Latin America Temperature Sensors Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 7.40 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Latin America Temperature Sensors Market Analysis
The Latin American temperature sensor market was valued at USD 594.5 million in 2020, and it is projected to be worth USD 913.6 million by 2026, registering a CAGR of 7.4% during the period 2021-2026.
- Latin America is one of the leading adopters and promoters of smart technology in various industries, such as consumer electronics, oil, gas, power generation, aerospace, and automotive.
- According to the Associação Nacional dos Fabricantes de Veículos Automotores (ANFAVEA), As of February 2020, there are more than 7,500 hybrid and electric vehicles in circulation. Electric vehicles significantly utilize temperature sensors, making the automotive sector one of the country's prominent users of temperature sensors.
- Among other countries in the region, Mexico has traditionally been the dominant producer of oil and is being considered the world's new oil frontier with a potential to add three Million BPD to the global output during the next decade.
- Temperature sensors were readily used in combat against covid-19. In May 2020, the Juscelino Kubitschek Airport in Brazil announced the implementation of a body-heat sensor system for domestic departures. The system measures the temperature of 30 people at a time and can differentiate normal body temperatures from other sources of heat.
Latin America Temperature Sensors Market Trends
This section covers the major market trends shaping the Latin America Temperature Sensors Market according to our research experts:
Automotive Industry to Show Significant Growth
- The automotive sector of the region is a significant user of temperature sensors. Companies such as Intel, which are focusing on the autonomous vehicle space, are investing in Mexico. The sales of electrified vehicles in the country have increased at a two-digit pace, although the demand for electric cars is growing slower than that of hybrid units.
- According to the data made available by the National Institute of Statistics and Geography (INEGI), auto dealers in Mexico sold 353 electrified vehicles between January 2019 and February 2020.
- Moreover, The National Agency of Electric Energy (ANEEL) suggests that the number of electric vehicles is expected to rise to 212,000 by 2030. Electric vehicles significantly utilize temperature sensors, making the automotive sector one of the country's prominent users of temperature sensors.
- However, the state of the automotive industry in Argentina has been quite challenging due to the decreasing demand, according to data from Asociación de Fabricantes de Automotores (ADEFA). In response to the decline in demand, three supplier companies of the automotive industry in Argentina have announced the closure of factories (July 2020), with plans of migrating to Brazil. This is expected to hamper the usage of temperature sensors in the automotive sector of Argentina.
Brazil to Hold the Highest Market Share
- Brazil, the largest country in the Latin American region, is one of the leading countries involved in adopting and promoting smart technology in various industries, such as consumer electronics, oil, gas, power generation, aerospace, and automotive.
- BP PLC, an oil and gas firm based out of London, United Kingdom, estimates that Brazil could attract about USD 22 billion worth of investment in the oil sector in each of the next five years. Owing to this, the production is expected to increase to around 3.7 Million BPD by 2025. This has been providing the scope for expansion, possibly in new projects. Such statistics highlight the rising demand for temperature sensors in the sector.
- The country is home to the most prominent representative company named Embraer, a firm that is currently the third-major manufacturer of commercial, military, and executive aircraft in the world. This places the country's aerospace industry as the largest in the Southern Hemisphere. According to BCI Aerospace, the aerospace industry has potential opportunities for annual growth of 5-6% over the next few years.
- Brazil has also been witnessing significant development of smart cities. For instance, Brazil launched a new low-cost smart city, Natal, which is expected to be developed by Planet Smart City. The city is expected to be developed in 170 hectares and to house around 150,000 people. The city is to be developed in partnership with Habitax. Such developments are expected to increase the usage of sensor systems, including temperature sensors.
Latin America Temperature Sensors Industry Overview
The Latin America Temperature Sensor market is competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- June 2021 - Cold Chain Technologies, an ISO 9001:2015 certified global provider with more than 50 years of developing and delivering smart solutions that protect the integrity of temperature-sensitive products, announced an extensive expansion into Latin America.
Latin America Temperature Sensors Market Leaders
-
TEXAS INSTRUMENTS INC.
-
Honeywell International Inc.
-
ANALOG DEVICES INC.
-
Fluke Process Instruments
-
EMERSON ELECTRIC CO.
*Disclaimer: Major Players sorted in no particular order
Latin America Temperature Sensors Market News
- December 2020 - CAF announced a Digital Transformation strategy for Latin America's productive sectors. The organization plans to use temperature sensors to detect water and humidity conditions of the soil and automatically measure the growth of produce, helping producers make decisions about the harvesting process, the use of pesticides, and irrigation times.
- June 2021 - Alps Alpine Co., Ltd. developed an Ambient Air Sensor Module to perform high-accuracy sensing of carbon dioxide (CO2) concentrations, temperature, and humidity in the immediate surroundings.
