The temperature sensor market was valued at USD 5.29 Billion in 2017 and is expected to reach USD 7.48 Billion by 2023, at a CAGR of 5.9%as per a report by MarketsandMarkets.
Why rising need for temperature control for food safety management is a good opportunity?
Temperature control plays an important role in food safety management. In food safety management, temperature controlling or monitoring is required in various stages, such as cooking, hot holding, reheating, refrigeration, cooling, freezing, and defrosting. According to food safety standards, potentially hazardous food must be stored, displayed, and transported at safe temperatures and also prepared at safe temperatures. The safe temperature range for potentially hazardous food is 5°C or colder and/or 60°C or hotter. Potentially hazardous food needs to be stored at these temperatures to prevent food poisoning bacteria present in the food from multiplying/increasing to dangerous levels. These bacteria can grow at temperatures between 5 and 60°C. For maintaining food at such stringent temperature ranges, there is need for accurate and precise temperature sensors.
With the rising awareness regarding food safety and testing, food safety management is becoming an important task. FDA has imposed the Food Safety Modernization Act (FSMA) rule on Sanitary Transportation of Human and Animal Food. This rule aims to keep the food fresh from farm to table by keeping it safe during transportation. Furthermore, with the rise in the availability of packaged foods, the need for refrigeration and temperature control is rising. Supermarkets and end buyers now depend on temperature sensor tags attached to food items for recording the temperature throughout the journey—from factory to shelf. This ensures the item was not subjected to mishandling and extreme temperatures while in transit, which was impossible to track earlier.
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How continual price reductions and intense competition among manufacturers remain a challenge?
Price competition has always remained a serious issue in the temperature sensor market. Temperature sensor manufacturers recognize the growth potential of emerging economies such as India and China and resort to low pricing to penetrate these markets.
Also, the easy availability of technology and low-to-medium initial investment are pushing a lot of players in the already fragmented temperature sensor market. As a result, there is intense competition among manufacturers.
Increasing penetration of temperature sensors in advanced and portable healthcare equipment
Growing demand for advanced and portable healthcare equipment is driving the temperature sensor market. With the onset of technologies such as advanced patient monitoring systems and portable health monitoring systems, demand for temperature sensors is on the rise.
With rising aging population and growing lifestyle diseases, demand for portable healthcare devices will see a rise. Technological advancements and miniaturization trends in sensors make it possible to make healthcare and wearable products available at an affordable price. Temperature sensors are used in the healthcare end-user industry in various equipment. Wearable healthcare products have become popular over the past few years owing to the increased growth of the wearable devices. Temperature sensors are used in wearable healthcare devices to offer continuous monitoring of patients/subjects. The increasing popularity of portable and wearable healthcare devices acts as a major driving factor for the growth of the temperature sensor market.
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