The global temperature sensor market currently exhibits a highly fragmented vendor landscape, with the top six players accounting for a meager 19% of the overall market in 2015, finds Transparency Market Research (TMR) in a new study. The companies, which emerged dominant, are Honeywell International Inc., Texas Instruments Inc., Infineon Technologies AG, General Electric Co., STMicroelectronics N.V., and Panasonic Corp.
The competition in the market is forecast to remain fierce as there is little difference among the products offered by the leading players. Therefore to sustain competitive strength, a majority of these enterprises have their attention inclined towards consolidation by acquiring the smaller players.
As per TMR, the global temperature sensor market will rise at a steady CAGR of 4.60% between 2016 and 2024. At this pace, the market is projected to reach US$6.6 bn by the end of 2024 from its valuation of US$4.6 bn in 2015. The shipment volume of the temperature sensor market is forecast to surpass 2.93 bn units worldwide by the end of the forecast period.
Despite North America’s Dominance, Asia Pacific to Report Higher CAGR
Regionally, TMR segments the global temperature sensor market into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Among these nations, North America emerged dominant with a share of 40% in the overall market in 2015. The region has exhibited considerably high adoption of temperature sensors, bolstered by government initiatives aimed at improving healthcare standards in the region.
Over the forthcoming years, North America is expected to remain at the lead, however, Asia Pacific as per TMR will report a higher CAGR during the forecast period. “The rise witnessed in the semiconductor and electronics manufacturing will push the temperature sensor market in Asia Pacific,” observed the TMR report’s author.
Likewise, among the key product types – resistance temperature detectors, thermocouple, bimetallic temperature sensors, thermistors, infrared temperature sensors, and fiber optic temperature sensors, the market will witness higher demand for thermistors during the forecast period.
Expansion of Semiconductor and Electronics Industries to be Chief Growth Driver
“Robust growth exhibited by manufacturing and electronics industries worldwide is a chief driver of the global temperature sensor market,” said a lead TMR analyst. Furthermore, the latest technological advancements have had a positive impact on the overall sales of electronics items around the world, which also reflected positively on the temperature sensor market. Besides this, the market is also forecast to gain from the rising demand from Asian economies such as India, Japan, South Korea, and China and the proliferation of wearable devices.
Declining Sensor Prices to act as Major Hindrance
Despite positive growth, the global temperature sensor market will face hindrances due to declining prices of temperature sensors in the otherwise upward-treading market in the forthcoming years. In addition, the shrinking demand for contact temperature sensors will also create hurdles for the market, thereby adversely impacting its trajectory.
This review is based on a TMR study, titled “Temperature Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The report segments the global temperature sensor market as:
By Product Type
- Resistance Temperature Detectors
- Infrared Temperature Sensor
- Fiber Optic Temperature Sensor
- Bimetallic Temperature Sensor
By Sensing Method
- Contact Temperature Sensor
- Non-contact Temperature Sensor
By End User
- Food and Beverage
- Aerospace and Defense
- Oil & Gas
- Semiconductor and Electronics
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest Of APAC
- Middle East and Africa
- Saudi Arabia
- South Africa
- Latin America
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