Market Trends of Thermistor Temperature Sensor Industry
This section covers the major market trends shaping the Thermistor Temperature Sensor Market according to our research experts:
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.
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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.
- 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.
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