Global Thermocouple Market – Industry Trends and Forecast to 2029

Thermocouple Market Analysis and Size

The growth in the global market of thermocouple can be recognised due to its accuracy in measurements as temperature sensors across industry. Temperature sensors are installed in injection molding machines, which are mainly used in plastic processing applications. So, the wide production of plastic products for different applications is expected to boost the growth of the thermocouple market. Furthermore, advancements in automated technology and thermocouples are essential in temperature sensors because many heating systems such as boilers and furnaces come equipped with this sensor. This is thus driving the growth of the market. Thermocouples are extensively used in several industries such as oil and gas, automotive and power generation, among others due to their wide temperature ranges, high temperature limits and durable nature.

Data Bridge Market Research analyses that the thermocouple market was valued at USD 703.40 million in 2021 and is expected to reach USD 926.24 million by 2029, registering a CAGR of  3.50 % during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Thermocouple Market Scope and Segmentation

Market Definition

 A thermocouple is a sensor which measures temperature. It contains two different types of metals that have joined together at one end. When the junction of these two metals is cooled or heated, a voltage is created which can be correlated back to the temperature.

Global Thermocouple Market Dynamics

Drivers

• Rising adoption of thermocouple for various applications

Thermocouple is widely used in the manufacturing of temperature sensitive devices. This device is widely used in several industries such as automotive, food and beverages, textile, aerospace and healthcare, among others which is one of the major factors expected to drive the growth of thermocouple market.

• Growing demand of thermocouple in automotive industry

Thermocouples are widely used to record and measure important readings in automobiles and in automotive parts such as car batteries, spark plugs, cylinder heads, and brake discs, among others. This is also the major factor which are expected to boost the demand of the thermocouple in the market.

• Increasing demand for contactless sensors

The rise in demand for contactless sensors installed in potentially hazardous environments, including those exposed to radiation, is antiquated to accelerate the growth of the thermocouple market.

Furthermore, increasing usages of thermocouples in boilers, temperature controlled rooms, furnaces and others, increasing need of secured and high quality products for manufacturing industries are some of the major factors which are projected to accelerate the growth of the thermocouple market during the forecast period of 2022-2029. 

 Opportunities

• Advancement in technology

The technological advancements for reducing the manufacturing cost of the thermocouple which will bring more opportunities for the major key leaders in upcoming period. Furthermore, improvement and development in automotive, aerospace and many other industries will further expand the growth of the thermocouple market during the forecast period of 2022-2029.

• Surging product launches

Additionally, the surging product launches and other innovations by major market players further create numerous growth opportunities within the market. For instance, Integrated Device Technology, Inc., which is a subsidiary of Renesas Electronics Corporation (TSE: 6723) had launched its new ZSSC4175 sensor signal conditioner for dual thermocouples. This dual thermocouple has designed for automotive exhaust system applications, it offers sensor-specific correction and highly accurate amplification of thermocouple signals to ensure precise measurement of exhaust gas temperatures. 

Restraints/ Challenges

• High cost associated with thermocouple

High price of technology used for the production of thermocouple along with increasing cost of research and development are acting as restraints for thermocouple market in the above mentioned period.

• Lower productivity

The lower productivity of the thermocouple due to other alternatives might hinder the growth of the global thermocouple market during the forecast period of 2022-2029.

This thermocouple market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the thermocouple market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Thermocouple Market

The COVID-19 had a negative impact on the thermocouple market due to the strict social distancing and lockdowns to contain the widespread of the corona virus. The partial shutdown of the business, economic uncertainty and low consumer confidence have impacted the demand for the thermocouple-based technology. The supply chain was hindered during this pandemic along with delayed logistics activities. However, the thermocouple market is anticipated to recover its pace during the post pandemic scenario.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Thermocouple Market Scope

The thermocouple market is segmented on the basis of sensor type, metals, type, product type and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Sensor Type

• Contact Type Temperature Sensor
• Non-Contact Type Temperature Sensor

 Metals

• Gold
• Copper
• Nickel
• Palladium
• Platinum

Type

• Nickel-Alloy Thermocouples
• Tungsten/Rhenium-Alloy Thermocouples
• Chromel–Gold/Iron-Alloy Thermocouples
• Others

 Product Type

• Type J Thermocouple
• Type K Thermocouple
• Type T Thermocouple
• Type N Thermocouple
• Type E Thermocouple
• Type B Thermocouple
• Type R Thermocouple
• Type S Thermocouple)

 End User

• Industrial Applications
• Automotive, Optical
• Metal Manufacturing
• Aerospace
• Defence Application

Thermocouple Market Regional Analysis/Insights

The thermocouple market is analysed and market size insights and trends are provided by country, sensor type, metals, type, product type and end user as referenced above.

The countries covered in the thermocouple market report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the thermocouple market in terms of market share. This is due to the adoption of advanced technology and high growth of automation industry in this region.

Asia-Pacific is projected to be the fastest developing region during the forecast period of 2022-2029 due to rapid industrialisation along with improved standardisation of living in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Thermocouple Market Share Analysis

The thermocouple market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to thermocouple market.

Some of the major players operating in the thermocouple market are:

• OMEGA Engineering Inc. (U.S.)
• Endress+Hauser Group Services AG (Switzerland)
• Honeywell International Inc. (U.S.)
• ABB (Switzerland)
• Maxim Integrated (U.S.)
• Maxim Integrated (U.S.)
• Danfoss A/S (Denmark)
• Thermometrics Corporation (U.S.)
• Durex Industries (U.S.)
• Thermo Sensor GmbH (Germany)
• Microchip Technology Inc (U.S.)
• KEYENCE CORPORATION (Japan)
• Applied Sensor Technologies (U.S.)
• Okazaki Manufacturing Company (U.K.)
• SOR Inc. (U.S.)
• Thermo Sensors (India)
• Emerson Electric Co (U.S.)
• Pyromation, Inc. (U.S.)
• GÜNTHER GmbH (Germany)
• West Control Solutions (U.K.)
• WIKA Alexander Wiegand SE & Co. KG (Germany)
• TE Connectivity (Switzerland)

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