Thin Film Sensor Market to Surpass US$ 3.8 Billion by 2031, North America Held the Largest Share of Around 33.8% Says Transparency Market Research

Wilmington, Delaware, United States, April 07, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global thin film sensor market size was valued at US$ 2.7 Bn in 2022, and the market is anticipated to reach US$ 3.8 Bn by 2031. The global industry is projected to expand at a CAGR of 3.8% between 2023 and 2031.

Growing compliance with stringent regulatory requirements that guarantee safety for workers in different end-use sectors is projected to drive business opportunities in the global thin film sensor market.

Rise in demand for flexible, wearable, and portable electronics, electronic device miniaturization and increasing use of thin film sensors in medical equipment are estimated to increase market value of thin film sensors. The three main categories of thin film sensors are gas, temperature, and pressure sensors.

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A wide range of physical parameters, including pH level, humidity, temperature, conductivity, and pressure, can be recorded using film sensors. Therefore, they are employed in various products, including spacecraft, batteries, HVAC systems, telecommunication satellites, and household appliances.

Prominent market players are collaborating and merging strategically to develop and launch innovative products to acquire an edge over their competitors. Key companies have significant growth potential in the global thin film sensor market due to ongoing research in nano thin films.

Numerous poisonous and combustible gases, such as nitrogen dioxide (NO2) and hydrogen sulfide (H2S), are utilized in industrial operations and can pose a serious threat to nearby employees. It is essential to constantly check the level of toxic gases in industrial facilities in order to prevent mishaps, which is boosting the adoption of thin film sensors.

Technology improvements, increase in use for thin film sensors across a range of end-use sectors, and surge in R&D spending are likely to drive market development. Thin film sensors are gaining traction in end-use sectors including aerospace & military, consumer electronics, automotive, healthcare, and oil & gas.

Market Snapshot:

Key Findings of Market Report

• Based on type, the pressure sensors segment is anticipated to expand at a CAGR of 3.5% from 2023 to 2031. These sensors are employed in diverse industry sectors, such as oil and gas, automotive, medical, and consumer electronics. The segment would be driven by rising popularity of pressure sensors across end-use industries.
  
  
• Based on material, platinum material segment is expected to lead the global industry in the near future. Precious metal-manufactured thin-film sensors are built to the requisite standards for dependable functioning over a long period of service.
  
  
• Use of customized platinum resistance thermometer thin film sensors is rising rapidly owing to their superior environment-friendly characteristics and stability over time. Moreover, adherence to IEC and JIS guidelines for resistance and temperature values would raise market demand. These sensors are frequently utilized in high-precision measuring equipment due to their reliability and dependability.
  

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Global Thin Film Sensor Market: Growth Drivers

• The two main applications of thin film technology are optical coatings and electronic semiconductor devices. Thin film sensors are being rapidly incorporated into semiconductor and electronic devices owing to their low cost, quick reaction time, compact size, dependability, stability, and precision.
  
  
• The trend of miniaturization in the electronics industry is estimated to continue to increase, offering market participants attractive new opportunities in the near future. Major industrial players are developing innovative products to cater to the demand for miniaturization. Furthermore, companies are extending application fields of film sensor technology.
  
  
• Among the main uses of sensors in the healthcare sector is determination of physiological pressure, and it offers important information for early diagnosis, tailored therapy, and preventative healthcare. It is essential to continuously check the pressure, and high-performance thin film technology is effective in performing this task.
  
  
• Wide range of application of these sensors, including monitoring of arterial pulse, assessment of respiration rate, and monitoring of intravascular pressure, is expected to boost the global market at a steady pace in the next few years. Moreover, thin film sensors are utilized in biomedical implants.
  
  
• Thin film pressure sensors are used more often in monitoring of IV bag fluid and self-detection kits. Higher spending on various medical device expenditure as a result of a greater public understanding of medical issues is estimated to drive market demand.
  

Global Thin Film Sensor Market: Regional Landscape

• Based on market report, North America is expected to hold the highest market share, accounting for approximately 33.8% of the global market by 2031. Increasing use of thin film sensors in healthcare, aerospace, and automotive sectors in the region is likely to propel the market in North America. 
  
  
• A significant number of manufacturers are located in the U.S., which makes it the largest market for thin film sensors in North America. The market in Canada is also anticipated to expand considerably during the forecast period. This is due to the country's expanding need for thin film sensors in healthcare and automotive sectors.
  

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Global Thin Film Sensor Market: Key Players

Some of the key players in the global thin film sensor market are as follows

• WIKA Alexander Wiegand SE & Co. KG
• Jiaxing JingKong Electronic Co., Ltd
• Endress+Hauser Management AG
• Honeywell International Inc.
• Vishay Intertechnology, Inc.
• OMEGA Engineering Inc.

Global Thin Film Sensor Market: Segmentation
Type

• Temperature Sensors
• Pressure Sensors
• Gas Sensors
• Others

Material

• Platinum
• Copper
• Nickel and Nickel/Iron Alloy
• Others

Application

• Space Vehicles
• Telecommunication Satellites
• Autoclaves
• HVAC Equipment
• Motor Windings and Bearings
• Battery Packs
• Others
  

End-use Industry

• Aerospace & Defense
• Automotive
• Consumer Electronics
• Healthcare
• Industrial
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
  

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