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Thermocouple Temperature Sensors Market To Grow By USD 759.1 Million From 2022 To 2027 | Increasing Demand For Thermocouple Temperature Sensors Drives The Market - Technavio

By PR Newswire

PR Newswire
Overall Rating

NEW YORK, Aug. 30, 2023 /PRNewswire/ -- The thermocouple temperature sensors market size is estimated to grow by USD 759.1 million from 2022 to 2027, according to Technavio. The growth momentum will be progressing at a CAGR of 8.82% during the forecast period. Increasing demand for thermocouple temperature sensors is the key factor driving the market growth. The growing demand for thermocouple temperature sensors in different end-user industries, such as petrochemicals and chemicals, has been a significant factor behind the growth of the thermocouple temperature sensors market. Moreover, advancements in industrial IoT technologies have directed to the fast adoption of smart temperature sensors, which are competent for analyzing temperature in real-time and transmitting data wirelessly to a central data acquisition system, which has made temperature sensing a critical process in supporting product quality and process efficiency in different industries such as automotive and electrical, and electronics. In addition, the growing interest in product quality, process efficiency, and sustainability across different industries has expanded the demand for thermocouple temperature sensors. Further, the sensor's ability to resist harsh environments, high temperatures, and corrosive processes has made them a favored option for end-users. The demand for thermocouple temperature sensors will grow during the forecast period with the advancements in technology and the growing trend toward automation. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

What's New?

  • Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
  • Global competitiveness and key competitor positions 
  • Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Thermocouple Temperature Sensors Market - Segmentation Assessment

Segment Overview

Technavio has segmented the market based on type (Base metal thermocouple temperature sensor and Noble metal thermocouple temperature sensor), application (Oil and gas, Food and beverages, Automotive, Chemical and petrochemical, and Others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). 

  • The base metal thermocouple temperature sensor segment will account for a major share of the market's growth during the forecast period. With the ability to withstand high temperatures and low cost, the base metal thermocouple temperature sensors have high corrosion resistance. Owing to this, it will expand the demand in the end-user industries, which will drive the growth of the base metal thermocouple temperature sensor segment of the thermocouple temperature sensors market during the forecast period.

Geography Overview

By geography, the global thermocouple temperature sensors market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global thermocouple temperature sensors market.

  • APAC is estimated to account for 33% of the growth by 2027. Technavio's analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. This region is experiencing a high rate of industrialization, which will make companies desire services from OEMs instead of outsourcing or maintaining in-house teams for maintenance services. In addition, industrial equipment such as HVAC, boilers, oil and pipelines, motors, and other electrical equipment experience high-temperature changes and are subject to expansion and contraction, which may impact equipment precision and performance. Therefore, a routine check of the temperature of industrial equipment is needed to bypass errors in operation, which helps obtain customers' trust. These factors will augment the market growth in this region during the forecast period.

Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021) and forecast market size (2023 to 2027) - Download a Sample Report

Thermocouple Temperature Sensors Market – Market Dynamics

Leading trends influencing the market - Increasing demand for wireless temperature sensing is an emerging trend influencing market growth.

Major challenges hindering the market growth - The high cost of thermocouple temperature sensors is a significant challenge hindering the market growth. 

Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!

What are the key data covered in this Thermocouple Temperature Sensors Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the thermocouple temperature sensors market between 2023 and 2027
  • Precise estimation of the thermocouple temperature sensors market size and its contribution to the market in focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behaviour
  • Growth of the thermocouple temperature sensors market across APAC, Europe, North America, Middle East and Africa, and South America
  • A thorough analysis of the market's competitive landscape and detailed information about companies 
  • Comprehensive analysis of factors that will challenge the growth of thermocouple temperature sensors market companies 

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Related Reports:

The distributed temperature sensing market share is expected to increase by USD 314.03 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.85%.

The automotive sensors market share in France is expected to increase by USD 739.69 million from 2021 to 2026, at a CAGR of 8.2%.

Thermocouple Temperature Sensors Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 8.82%

Market growth 2023-2027

USD 759.1 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.46

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 33%

Key countries

US, China, Japan, Germany, and France

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

ABB Ltd., Amphenol Advanced Sensors, Analog Devices Inc., Danfoss AS, Dwyer Instruments LLC, Emerson Electric Co., Endress Hauser Group Services AG, General Electric Co., Honeywell International Inc., Keyence Corp., Kongsberg Gruppen ASA, Microchip Technology Inc., NXP Semiconductors NV, Pyromation, Siemens AG, STMicroelectronics NV, TE Connectivity Ltd., Texas Instruments Inc., and WIKA Alexander Wiegand SE and Co. KG

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Application 

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: media@technavio.com

Website: www.technavio.com


SOURCE Technavio

First published on Thu, Aug 31, 2023

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