Global Thermistor Temperature Sensor Market 2019-2024 Growing at a CAGR of 4.41%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.
Dallas, United States - September 26, 2019 /MarketersMedia/ —
Market Overview
The thermistor temperature sensor market was valued at USD 76.8 million in 2018 and is expected to reach a value of USD 99 million by 2024, at a CAGR of 4.41% over the forecast period (2019 - 2024). The growing trend of automation has been identified as one of the important trends in the industry, with the global consumption of sensors growing at a rapid pace across all the verticals. This is expected to influence the demand for thermistors.
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- Temperature sensing has become the largest application market for thermistors in recent years, with thermistors becoming the second-most used temperature sensors in various industries.
- There is high competition from the different substitutes for sensors, from various organizations.
- However, being smaller and more durable devices, thermistor temperature sensors monitor temperature and hence play a significant role in preventing damage to machinery and factories.
Scope of the Report
A thermistor is a resistor whose resistance is dependent on temperature. Thermistor temperature sensors are mainly used as inrush current limiters. They are also used in temperature sensing devices, self-resetting over-current protectors, and self-regulating heating elements.
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Key Market Trends
Automotive Sector to Propel the Market Growth
- With the healthy development of the manufacturing industry, globally, the demand for thermistor temperature sensors is expected to see tremendous growth, globally, during the forecast period.
- The automotive segment is witnessing a significant increase in production, owing to growing demand.
- There is a continuous demand for light commercial vehicles, due to the increasing purchasing power of the millennial population. For an average consumer, motor vehicles are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of light weight vehicles.
- Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for thermistor temperature sensors during the forecast period.
North America to Account for a Significant Share
- North America held the largest market share, due to the presence of several established manufacturers in the region investing significantly into the development and betterment of existing thermistor sensors. One of the major applications of thermistor sensors is in the automotive sector.
- The United States has one of the largest automotive markets across the globe, and it is home to many global automotive and auto part manufacturers. Some of the major automobile manufacturers based out of the region include Ford, General Motors, Fiat Chrysler Automobiles, and Tesla. Tesla is at the forefront of technological innovation. With billions of dollars invested in the United States, the automotive industry, directly and indirectly, employs hundreds of thousands of Americans.
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Competitive Landscape
The key players are Panasonic Corporation, Texas Instruments Incorporated, Honeywell International Inc., ABB Ltd, Emerson Electric Company, Microchip Technology Incorporated, and Maxim Integrated Products, among others. The market is dominated by these players, hence the market is consolidated. Therefore, the market concentration will be high.
- February 2018 - Honeywell announced its latest smart building technology, Command, and Control Suite release 200 (CCS R200), which connects building personnel with data analytics to help drive operational improvements and efficiencies.
- January 2018 - Multiple Honeywell cockpit technologies have been selected by United Airlines to outfit its new fleet of more than 150 Boeing 737 MAX airplanes. Honeywell Process Solutions (HPS) announced the launch of its Honeywell Connected Plant Uniformance Cloud Historian.
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