for poor growth in Europe is a set of challenges being faced by the European petrochemical industry.
North America accounted for about 34 percent of the global market in 2014, the largest regional segment over the forecast period, mainly due to advancements in sensor technologies in the region.
In Asia, image sensors will be in high demand through the year 2020. The Asia Pacific image sensors market is expected to increase to $5.01 billion by 2018 -- dominating the global market for the largest market share with 38 percent. The region’s image sensor market is expected to grow at a CAGR of 8.66 percent from 2014-2020, reports "Asia Pacific Image Sensors Market - Growth, Trends and Forecasts (2014 - 2020)."
Growth in the demand for camera enabled mobile phone; tablet PC, digital camera and need for high quality images are the key drivers in the Asia Pacific image sensors market. Machine vision systems are set to drive the CMOS image sensor market. However, complex manufacturing process of high resolution image sensors and higher power consumption in CCD image sensor are the factors that may limit the growth of the Asia Pacific image sensors market.
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