The Europe Temperature Sensor Market would witness market growth of 5.6% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 18,831.0 thousand units, showcasing a growth of 5.3% (2019-2022).
Sensor technology is indispensable to a broad range of industries, providing critical information about temperature sensors, which can profoundly impact several processes or systems. Industry 4.0 improves manufacturing and industrial automation across different industry verticals in the modern era. Several sensing devices empower robotic processes such as debarring, grinding, polishing, and sanding. Furthermore, promising government regulations towards using Wi-Fi temperature sensors boost the growth of the temperature sensors market. However, one of the significant restraints is the high initial prices of sensors, which hinders the expansion of the temperature sensors market.
Although integrating sensors increases the industrial automation level, it incurs additional costs, limiting their use in cost-sensitive applications. In addition, the high development cost involved in R&D activities to develop new products is a key challenge, especially for cash-deficient, small- & medium-sized sensor manufacturers. On the contrary, the rise in the adoption of smart sensors in several industries is anticipated to provide lucrative opportunities to expand the temperature sensor industry during the forecast period.
The European food and beverage industry relies on temperature sensors for quality control, cold chain management, and compliance with food safety regulations. These sensors play a crucial role in ensuring the safety and freshness of perishable products. Europe has been a leader in utilizing renewable energy sources. These sensors contribute to the reliability and performance of electronic components. Therefore, the factors mentioned above will propel market growth in this region.
The Germany market dominated the Europe Temperature Sensor Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $627 million by 2030. The UK market is exhibiting a CAGR of 4.7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 6.4% during (2023 - 2030).
Free Valuable Insights: The Global Temperature Sensor Market will Hit USD 11 Billion by 2030, at a CAGR of 6.1%
Based on Type, the market is segmented into Contact (Thermocouple, Thermistor, Resistance Temperature Detector (RTD), Bimetallic Temperature Sensor, Others), and Non-Contact (Infrared, Others). Based on Application, the market is segmented into Consumer Electronics, Oil & Gas, Chemical, Healthcare, Automotive, Aerospace & Defense, Energy & Power, Food & Beverages, Metals & Mining, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Type (Volume, Thousand Units, USD Billion, 2019-2030)
By Application (Volume, Thousand Units, USD Billion, 2019-2030)
By Country (Volume, Thousand Units, USD Billion, 2019-2030)
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