Amidst a high degree of fragmentation and intense competition, top six players in the temperature sensors market held mere 19% share in the overall market, finds Transparency Market Research (TMR) in a new report. As the market suffers from lack of differentiating attributes in key products, this has given rise to price-wars among market participants for greater share. In this competitive market, leading vendors are vying to consolidate the vendor landscape and are proactively engaging in strategic collaborations.
Some leading participants in the global temperature sensor market are ST Microelectronics N.V., Panasonic Corp., Infineon Technologies AG, Honeywell International Inc., General Electric Co., and Texas Instruments Inc.
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As per the TMR report, the global temperature sensor market will expand at a steady 4.6% CAGR over the 2016-2024 forecast period. At this pace, the market which stood at US$4.6 bn in 2015 will become US$6.6 bn by 2024. Vis-à-vis volume, the market is anticipated to exceed 2.93 bn units by 2024. Among the key product types being purveyed in the market, which includes thermistors, resistance temperature detectors, bimetallic temperature sensors, thermocouple, infrared temperature sensors, and fiber optic temperature sensors, thermistors account for grossing maximum revenue in the recent years. Going ahead too, the segment is poised to continue to remain at the fore. However, infrared temperature sensors is likely to witness a high growth rate vis-à-vis revenue due to their rising applications across several industry verticals.
Geographically, North America is presently the dominant regional market. This is mainly because of increasing adoption of temperature sensors across the medical, oil and gas, and healthcare sectors.
Flourishing Consumer Electronics to Present Attractive Opportunities
According to the report, majorly fuelling the global temperature sensor market is increasing bend of key industries towards non-contact sensors, vast rise in demand from flourishing consumer electronics industry, along with increasing number of applications. Among these, consumer electronics is predicted to provide attractive growth opportunities to the temperature sensor market. The soaring demand for mobile phones, wearable devices, laptops, LCDs, and fitness bands is acting in favor of the temperature sensor market, says the report.
The modernization of the medical and healthcare sector is a key factor fuelling the global temperature sensor market. Several governments especially in developed nations are taking initiatives to provide comprehensive healthcare at each and every healthcare facility be it in the remotest region of the nation.
Expanding Manufacturing Sector in Asia Pacific Benefits Market
Apart from this, expansion of the oil and gas sector is serving to boost the temperature sensor market. The growth of the manufacturing and semiconductor and electronics industries in Asia Pacific is also fuelling the temperature sensor market.