Temperature Sensor Market - Increased Demand for Thermistors to Help Market Gain Traction

Albany, NY -- (SBWire) -- 03/01/2018 --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.

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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.

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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.

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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.