The global thermistor temperature sensor market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to growing demand of industrial automation, and consumption of sensors in all industries worldwide is increasing rapidly.
Thermistor or temperature sensitive resistor is a resistor whose resistance value is related to temperature. It is a heat-sensitive solid-state transducer with two connections, made of sensitive metal oxide on the basis of semiconductors, and sintered or metalized pins on ceramic beads or disks. This design allows the product to change its resistance in proportion to small changes in temperature. The thermistor is one of the most commonly used temperature sensors.
The thermistor is more widely used because of its advantages over other types of temperature sensors as it has several advantages such as low cost, durable, and small in size, therefore they are portable. Temperature sensors are widely used in various industries such as electronics and car manufacturer. These sensors come in many forms and have their own unique uses, such as: Integrated circuit (IC) temperature sensors used in electronic applications to detect the heat generated and turn on cooling equipment such as engine, exhaust, HVAC, and gearbox temperatures.
Market Trends, Drivers, Restraints, and Opportunities
- Rising cases of different health problems is creating demand for advanced healthcare equipment with medical sensors is expected to boost the market during the forecast period.
- Rapid growth of the petrochemical industry and technological advancement in the industry is major factors fueling the market in the coming years.
- Increasing adoption of HVAC system in automotive industry and growing application of temperature sensor in automotive is anticipated to drive the market.
- High volatility in price of sensors is expected to restrict the market growth.
- Lack of skilled labor for designing issues of temperature sensors regarding thermo wells act as major challenges that can restrict the market growth during the forecast period.
- R&D investment and technological advancement in smart home services and increasing demand for consumer electronics is projected to offer significant opportunities for the market players.
Key Players
- Panasonic Corp.
- Emerson Electric Company
- Mitsubishi Material Corp
- Texas Instruments Inc.
- Honeywell International Inc.
Competitive Landscape
Key players competing in the thermistor temperature sensor market include Panasonic Corp.; Emerson Electric Company; Mitsubishi Material Corp; Texas Instruments Inc.; and Honeywell International Inc.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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