Albany, NY -- (SBWIRE) -- 10/24/2017 -- The global Temperature Sensor Market exhibits a highly fragmented landscape, finds a report by Transparency Market Research (TMR). In 2015, the top six players, namely, Texas Instruments Inc., General Electric Co., Honeywell International Inc., Panasonic Corp., Infineon Technologies AG, and STMicroelectronics N.V., accounted for just about 19% of the overall market.
With leading companies offering almost same product categories with limited differentiating attributes, the competition within the market is very high. To sustain in this environment, these enterprises are likely to focus on consolidating the market by acquiring small manufacturers in the near future.
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As per the TMR, the global market for temperature sensors is likely to expand its opportunity from a value of US$4.6 bn in 2015 to US$6.6 bn by 2024, rising at a CAGR of 4.60% between 2016 and 2024. The shipment volume of temperature sensors is expected to cross 2.93 bn units by the end of the forecast period. Thermistors has been witnessing the most prominent demand among all types of temperature sensors, worldwide. The trend is expected to remain the same over the next few years, states the report.
North America to Retain its Leadership, Thanks to Rise in Oil and Gas Industry
According to the report, Latin America, North America, Asia Pacific, the Middle East and Africa, and Europe are the prime regional markets for temperature sensors across the world. In 2015, North America emerged as the leading contributor to the global market for temperature sensors with a share of 40%, in terms of revenue. The growing adoption of temperature sensors, on account of the increasing government initiatives to improve the medical and healthcare industry in this region, is leading to substantial growth of North America market for temperature sensors.
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Over the forthcoming years, this regional market is expected to retain its dominance on account of the swift rise in the oil and gas industry in North America. However, Asia Pacific is expected to present the most promising opportunities for growth in the coming years, owing to the significant rise in the semiconductor and electronics and the manufacturing industries in this region, notes the research study.
Robust Growth of Manufacturing and Electronics Industries to Boost Demand
"With the robust growth of the manufacturing and the electronics industries across the world, the demand for temperature sensors will witness a tremendous rise, globally, in the coming years," says an analyst at TMR. The advancement in technologies has reflected positively on the demand for electronic goods around the world, which in turn, has increased the application of these sensors considerably.
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Besides, the growing demand for electronic goods in Asian economies, such as Japan, China, and South Korea and the rising deployment of these sensors in wearable devices are expected to drive the growth of this market in the years to come, states the report.
Declining Price of Temperature Sensors to Hamper Market's Growth
Although the growth prospects of the global market for temperature sensors is bright, the declining prices of these sensors may create hindrance in the otherwise upward-moving market in the near future. The shrinking demand for contact temperature sensors is also expected to impact the market negatively over the next few years, reports the market study.