HOME Research Insight Product Launches and Acquisitions have been the Key Strategies Adopted by Market Players to Grow in the Temperature Sensors Market.

Product Launches and Acquisitions have been the Key Strategies Adopted by Market Players to Grow in the Temperature Sensors Market.

The temperature sensors market is highly competitive owing to the presence of several established and emerging players. This market is expected to grow at a CAGR of 4.5% between 2017 and 2023.

Product launches and acquisitions have been the key strategies adopted by market players to grow in the temperature sensors market. These strategies accounted for a share of ~52% and ~24%, respectively, of the overall growth strategies adopted by the market players between January 2014 and April 2017.

The increasing requirement for accuracy and robustness has encouraged the players to adopt these strategies. Besides product launches and acquisitions, the companies in temperature sensors market have also adopted the strategies of partnerships, expansions, and contracts to expand their business operations, product portfolio, and distribution network; and to strengthen their position.

ABB Ltd. (Switzerland) is among the leading manufacturers of temperature sensors in the world. The company offers a broad range of temperature sensors. It specializes in application-based temperature sensors and also offers a variety of application-specific temperature sensors. The company caters to the requirements of various verticals such as industrial, medical, non-computing, and automotive. It sells its products worldwide and has adopted inorganic growth strategies such as acquisitions to strengthen its Industry Automation segment. It has acquired a few automation players and software providers in the past few years. The company has a strong focus on R&D; it offers innovative solutions, such as wearable devices for motors, to its clients.

Honeywell International (US) is a key provider of temperature sensors. The company has a presence in the US, Canada, Europe, Asia, and Latin America, and reports its geographic revenue under North America, Europe, and other international regions. Honeywell International designs and manufactures temperature sensing products such as packaged temperature probes, discrete RTD sensors, discrete and packaged RTD sensors, and discrete thermistors. It also manufactures home automation products that enable users to control temperature of their home using their smartphone. The company has also launched various home and building solution products integrating temperature sensors. Honeywell’s products are used in a variety of applications in process industries, and in automobiles and home and building automation, among others. The company has adopted both organic and inorganic strategies to grow in the market. It has recently realigned its business units with an aim to cater its customers in a more effective way. Honeywell has approximately USD 5.40 billion in liquid cash, which is about 11% of its total assets; it plans to make acquisitions worth USD 10 billion by the end of 2018.

Related Reports:

Temperature Sensors Market by Product Type (Bimetallic, Thermoistor, IC, RTD, Thermocouple, IR, Fiber Optics), End-Use Application (Oil & Gas, Chemical, Refining, HVAC, Automotive, Electrical, and Electronics), and Geography - Global Forecast to 2023

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