The new report by Expert Market Research titled, ‘Global Thermocouple Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global thermocouple market, assessing the market based on its segments like configuration types, raw materials, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.80%
The growth in the global market for thermocouples can be associated with the growing applications of the device as temperature sensoring devices in various end-use industries such as oil and gas, automotive, and power generation, among others. In addition, the market is benefitting from the advancements in automated technology. For instance, smart home appliances like furnaces and boilers come equipped with temperature sensors made from thermocouples owing to their wide temperature ranges and durable nature, thereby pushing the market growth. Moreover, the growing market can also be linked to the rising demand for thermocouples from the automotive industry, where they are used in batteries, cylinder heads, and spark plugs, among others.
Industry Definition and Segmentation
Thermocouples are defined as electrical devices consisting of two dissimilar electrical conductors forming electrical conjunction to produce temperature-dependent voltage, which is then interpreted to measure temperatures.
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On the basis of configuration type, the market can be segmented into:
• Type K
• Type J
• Type R
Based on raw material, the market can be classified into:
The market, based on application, can be divided into:
• Power Generation
• Chemical and Petrochemical
• Food and Beverage
The regional markets for the product include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Owing to their use as temperature sensors, thermocouples are extensively used in the food and beverage industry to monitor temperatures in several cooking equipment like fryers, ovens, toasters, and grillers, among others. This is spurring the market growth. In addition, such temperature sensors provide consistent temperature readings in order to ensure precise cooking, thereby preventing the food from being overcooked or undercooked. Moreover, advancements in miniaturisation of smart sensor technology are estimated to propel the growth of the market. With the growing utilisation of thermocouples in the automotive industry, the market is witnessing robust growth.
Key Market Players
The major players in the market are ABB Ltd., Honeywell International Inc., Maxim Integrated Products, Inc., Temperature Specialists, Inc., Yamari Industries, Limited, Tempsens Instrument Pvt. Ltd., and S.R.I Electronics, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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