Global Thermistor Temperature Sensor Market 2023-2030

Global Thermistor Temperature Sensor Market 2023-2030

Global Thermistor Temperature Sensor Market Size, Share & Trends Analysis Report by Type (Positive Temperature Coefficient, and Negative Temperature Coefficient), and by End User (Chemical and Petrochemical, Power Generation, Metal and Mining, Automotive, Oil and Gas, Food and Beverage, Life Sciences, Aerospace and Military, HVAC(Heating, Ventilation, Air Conditioning, and Refrigeration) Systems, and Others), Forecast Period (2024-2031)

The global thermistor temperature sensor market is anticipated to grow at a CAGR of 5.4% during the forecast period (2024-2031). The market’s growth is attributed to the increase in the automotive industry across the globe. The combination of the increasing integration of electronic systems and the desire for improved accuracy and dependability in vehicle components, the automotive sector is the primary motivation for thermistor temperature sensors. The NTCLE350E4 is in complying with this trend, satisfying the severe standards of temperature monitoring in automobiles. For instance, in February 2021, Vishay Intertechnology has launched new AEC-Q200 qualified NTC thermistor with PEEK-insulated, nickel-iron (NiFe) leads and a low thermal gradient. The NTCLE350E4 is a high-temperature, high-accuracy thermistor intended for automobiles. The lowest thermal conductivity is provided by its Nife alloy conductor wire, rendering it perfect for engine sensors, HVAC, oil temperature sensors, transmission systems, and EGR systems.

Segmental Outlook

The global thermistor temperature sensor market is segmented on the type, and end user. Based on the type, the market is sub-segmented into positive temperature coefficient, and negative temperature coefficient. Furthermore, based on the end-user, the market is sub-segmented into chemical and petrochemical, power generation, metal and mining, automotive, oil and gas, food and beverage, life sciences, aerospace and military, HVAC, and others. The automotive subcategory is expected to capture a significant portion of the market share within the end-user segment. The growth can be attributed to the automotive industry's demand for these sensors is rapidly increasing owing to the increasing demand for accurately identifying the temperature of a vehicle's petroleum, coolant, and air level to ensure optimal performance.

The Negative Temperature Coefficient (NTC) Sub-Segment is Anticipated to Hold a Considerable Share of the global Thermistor Temperature Sensor Market

Among the type, the negative temperature coefficient sub-segment is expected to hold a considerable share of the global thermistor temperature sensor market. The segmental growth is attributed to the demand for electronics and consumer electronics. NTC thermistors serve a significant purpose in assuring the safe and efficient operation of products in the field of consumer electronics. The rising electronics market, in addition to the incorporation of temperature monitoring in gadgets and appliances, all contribute to the expansion of this sensor market. For instance, in September 2023, Littelfuse, introduced its standard, stocked supply of negative temperature coefficient (NTC) thermistor series. The thermistors detect and measure heat, convert it to electrical signals, and are utilized in a variety of applications such as HVAC, automation, battery management systems, automotive, medical equipment, and electronics.

Regional Outlook

The global thermistor temperature sensor market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the increased usage of smart home apps anticipates an enormous influence on market growth. For instance, According to MDPI, in May 2023, the smart technologies in the modern globe enhance lifestyles through internet of things (IoT)-based devices.The growth rate of smart homes and their equipment increased by over 30% from 500 million applications to 700 million appliances between 2018-2022.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the global Thermistor Temperature Sensor Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the increased demand for temperature sensors in electric vehicles (EVs). The growing popularity of EVs has an immediate influence on the demand for various sensors, particularly thermistors, in these vehicles. Temperature sensors are essential in EVs for monitoring battery temperature, guaranteeing effective cooling systems, and assuring optimal working conditions for various components. As the EV market grows, the demand for dependable temperature sensors such as thermistors will increase. According to the International Energy Agency (IEA), in 2023, the increase in electric car sales showed variation across regions and powertrains, with China dominating the market. In 2022, battery electric vehicle (BEV) sales in China reached 4.4 million, reflecting a 60% increase from the previous year, while PHEV sales nearly tripled to 1.5 million. The growth in PHEV sales, although still lower overall, warrants further examination as it may indicate catching up on the post-Covid-19 boom. Overall, China accounted for almost 60% of new electric car registrations worldwide, with a total of 13.8 million electric cars on the roads in 2022. This growth can be attributed to sustained policy support, including extended purchase incentives and the rapid expansion of charging infrastructure.

Furthermore, the increased demand for temperature sensors in the automotive industry, including the electric vehicle segment, is a result of countries worldwide setting goals to reduce emissions and implement stringent environmental regulations. These sensors play a essential role in enhancing energy efficiency and battery performance, aligning with the industry's commitment to sustainability. According to the MDPI, in October 2022,the China, known for its fast-growing EV market, has set ambitious targets for EV adoption, aiming for 20% of total new car sales to be electric by 2025, Based on current trends, it is projected that annual emissions from internal combustion engines (ICEs) will decrease by approximately 1.9% until 2040. However, it is expected that the widespread adoption of electric vehicles (EVs) will have a significant impact on the growth and cultural acceptance of the EV market by 2040. In fact, the global EV population is estimated to surpass 130 million units by 2030, with over 12 million EVs already on the road as of 2021.

Market Players Outlook

The major companies serving the thermistor temperature sensor market includes Georg Fischer Ltd., Hitachi, Ltd., Honeywell International Inc., OMEGA Engineering, Inc., Siemens Ltd. and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2020, in July 2020, Variohm Eurosensor Launched new range of glass and epoxy coated NTC Bead Thermistors in a choice of hermetically sealed glass or epoxy encapsulation.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global thermistor temperature sensor market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.