NTC Thermistors are used in various industrial verticals, especially for temperature sensing and monitoring. The demand for these devices is high in the automotive sector owing to their application in autonomous and connected vehicles. They are also used in heating and ventilation systems. They are used in smart homes; digital thermostats are the most common. Additionally, the use of NTC thermistors for manufacturing products such as air conditioning, washing machines, smoke detectors, smartphones, laptops, televisions, and refrigerators is also anticipated to fuel the market growth during the forecast period. The rising number of manufacturing plants where temperatures need to be maintained, coupled with technological advancements, boosts the market growth. Moreover, the growing demand for the miniaturization of electronic devices is anticipated to fuel market growth during the forecast period. Companies in the market are launching advanced products to meet the growing market demand for thermistors, especially NTC thermistors.
- One major trend Credence Research Inc. is expected to see in the NTC Thermistors market is technological advancement in the product such that they can be used for a wide range of temperature sensing. Companies in the market are focused on developing such devices.
- Another trend that Credence Research Inc. expects will continue in the NTC Thermistors market is its increased usage in smart homes, consumer electronics, and the automotive sector. In the past five years, the integration of smart devices has been higher among the higher-class population. The adoption is anticipated to rise in the coming years with double-digit growth.
Economic Impact Analysis
Globally industries are suffering as economies are getting affected by the recession, Russia Ukraine war, and the ongoing Covid-19 surge in China. The NTC Thermistors market report, 2022-2028 consider the foreseen consequences of the economic downturn on the availability of the products and fluctuations in the raw material costs.
According to the Credence Research Inc. market report, the recession will significantly impact the global NTC Thermistors market. The impact of recession can be studied from past recessions. During the period of recession, it was anticipated that there would be a downturn in the manufacturing industry. However, according to Germain, the current recession is among the mildest ones recorded in the past 100 years. The impact was recession can be majorly seen in European countries such as the UK and Germany, among others, and the U.S. In Europe, the economy is facing recession owing to higher exposure to the energy crisis.
- Ukraine-Russia War Impact
Due to Russia’s unlawful and unprovoked conflict with Ukraine, the NTC thermistor market was majorly affected. The conflict majorly affected the supply chain. Many industries are suffering crises owing to the ongoing conflict. In the European region, many companies were suffering due to the energy crisis that arose due to the conflict. Many manufacturing companies from Germany and the UK shut down their manufacturing and sales channels in Russia. Moreover, owing to the ongoing conflict, the supply of oil & gas was affected majorly, creating an energy crisis in this region. Owing to this, many manufacturers are trying to purchase oil & gas from non-European countries to solely remove their dependencies from one country.
- China COVID Outburst December 2022
The COVID-19 situation in China has created havoc globally as the number of COVID-19 cases in China has risen rapidly. It has been estimated that by April 2023 China could register 322,000 deaths. As the number of cases rises, people are concerned that the situation that arose in 2020 should not be repeated. China and many other economies have also started imposing restrictions, which will significantly affect the global NTC thermistor market. Owing to the rising situation, the supply chain has started to get disrupted as the focus is shifted toward providing essentials and healthcare-related products. This has led to delays in the supply of other products and thus creates a shortage of various products, such as NTC thermistors, in the market.
In 2022, the largest revenue share in the NTC Thermistors market was attributed to the North American region. The growing application of thermistors in various industrial verticals is driving market growth. Temperature sensors are in high demand in smart homes, and growing advancements and integration of smart devices in this region are fuelling the market growth. Moreover, growing automotive manufacturing and integration of connected devices in automotive is also aiding the growth of the NTC thermistor market during the forecast period.
Our client a known player in the market, wanted to open a new manufacturing plant in Europe for manufacturing various sensors such as NTC thermistors. They wanted to get to know the market in Europe as well as globally. They wanted to understand the competition in the market on the regional level.
The client wanted to analyze the market’s strategies, such as product launches, R&D activities, and investments, among others. Hence, detailed global as well as Europe-specific company initiatives were to be mapped. Furthermore, a detailed analysis of country-level data points for Europe was to be studied since the client’s focus was on that particular region.
The client got in touch with Credence Research Inc., which helped the client to get a clear understanding of the NTC Thermistors services. The report “Global NTC Thermistors Market, 2023-2030” published by Credence Research Inc. in 2023 thoroughly analyses strategies adopted by the companies in the market. Moreover, the competitive landscape analyzed in detail were the top strategies adopted by those companies, including expansion, partnership agreements, investments, and new product launches. Analyze the Europe market on a country level so as to get a more detailed study of that region, helping in client understand the market situation in this region.
Credence Research Inc.’s thorough analysis report of the NTC Thermistors market assisted the client in expanding a new manufacturing plant in Europe after understanding the global market scenario as well as the European market. Understanding the market helped them get a clear situation regarding the competitive scenario.