The Global Thermocouple Temperature Sensors Market Is Expected To Reach USD 2.699 Billion By 2030, Is Projected To Grow At A CAGR Of 7.50% During The Forecast Period 2023 To 2030 | Data By Contrive Datum Insights Pvt Ltd.

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Farmington, April 22, 2023 (GLOBE NEWSWIRE) -- The Global thermocouple temperature sensors market size was valued at USD 1.513 Billion in 2022 and is projected to reach USD 2.699 Billion by 2030, growing at a CAGR of 7.50% from 2023 to 2030. The expanding use of thermocouples as temperature sensors across all industrial sectors is propelling the global market for thermocouples.As a result of advancements in automated technology, many heating systems, such as furnaces and boilers, now include temperature sensors, of which thermocouples are an essential component, thereby contributing to the expansion of the market. Due to their low cost, high temperature limits, wide temperature ranges, and durability, thermocouples are widely employed in industries such as automotive, oil & gas, and power production, among others.

Request Sample Copy of Report “ thermocouple temperature sensor market size, share & trends estimation reports by type outlook (contact thermocouple temperature sensor, non-contact thermocouple temperature sensor), by application outlook (oil & gas, chemical, refining, hvac, automotive, electrical, electronics), by region and forecasts, 2023-2030 . ”, published by Contrive Datum Insights.

Segmentation Overview:

Type Outlook:

Consumer electronic industry comprises of wearable, smart-phones, tablets, laptops has also been impacted and production units observed a major downfall curve due to disruption of global supply chain, furthermore healthcare industry witnessed sudden escalation in demand for thermometers, MRI machines, and imaging diagnostic equipment's.

Application Outlook:

Thermocouples are widely employed in sectors such as automotive, oil & gas, and power production, among others, because of their low cost, high temperature limits, wide temperature ranges, and durability.

Regional Analysis:

Thermocouple temperature sensors market is segmented on the basis of countries into the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, 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).

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Scope of Report:

Report Attributes	Details
Growth Rate	CAGR of 7.50% from 2023 to 2030.
Revenue Forecast by 2030	USD 2.699 Billion
By Type	Contact Thermocouple Temperature Sensor Non-contact Thermocouple Temperature Sensor
By Application	Oil & Gas Chemical Refining HVAC Automotive Electrical Electronics
By Industries	Government Healthcare Retail Manufacturing Others
By Companies	ABB Limited ((US) Amphenol Corporation Maxim Integrated Products (US) Analog Devices (US) Texas instruments (US) Honeywell International (US) Conax (Norway) TE Connectivity (Switzerland) Siemens (Germany) Bosch (Germany) Panasonic Corporation (Japan) Dorman (US) Delphi (US) Integrated Device Technology (US) STMicroelectronics (Switzerland) NXP Semiconductors N.V. (Netherlands) Emerson Electric Corporation (US) Kongsberg Gruppen (Norway) Omega Engineering (US) Microchip Technology (US) Others.
Regions and Countries Covered	North America: (US, Canada, Mexico, Rest of North America) Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe) Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific) The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa) Latin America(Brazil, Argentina, Rest of Latin America) Rest Of the World
Base Year	2022
Historical Year	2017 to 2022
Forecast Year	2023 to 2030

Market Dynamics:

Drivers:

Growing demand for advanced and portable healthcare equipment is driving the temperature sensor market. With the advent of technologies such as advanced patient monitoring systems and portable health monitoring systems, the demand for temperature sensors is on the rise. Factors such as increasing geriatric population, deteriorating lifestyle, and rising viral infections are expected to further increase the demand for portable medical devices. Temperature sensors are used in wearable healthcare devices to continuously monitor a patient's health. The increasing popularity of portable and wearable healthcare devices is the major driving factor for the growth of the temperature sensor market.

Restraint:

Manufacturers in the temperature sensor market require raw materials such as cobalt, nickel, manganese, ferroalloys, and copper. These manufacturers rely on third-party suppliers to source these materials. High volatility in the prices of these raw materials and lack of consistent supply have a major impact on the profitability of temperature sensor manufacturers. Raw material price fluctuations are attributed to the volatile global economy and supply of raw materials, trade tariff wars, other political events, increased global demand, natural disasters, and fluctuations in foreign exchange rates.

Opportunity:

Wearable devices are used to track various biometric parameters such as heartbeat and body temperature. The adoption of wearable devices is increasing rapidly as more and more end users seek such technologies to improve their fitness and overall health. Currently, 1 in 6 people owns and uses a wearable device, and this adoption trend is expected to grow in the coming years. This growing demand and rising awareness of personal health is expected to create growth opportunities for the players in the temperature sensor market.

Challenges:

Price competition has always been a serious problem in the temperature sensor market. Manufacturers of temperature sensors recognize the growth potential in emerging economies such as India and China and adopt low price strategies to penetrate these markets.

Key Segments Covered:

Top Market Players:

• ABB Limited ((US)
• Amphenol Corporation
• Maxim Integrated Products (US)
• Analog Devices (US)
• Texas instruments (US)
• Honeywell International (US)
• Conax (Norway)
• TE Connectivity (Switzerland)
• Siemens (Germany)
• Bosch (Germany)
• Panasonic Corporation (Japan)
• Dorman (US)
• Delphi (US)
• Integrated Device Technology (US)
• STMicroelectronics (Switzerland)
• NXP Semiconductors N.V. (Netherlands)
• Emerson Electric Corporation (US)
• Kongsberg Gruppen (Norway)
• Omega Engineering (US)
• Microchip Technology (US)
• Others.

By Type

• Contact Thermocouple Temperature Sensor
• Non-contact Thermocouple Temperature Sensor

By Application

• Oil & Gas
• Chemical
• Refining
• HVAC
• Automotive
• Electrical
• Electronics

By Industries

• Government
• Healthcare
• Retail
• Manufacturing
• Others

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World

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