Global Temperature Sensor Market: Modernization of Healthcare in Emerging Economies to Help Market Gain Traction
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.
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.
The review presented here is based on the findings of a TMR report, titled “Temperature Sensor Market (Type - Thermistor, Resistance Temperature Detector, Thermocouple, Infrared Temperature Sensor, Fiber Optic Temperature Sensor, and Bimetallic Temperature Sensor; Sensing Method - Contact Temperature Sensor and Non-contact Temperature Sensor; by End User - Food and Beverage, Aerospace and Defense, Chemicals, Oil and Gas, Semiconductor and Electronics, Automotive, and Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
The global temperature sensor market is segmented as follows;
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
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”
Transparency Market Research
90 State Street,
Albany NY - 12207
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC