The U.S. temperature sensor market is forecast to increase to a value of $1.65 billion by 2018, growing at a compound annual growth rate(GAGR) of 6.19 percent over the period of 2014 to 2020, according to new report from Research and Markets.
Temperature sensing has been gaining in importance, particularly in R&D and industrial settings, giving rise to higher demand for temperature sensors. Companies operating in the market have been investing heavilly 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 U.S. industry. Technological advancements and reduced prices have resulted in the introduction of new applications in the HVAC space.
Mandates related to safety in the U.S. have acted as a key driver for overall industry growth. Temperature controls are essential for manufacturing, handling, and storing of medical equipment and drugs. They are increasingly used in the communication industry with the growth in handheld communication devices. The report notes thats intense competition and significant price cuts may restrain the temperature sensors market over the forecast. The U.S. accounted for about 83% of the North American market in 2014, the largest segment over the forecast period, mainly due to advancements in sensor technologiesin the region.