Albany, NY -- (SBWIRE) -- 11/27/2017 -- The global temperature sensor market is highly fragmented with the top six players accounting for over 19% of the total market in 2015. The names of these 6 leading players within the temperature sensors market are: Texas Instruments Inc., Honeywell International Inc., STMicroelectronics N.V., General Electric Co., Panasonic Corp., and Infineon Technologies AG.
The competition within this market among different players is extremely high as the attributes which can differentiate the product categories from each company is very less, states Transparency Market Research (TMR) in its latest research report. Thus, almost the same product category is being offered by every company and in order to sustain in the competitive market, players are expected to focus on acquiring small manufacturers in the coming years.
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According to TMR, the global temperature sensor market is estimated to expand at a 4.60% CAGR from 2016 to 2024 and will rise to US$6.6 mn by 2024. By volume, the temperature sensor market is expected to cross 2.93 bn units by 2024. In terms of types, thermistors is expected to emerge as the leading segment.
On the basis of geography, North America has been leading in the market and it accounted for almost 40% of the total revenue in 2015. The growing efforts and initiatives taken by government to improve the medical and healthcare industry in North America have led to the rise in the adoption of temperature sensors. Asia Pacific is anticipated to create many promising opportunities in the years to come due to high growth in the semiconductor and electronics industry and manufacturing industry.
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The flourishing electronics and manufacturing industry across the globe has led to a heightened demand for temperature sensors. Another factor which is having a positive reflection on the growth of the global temperature sensors market is the growing advancements in technology which is fuelling the growth of the electronic goods market.
This in turn has increased the application area of temperature sensors. "The growing trend of wearable devices is also estimated to give impetus to the growth of the global temperature sensors market as these sensors are deployed extensively in wearable devices," said a TMR analyst.
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One of the key factors restricting the growth of this market is the declining prices of these sensors. The reduced demand for contacts temperature sensors will also affect the market negatively stated a TMR analyst.
This review is based on Transparency Market Research's 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."