Europe Temperature Sensors Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Europe temperature sensor market was valued at USD 1445 million in 2020, and it is projected to be worth USD 2133.1 million by 2026, registering a CAGR of 6.7% during the period 2021-2026.

Key Highlights

• The adoption of temperature sensors in the healthcare, automotive, oil, and gas sectors is boosting the market's growth in the region. Electric vehicles and hybrid vehicles are expected to lead the growth of the country's automotive industry, with companies focusing on electric vehicle technologies. The federal government is also supporting the adoption of plug-in electric vehicles in the region.
• According to the Society of Motor Manufacturers and Traders (SMMT), the UK automotive industry is an essential part of the country's economy, worth more than EUR 82 billion turnovers and adding EUR 18.6 billion value to the UK economy. More than 30 manufacturers build more than 70 models of vehicles in the United Kingdom, which are supported by 2,500 component providers and skilled engineers.
• The increasing military spending of super-powerful countries is driving France's expenditure in the military sector. The French government's commitment to increasing the defense budget to 2% of the country's GDP by 2025 is indicated by the financial outlay of EUR 198 billion for 2019-2023 and its plans for a total of EUR 295 billion during 2019-2025. Such investments are poised to increase the usage of temperature sensors in the military segment of the country.
• The recently announced post-COVID-19 stimulus package of EUR 130 billion is set to allocate significant funding for infrastructure development, tax cuts, and further subsidies to invigorate Germany's electric vehicle market.

Key Market Trends

Oil and Gas to Show Significant Growth

• The region is witnessing significant start-ups in the temperature sensors landscape. For instance, the UK-based Silixa focuses on developing distributed fiber optic monitoring solutions for the oil and gas industry. The company uses distributed temperature sensing technologies for data acquisition. Solutions are poised to find applications in multiple in-well applications through a single installation/re-entry and pipeline surveillance.
• France is witnessing multiple partnership activities. For instance, MIOS and CA PYROCONTROLE, two French industrial companies, combined their skills to bring connected sensors to a complex process on the pilot site of one of the major French players in refining by equipping LoRa temperature sensors on the flare stacks. MIOS developed an electronic circuit board incorporated in each CA PYROCONTROLE ATex Temperature Sensor and rolled out the entire LoRa radio communication infrastructure at the refinery site.
• Also, Spain-based Kintech Engineering was awarded a contract for supplying 15 complete solar monitoring stations. The solar monitoring stations are installed on five different photovoltaic solar plants, with a combined capacity of 240 MW. The monitoring stations include two SR30 class-A pyranometers from Hukseflux, equipped with both heating and ventilation and temperature sensors.

Automotive to Hold the Highest Market Share

• In the 2030 Climate Action Program, the government aims to have up to 10 Million EVs and 1 Million charging stations on German roads by 2030. In order to achieve this objective, several electric vehicle incentives have been extended or added. This factor is poised to make the automotive sector one of the significant users of temperature sensors in Germany.
• Also, France hosts significant events where several companies launch or showcase their respective products. For instance, the International Conference on Temperature Sensors is expected to happen in 2022 in France. It aims to bring together academic researchers, scientists, and research scholars to exchange and share their experiences and research results on various aspects of temperature sensors. It is expected to provide an interdisciplinary platform for practitioners, researchers, and educators to present the most recent innovations, trends, concerns, practical challenges encountered, and solutions adopted in the field of temperature sensors that can be actively implemented in the future Automotive Industry.
• In May 2020, the French government announced its plans to seek to jump-start the local auto industry that was affected by COVID-19 with a EUR 8 billion plan. The plan includes a significant boost to electric vehicles. This factor is expected to significantly drive the adoption of temperature sensors in the country's automotive sector.

Competitive Landscape

The Europe Temperature Sensor Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with innovative and sustainable packaging, many of the companies are increasing their market presence by securing new contracts and by tapping new markets.

• July 2020 - Sensirion announced that TDK used its humidity and temperature sensor SHTC3 in its smart multi-sensor wireless module SmartBug. The module is designed for several IoT (Internet of Things) applications and enables quick and easy access to smart and reliable sensor data. TDK’s SmartBug is a multi-sensor wireless module that leverages TDK’s MEMS sensors and algorithms for a wide range of IoT applications.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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