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The thermistor temperature sensor market is expected to register a CAGR of 7.5% over the forecast period (2022-2031). 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. The market for thermistors is dominated by NTC thermistors and functions with high-volume ceramic semiconductor manufacturing, catering substantially to several subsidized end users, like automotive, military, oil and gas, food, and beverages, and healthcare, among others.
– According to Murata manufacturing co. Ltd “the thermistor market is dominated by NTC type, which has a share of about 70% and PTC has a share of about 30%.”
– Moreover, with the recent advancements in manufacturing techniques, the shortcomings of conventional NTC and PTC thermistors, like aging, interchangeability, and unreliability, are almost eliminated. Further, the booming demand for portable communication appliances is pushing upwards, the demand of NTC thermistors. Also, with several industrial plants adopting smart motors, PTC thermistors are expected to witness demand spikes, as they act as overcurrent protection for different motors.
– The emerging technologies catering to healthcare industries in major economies and the growing applications, like smart patient monitoring systems, are significant factors driving the growth of the thermistor market over the forecast period. The NTC thermistor probes in the healthcare sector are generally used as resistance thermometers.
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– Moreover, with the onset of COVID-19, enterprises can neither export their goods nor import raw materials for production because the majority of materials for the production of electronic components are made in China. Also, electronics companies’ partners are cutting about 30-50% of orders in several regions.
Automotive Segment is Expected to Hold Significant Market Share
– Thermistor temperature sensors have been used in the automotive industry since the last few decades for sending signals to gauges and now to electric controls. As the system complexity increased, the number of types of temperature sensors increased, and the performance requirements also increased. The primary reasons behind the adoption growth of thermistor temperature sensors in the industry are mandates, technical advancements, and customer requirements.
– With the technological changes in the automotive industry, the global demand for connected and autonomous vehicles sees a surge in the demand, and with it, vendors are increasingly developing solutions specific to the industry. For instance, in February 2020, Texas Instruments expanded its temperature sensing portfolio to include linear thermistors that offer up to 50% higher accuracy compared to NTC thermistors. Also, it is one of the smallest linear thermistors commercially available in the market.
– Temperature sensors in an automotive unit are required to undergo various harsh environments, and various vendors in the market are developing solutions that target such requirements in the industry.
Asia-pacific is Expected to Witness Significant Growth
– The demand for thermistors in the Asia-Pacific region is increasing with the changing automotive landscape, as many countries are adopting electric mobility solutions. According to the China Association of Automobile Manufacturers (CAAM), in April 2020, 51,000 battery electric vehicles, 20,000 plug-in hybrid electric vehicles, and 73 Fuel-cell vehicles were sold in China. The battery-electric vehicle sales increased by 11,000 in April, from 40,000 in March 2020.
– Moreover, the growing number of data centers, smart offices, special economic zones (SEZ), warehouses, and malls, among others, is driving the demand for HVAC systems in the region. The growing number of data centers, especially in developing countries, is fueling the demand for the market studied, as thermistor-based sensors are evolving as integral units for HVAC systems.
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– China’s internet data centers are estimated to grow, to 22 times that of the United States, or at least 10 times the current space of Japan. As the region is dominating the global HVAC market, it provides a vast opportunity for the market studied.
– Furthermore, the growing number of manufacturing plants, where temperature plays an important role, is estimated to fuel the adoption of HVAC systems, subsequently increasing the demand for NTC thermistors in the region.
The Thermistor Temperature Sensor Market is highly competitive owing to the presence of multiple big players in the market supplying their products in domestic and international markets. The market appears to be moderately concentrated with players adopting strategies like product innovation, mergers, and acquisitions to stay competitive. The key players are Panasonic Corporation, Texas Instruments Incorporated, Honeywell International Inc., Emerson Electric Company, among others.
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