Thermistor Temperature Sensor Market – Growth, Trends And Forecast (2020 – 2024)
A thermistor is a resistor whose resistance is dependent on temperature. Thermistor temperature sensors are mainly used as inrush current limiters. They are also used in temperature sensing devices, self-resetting over-current protectors, and self-regulating heating elements.
The thermistor temperature sensor market was valued at USD 76.8 million in 2018 and is expected to reach a value of USD 99 million by 2024, at a CAGR of 4.41% over the forecast period (2019 – 2024).
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Top Companies in the Global Thermistor Temperature Sensor Market:
Panasonic Corporation, Texas Instruments Incorporated, Honeywell International Inc., ABB Ltd, Emerson Electric Company, Microchip Technology Incorporated, and Maxim Integrated Products, among others.
The growing trend of automation has been identified as one of the important trends in the industry, with the global consumption of sensors growing at a rapid pace across all the verticals. This is expected to influence the demand for thermistors.
– Temperature sensing has become the largest application market for thermistors in recent years, with thermistors becoming the second-most used temperature sensors in various industries.
– There is high competition from the different substitutes for sensors, from various organizations.
– However, being smaller and more durable devices, thermistor temperature sensors monitor temperature and hence play a significant role in preventing damage to machinery and factories.
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Key Market Trends:
Automotive Sector to Propel the Market Growth
– With the healthy development of the manufacturing industry, globally, the demand for thermistor temperature sensors is expected to see tremendous growth, globally, during the forecast period.
– The automotive segment is witnessing a significant increase in production, owing to growing demand.
– There is a continuous demand for light commercial vehicles, due to the increasing purchasing power of the millennial population. For an average consumer, motor vehicles are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of light weight vehicles.
– Premium vehicles and utilities continue to drive the sales of light vehicles, which cumulatively contribute to an increase in the demand for thermistor temperature sensors during the forecast period.
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Influence Of The Thermistor Temperature Sensor Market Report:
-Comprehensive assessment of all opportunities and risk in the Thermistor Temperature Sensor market.
-Thermistor Temperature Sensor market recent innovations and major events.
-Detailed study of business strategies for growth of the Thermistor Temperature Sensor market-leading players.
-Conclusive study about the growth plot of Thermistor Temperature Sensor market for forthcoming years.
-In-depth understanding of Thermistor Temperature Sensor market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital market latest trends striking the Thermistor Temperature Sensor market.
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