Thermocouple Temperature Sensor Market | Contrive Datum Insights

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.

Thermocouple Temperature Sensor Market Overview:

A temperature sensor is a device that provides temperature measurement using an electrical signal. Temperature sensors can be thermocouples or RTOs. Thermocouples (T/C) are composed of two dissimilar metals that produce a voltage that is similarly proportional to a change in temperature. However, a resistance temperature detector (RTD) changes its resistance in a precise, repeatable linear pattern, proportional to the change in temperature.

Thermocouple temperature sensore are widely used in Automotive industry which is mainly used for automatic transmission systems and thermal management, thus strict emission regulations framed by the authorities, development in autonomous segment, growing penetration of electric vehicle (EV) across the globe are the major factors driving the market.

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.

The expanding usage of thermocouples as temperature sensors across industrial verticals is driving the growth of thermocouples in the global market. With improvements in automated technology, many heating systems, such as furnaces and boilers, now include temperature sensors, of which thermocouples are an important component, thus helping in the market expansion.  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.

Major Market Segments Covered in Thermocouple Temperature Sensor Industry Research:

• 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.

Key Vendors:

1.ABB Limited: It is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated.ABB Ability, Robotics, Industry, Motors and generators, Drives, Smart buildings, E-mobility, Marine vessels, Data centers, Renewable energy, Technology, Energy, Utilities, Transport, Infrastructure, Oil, gas & chemicals, Semiconductors, Measurement & analytics, Control rooms, Factory of the Future, Sustainability, Automation, Electrification, and Electric Vehicles is a specializes. 

2.Amphenol Corporation: It is one of the largest companies in the world that you haven't heard of. (US). Amphenol was started in Connecticut in 1932 and is now a Fortune 500 business. It has more than 80,000 workers in over 100 different countries. The things you use every day have important parts that we make. Amphenol goods can be found everywhere, from your cell phone and car to the network equipment that makes your favorite app and website work. 

3.Analog Devices (US): It is the world leader in devices that connect the real and digital worlds to make breakthroughs at the Intelligent Edge. By mixing analog, digital, and software technologies, ADI makes solutions that help improve digital factories, mobility and digital healthcare, fight climate change, and connect people to the rest of the world in a safe way. Specialize in the semiconductors, analog, mixed-signal and signal processing, and digital signal processing.

4.Texas instruments: It have a made growth possible. We are a global company that creates, makes, tests, and sells analog and embedded processing chips. Over 100,000 customers use our more than 80,000 products to control or process the most important parts of their designs, handle power, send and receive data correctly, and handle power. These designs are sold in places like the industrial, automotive, consumer technology, communication tools, and business systems markets.Semiconductors, Analog, DSP, DLP, Power Management, Education Technology and Microcontrollers MCU.

5.Honeywell International: It is a Fortune 100 company that comes up with and makes answers to hard problems related to global macrotrends like safety, security, and energy. Around the world, about 110,000 people work for us. There are more than 19,000 engineers and scientists among them. In everything we make and do, we focus on quality, service, value and technology.

By Type:

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

By Application:

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

By Region:

In October 2018, TDK Corporation launched the K525, a new EPCOS NTC sensor designed for automotive and industrial electronics that measures an extended temperature range from -10 °C to +300 °C . The sensor is made of ceramic for the application and extreme operating conditions

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Nordic Countries
    • Denmark
    • Finland
    • Iceland
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of 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

Significant 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. Furthermore, an increasingly competitive global market paints a picture of high costs for quality inspections. Therefore, quality must be an integral element in the manufacturing process, so the process must be controlled by continuous monitoring with appropriate sensors or by taking out products for inspection during intermediate manufacturing stages. Therefore, high initial costs are expected to adversely affect the manufacturing and logistics of temperature sensors.

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. Although the widespread use of temperature sensors in HVAC systems and consumer electronics equipment has led to an increase in the shipments of these sensors, sales growth has been significantly restrained by price erosion. This is partly due to intense competition among a growing number of sensor manufacturers, resulting in rapid innovation of new temperature sensors. The simple availability of technology has further increased the pressure on the already fragmented temperature sensor market and created intense competition among the manufacturers.

Scope of Market report: