The temperature transmitter market was valued at USD 2.69 Billion in 2015, and is expected to grow at a CAGR of 4.19% during the forecast period. The humidity transmitter market is expected to reach USD 1.36 Billion by 2022, at a CAGR of 1.84% during the forecast period. The base year used for this study is 2015 and the forecast period considered is 2016 to 2022. This report provides a detailed analysis of the temperature transmitter market based on sensing technology, industry, mounting technology, communication protocol, and region. It also provides a detailed analysis of the temperature transmitter market based on sensing technology, industry, and region. The rising demand from the power and chemical industry is expected to contribute to the growth of the temperature transmitter market, while the demand from the HVAC & building automation and food & beverage industries is expected to fuel the growth of the humidity transmitter market.
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The temperature transmitter market is expected to reach USD 3.58 Billion by 2022, at a CAGR of 4.19% during the forecast period. The humidity transmitter market is expected to reach USD 1.36 Billion by 2022, at a CAGR of 1.84% between 2016 and 2022. The growing automation across all process industries to optimize resources and improve cost, safety, and security is projected to drive the growth of the temperature transmitter market. The deployment of temperature transmitters is expected to increase in industries, such as power, oil & gas, metal & mining, chemical, and pharmaceutical. Humidity measurement is critical in several industries, as it may affect the health & safety of personnel. Therefore, the application of humidity transmitters is expected to increase in industries, such as HVAC & building automation, food & beverage, pharmaceutical, and chemical.
The power industry is expected to witness the highest growth in the global temperature transmitter market during the forecast period, followed by the chemical, water & wastewater, and pharmaceutical industries. The growing electrification, access to electricity, and energy intensity are driving the demand for electricity, in turn leading to new installations and capacity expansion of existing power plants. This would lead to greater demand for temperature transmitters in the near future. The HVAC & building automation industry segment of the humidity transmitter market is expected to witness highest growth during the forecast period. Heating, ventilation, and air-conditioning (HVAC) is commonly utilized in residential and commercial applications to maintain an ambient atmosphere. Humidity measurement and control plays an important role in HVAC applications.
RTD and thermocouple temperature transmitters are widely used across various industries, as they help optimize process cost and provide greater process control. Thus, the thermocouple segment of the temperature transmitter market is expected to grow significantly during the forecast period.
One of the factors that may restrain the growth of the temperature transmitter market is the decline in global crude oil prices. Temperature transmitters are widely used across the value chain of the oil & gas industry; thus, any event in the petroleum market would affect the temperature transmitter market. Emerson Electric Company (U.S.), Endress+Hauser AG (Switzerland), ABB Ltd. (Switzerland), Honeywell International Inc. (U.S.), Yokogawa Electric Corporation (Japan), Siemens AG (Germany), General Electric (U.S.), Schneider Electric SE (France), and WIKA Alexander Wiegand SE & Co. KG (Germany) are the key players in the temperature transmitter market. The key players in humidity transmitter are Johnson Controls, Inc. (U.S.), Siemens AG (Germany), Schneider Electric SE (France), Honeywell International Inc. (U.S.), and Vaisala Oyj (Finland).
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