Global Thermistor Temperature Sensor Market - Segmented by End-user Industry (aerospace & defense, automotive, industrial), and Region - Growth, Trends and Forecasts (2018 - 2023)
The thermistor market was valued at USD 74 million in 2017, and is expected to reach a value of USD 95 million by 2023, at a CAGR of 4.39% over the forecast period (2018 - 2023). The scope of the report is limited to end users, like industrial and automotive. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, and the Rest of the World.
Growth Toward Vehicle Production is the Key Driver for the Thermistors Temperature Sensors Market
With a healthy development of the manufacturing industry, globally, the demand for temperature sensors is expected to see tremendous growth, globally, during the forecast period. The automotive segment is witnessing significant increase in production, owing to growing demand. There is a continuous demand for passenger cars due to the increasing purchasing power of the millennial population. For an average consumer, trucks are reliable options, as they have better fuel efficiency and safety features. These factors drive the growth of heavyweight 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.
Asia-Pacific to Register the Largest Market over the Forecast Period
Growth in Asia-Pacific is due to the fast growing industrial sector in countries, such as China and India. North America and Europe are mature markets and their growth prospects are expected to be limited during the next few years. The Middle East & African market is estimated to show stagnant growth during the forecast period.
Thermistors, as the heater in the automotive industry, provide additional heat inside cabin with diesel engine or to heat diesel in cold climatic conditions before engine injection. Thermistors are also used as current-limiting devices for circuit protection, as replacements for fuse, monitoring the temperature of an incubator, monitor the temperature of battery packs while charging. Thermistors are further used in food handling & processing industry, especially for food storage systems and food preparation. Maintaining the correct temperature is critical to prevent foodborne illness.
The thermistor temperature sensors market can be divided into temperature monitoring, temperature control, etc. The temperature monitoring segment holds the major market share, as temperature monitoring can be used in many industries and works especially well in the lower ranges of temperature. The temperature control segment plays a crucial role in preventing damage to machinery and factories. The ‘others’ segment constitutes negligible share of the market. It includes the use of the equipment in the form of self-regulating heating elements and self-resetting overcurrent protectors.
Key Developments in the Market