The RTD sensor market is predicted to perceive prominent growth in the near future. The growing demand for temperature sensors from end-use industries and consumer electronics sectors across the world are enhancing the growth of the market. The platinum sub-segment and automotive sub-segment are expected to seize major market share in the forecast period. The Asia Pacific market is likely to witness significant growth in the near future.
Research Dive has added a new report to its repository on the global resistance temperature detectors (RTDs) sensor market. As per the report, the market is projected to surpass $1931 million by 2027, growing at a CAGR of 6.0% from 2020 to 2027.
This report provides comprehensive insights on the current position and future growth of the market. The report is a complete research study, delivering meticulous market insights for new entrants, investors, prevailing market players, stakeholders, shareholders, etc.
The key factor propelling the growth of the global RTD sensor industry are rising demand for temperature sensors from end-use industries as well as consumer electronics sectors all across the world. Moreover, advantages of RTD sensors such as long-term stability, higher accuracy, reduced energy consumption, and enhanced durability are contributing to the growth of the market. On the other hand, growing technological developments in RTD sensors are unlocking lucrative opportunities for the market growth.
The report segments the global RTD sensor market into type, measuring element, end use, and region.
Platinum Sub-Segment to Seize Dominant Market Share in the Forecast Period
Among measuring element, the platinum sub-segment is projected to grab a dominating share of the market in the course of the forecast period. This is mainly because platinum is highly used material in the development of RTD sensors due to its excellent corrosion resistance against chemicals, incredible long-term stability, and efficiency to measure the temperature from 200° C up to 850° C.
Automotive Segment to Experience Tremendous Growth in the Forecast Period
Among end use segment, the automotive sub-segment is expected to grow tremendously and have a foremost market share throughout the forecast period. This growth is mostly owing to the extensive use of RTDs in automobiles for detecting the temperature of the gas or liquid in automobiles.
Asia-Pacific Region to Cater Rewarding Investment Opportunities
The report evaluates the global RTD sensor market across several regions such as Asia Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific region is anticipated to experience greatest growth mainly owing to the rising demand for RTD sensors from the automotive, consumer electronics, and other end use industries in the region.
Top Players in the Market:
The top players mentioned in the report are DENSO CORPORATION, STMicroelectronics, Emerson Electric Co, Honeywell International Inc., Products, Inc., OMRON Corporation, GENERAL ELECTRIC, Texas Instruments Incorporated, Maxim Integrated, TDK-Micronas GmbH, Siemens, Infineon Technologies AG, and others. The report presents numerous business approaches and strategies including cutting-edge tactical moves & developments, product/service line, business performance, and SWOT analysis of the leading players operating in the global RTD sensor industry.