Latin America Temperature Sensors Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Assessment of Impact of COVID-19 on the Industry
-
4.3 Market Drivers
- 4.3.1 Growth in Industry 4.0 & Rapid Factory Automation
- 4.3.2 Increasing Demand for Wearable in Consumer Electronics
-
4.4 Market Restraints
- 4.4.1 Fluctuation in Raw Material Prices
- 4.5 Industry Value Chain Analysis
-
4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Bargaining Power of Suppliers
- 4.6.2 Bargaining Power of Buyers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
-
5.1 By Type
- 5.1.1 Wired
- 5.1.2 Wireless
-
5.2 By Technology
- 5.2.1 Infrared
- 5.2.2 Thermocouple
- 5.2.3 Resistance Temperature Detector
- 5.2.4 Thermistor
- 5.2.5 Temperature Transmitter
- 5.2.6 Fiber Optic
- 5.2.7 Others
-
5.3 By End-user Industry
- 5.3.1 Chemical and Petrochemical
- 5.3.2 Oil and Gas
- 5.3.3 Metal and Mining
- 5.3.4 Power Generation
- 5.3.5 Food and Beverage
- 5.3.6 Automotive
- 5.3.7 Medical
- 5.3.8 Aerospace and Military
- 5.3.9 Consumer Electronics
- 5.3.10 Other End-user Industries
-
5.4 By Country
- 5.4.1 Brazil
- 5.4.2 Mexico
- 5.4.3 Rest of Latin America
6. COMPETITIVE LANDSCAPE
-
6.1 Company Profiles
- 6.1.1 Siemens AG
- 6.1.2 Panasonic Corporation
- 6.1.3 Texas Instruments Incorporated
- 6.1.4 Honeywell International Inc.
- 6.1.5 ABB Ltd
- 6.1.6 Analog Devices Inc.
- 6.1.7 Fluke Process Instruments
- 6.1.8 Emerson Electric Company
- 6.1.9 STMicroelectronics
- 6.1.10 Microchip Technology Incorporated
- 6.1.11 NXP Semiconductors NV
- 6.1.12 GE Sensing & Inspection Technologies GmbH
- 6.1.13 Robert Bosch GmbH
- 6.1.14 Gunther GmbH Temperaturmesstechnik
- 6.1.15 TE Connectivity Ltd
- 6.1.16 Denso Corporation
- 6.1.17 Omron Corporatio
- 6.1.18 FLIR Systems
- 6.1.19 Thermometris
- 6.1.20 Maxim Integrated Products
- 6.1.21 Kongsberg Gruppen
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. FUTURE OF THE MARKET
Latin America Temperature Sensors Industry Segmentation
The temperature sensors are devices to measure temperature readings through electrical signals. The sensor is made of two metals that generate electrical voltage or resistance once it notices a temperature change. The temperature sensors have various sensor types based on the technology type, such as Infrared, Thermocouple, Resistance Temperature Detectors (RTD), Thermistor, and others.
The report describes the type of sensors, such as wired and wireless, and also provides the study of output, which are analog and digital. The end-user industry is comprised of temperature sensor applications, and majorly includes Chemical & Petrochemical, Oil & Gas, Metal & Mining, Power Generation, Food & Beverage, Automotive, Medical, Aerospace & Military, and others. The study is also being provided based on the COVID-19 impact.
| By Type | Wired |
| Wireless | |
| By Technology | Infrared |
| Thermocouple | |
| Resistance Temperature Detector | |
| Thermistor | |
| Temperature Transmitter | |
| Fiber Optic | |
| Others | |
| By End-user Industry | Chemical and Petrochemical |
| Oil and Gas | |
| Metal and Mining | |
| Power Generation | |
| Food and Beverage | |
| Automotive | |
| Medical | |
| Aerospace and Military | |
| Consumer Electronics | |
| Other End-user Industries | |
| By Country | Brazil |
| Mexico | |
| Rest of Latin America |
Latin America Temperature Sensors Market Research FAQs
What is the current LA Temperature Sensors Market size?
The LA Temperature Sensors Market is projected to register a CAGR of 7.40% during the forecast period (2024-2029)
Who are the key players in LA Temperature Sensors Market?
TEXAS INSTRUMENTS INC. , Honeywell International Inc. , ANALOG DEVICES INC. , Fluke Process Instruments and EMERSON ELECTRIC CO. are the major companies operating in the LA Temperature Sensors Market.
What years does this LA Temperature Sensors Market cover?
The report covers the LA Temperature Sensors Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the LA Temperature Sensors Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
LA Temperature Sensors Industry Report
Statistics for the 2024 LA Temperature Sensors market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. LA Temperature Sensors analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
