Amidst a high degree of fragmentation and intense competition, top six players in the temperature
sensors market held mere 19% share in the overall market, finds Transparency Market Research
(TMR) in a new report. As the market suffers from lack of differentiating attributes in key products,
this has given rise to price-wars among market participants for greater share. In this competitive
market, leading vendors are vying to consolidate the vendor landscape and are proactively engaging
in strategic collaborations.
Some leading participants in the global temperature sensor market are ST Microelectronics N.V.,
Panasonic Corp., Infineon Technologies AG, Honeywell International Inc., General Electric Co., and
Texas Instruments Inc.
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As per the TMR report, the global temperature sensor market will expand at a steady 4.6% CAGR
over the 2016-2024 forecast period. At this pace, the market which stood at US$4.6 bn in 2015 will
become US$6.6 bn by 2024. Vis-à-vis volume, the market is anticipated to exceed 2.93 bn units by
2024. Among the key product types being purveyed in the market, which includes thermistors,
resistance temperature detectors, bimetallic temperature sensors, thermocouple, infrared
temperature sensors, and fiber optic temperature sensors, thermistors account for grossing
maximum revenue in the recent years. Going ahead too, the segment is poised to continue to
remain at the fore. However, infrared temperature sensors is likely to witness a high growth rate vis-
à-vis revenue due to their rising applications across several industry verticals.
Geographically, North America is presently the dominant regional market. This is mainly because of
increasing adoption of temperature sensors across the medical, oil and gas, and healthcare sectors.
Flourishing Consumer Electronics to Present Attractive Opportunities
According to the report, majorly fuelling the global temperature sensor marke