NTC Thermistors Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of NTC thermistors was valued at USD 12.1 billion in 2022, and a CAGR of 9.7% is expected during the forecast period. A thermistor is a resistor that is used to measure the temperature. Resistance of the thermistor decreases with an increase in temperature. Advantages of using the NTC thermistor over the temperature sensors include a standard two-wire connection system, good electrical noise immunity, extension of temperature range with noise immunity, special construction, and temperature measurement applications. With increasing growth in electrical vehicles, the need for thermal management of battery systems is essential, which are crucial for safe and efficient vehicle performance.

NTC thermistors are widely used for battery temperature monitoring, making them essential components in EV systems. Increasing demand for NTC thermistors in medical devices like patients monitoring equipment, ventilators, and diagnostics. With an increasing emphasis on remote monitoring and healthcare technology, demand for these thermistors is expected to grow.

Growth Drivers

Increasing demand for smartphones, tablets, and other smart devices continues to rise. These devices require efficient temperature management to ensure performance and longevity, boosting the need for NTC thermistors in their designs. Renewable energy systems, like solar panels, often rely on temperature sensors for optimal performance. Likewise, NTC thermistors are widely used in HVAC systems to maintain temperature control, helping drive demand from these markets. The rise of Industry 4.0 and IoT has spurred growth in industrial automation and remote monitoring systems. NTC thermistors are increasingly used for environmental monitoring in these applications.

Technological advancements in NTC thermistors, such as enhanced accuracy, make them more adaptable across various applications. Improved durability and temperature range further open new markets, supporting their adoption. Increasing demand for NTC resistors in the healthcare sector in devices for patient monitoring systems like ventilators and diagnostics. With an increasing emphasis on remote monitoring and healthcare technology, demand for these thermistors is expected to grow. NTC thermistors are widely used for battery temperature monitoring, making them essential components in EV systems.

Increasing Urbanization in emerging economies like China, India, Japan, and South Korea is driving significant growth in the market. Increasing use of sensors across various industries is driving growth in the market. Demand for highly accurate temperature sensing, particularly in medical and industrial applications, has led to the development of more precise NTC thermistors. The increasing number of electric vehicles all over the world is demanding NTC thermistors with high reliability and resistance to extreme temperatures.

Segmentation

Product Type

·         Diode

·         Radial

·         Wire Bonding

·         Film

·         SMD

·         Wire and Chips

Application

·         Consumer Electronics

·         Medical Instruments

·         Automotive

·         Home Appliances

·         Industrial Equipment

·         Aerospace and Defense

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

NTC Thermistors Market by Application Segmentation

On the basis of the application, the NTC thermistors market is segmented into consumer electronics, medical instruments, automotive, home appliances, industrial equipment, and aerospace and defense. Consumer electronics is the leading segment in the market and is expected to dominate the market during the forecast period due to increasing demand and volume of laptops, smartphones, computers, and TVs widely. The high turnover rate of electronics and the continuous demand for upgrades are the reasons behind the significant growth in the market.

Rapid evolution of consumer electronics devices and frequent redesigns and updates are boosting the need for components that offer precise and reliable temperature monitoring. With NTC thermistors being crucial in medical equipment for accurate temperature readings in devices like incubators and medical diagnostics machines, the overall market size is smaller due to stricter regulatory requirements and lower volume compared to consumer electronics. The automotive segment has seen growth with the rise of electric vehicles and hybrid vehicles that require temperature sensors.

Regional Outlook

On the basis of the regions, the NTC thermistors market is segmented into Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Asia Pacific, due to increasing urbanization, rapidly growing population, and technological advancements, is witnessing significant growth in the market. The region’s automotive industry is witnessing significant growth, and increasing growth in electric vehicles is driving the demand for NTC thermistors. The number of data centers and manufacturing plants is the key reason behind the significant growth in the market.

Increasing industrialization and rapid growth in the semiconductor industry is another key factor behind the significant growth. Due to its strong manufacturing base, the region is witnessing significant growth in the market. Increasing demand for NTC thermistors in consumer electronics, automotive, and industrial applications has driven the growth in the market. The rise of electric vehicles and renewable energy infrastructure also boosts market demand.

Increasing demand for temperature sensors for heating, ventilation, and air-conditioning and home appliances contributes significantly. Asia Pacific’s robust electronics manufacturing industry and the demand for temperature monitoring in industries further propel the market. Europe is another well-established market driven by demand in the automotive, healthcare, and renewable energy sectors. In European countries like Germany, France, Russia, and the UK, NTC thermistors are widely used in automotive temperature regulation.

The NTC thermistors market has seen steady growth in North America and has seen steady growth in the automotive and consumer electronics sectors. With the rise of electric vehicles and advanced driver assistance systems, there is a growing demand for reliable temperature monitoring solutions, and NTC thermistors are critical for battery management, engine temperature control, and climate control systems. Smartphones, laptops, and other electronics require precise temperature monitoring for optimal performance and longevity.

Medical equipment, such as incubators and diagnostic devices, uses NTC thermistors for accurate temperature measurement. Expanding healthcare sectors in these regions is boosting demand for such applications. Europe’s stringent environmental regulations and North America’s increasing focus on sustainability drive manufacturers to innovate more energy-efficient NTC thermistors. The presence of major key players in both regions is the key factor behind the significant growth in the market. Rising urbanization and industrialization are propelling the growth in the Middle East, Africa, and Latin America.

 Key Players

·         Panasonic Corporationss

·         Texas Instruments Incorporated

·         Honeywell International Inc.

·         Emerson Electrical Company

·         ABB

·         Analog Devices Inc,

·         General Electric Company

·         Kongsberg

·         STMicroelectronics

·         Other Players