The global temperature sensors market features a largely fragmented and competitive vendor landscape, with the leading six companies collectively accounting for a mere 19% of the overall market in 2015, observes a recent report by Transparency Market Research. The market suffers from a lack of differentiating attributes in key product varieties. Thus the market features a high level of price-based competition.
To sustain in the highly competitive market, leading vendors are focusing on ways of consolidating the vendor landscape and are proactively looking for strategic collaboration opportunities. Some of the leading companies in the market are STMicroelectronics N.V., Honeywell International Inc., Panasonic Corp., General Electric Co., Infineon Technologies AG, and, Texas Instruments Inc.
TMR analysts suggest that the global temperature sensor market will register a healthy 4.6% CAGR over the period between 2016 and 2024. At this rate, the market is likely to rise to a valuation of US$6.6 bn by 2024 from US$4.6 bn in 2015. In terms of volume, the market is expected to surpass cross 2.93 bn units by 2024.
North America to Continue to Hold Leading Spot over Forecast Period
Of the key product varieties, the segment of thermistors has emerged as the most promising in terms of revenue opportunity as well as sales in the recent years. Exhibiting a promising pace of expansion over the report’s forecast period, the segment is expected to continue to lead the market through 2024. Geographically, the market in North America is presently the dominant regional market. Accounting for nearly 40% of the overall market in 2015 in terms of revenue, the regional market is expected to lead over the forecast period as well. The vast rise in adoption of temperature sensors across the healthcare, medical, and oil and gas sectors will lead to promising growth prospects for the regional market over the report’s forecast period.
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Massive Rise in Global Sales of Consumer Electronics Products to Drive Growth
The report states that among the key factors that are expected to fuel the global temperature sensor market, the rising inclination of key industries towards non-contact sensors, the massive rise in demand from the thriving consumer electronics industry, and a rising set of applications will prove to be most impactful. Of these too, the consumer electronics sector will emerge as the leading consumer of a variety of temperature sensors as well as the most promising revenue generator for the global market. The mounting global sales of products such as mobile phones, laptops, wearable devices, LCDs, and fitness bands have worked well for the global temperature sensor market and will continue to lead to steady demand in the next few years as well.
