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

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

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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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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

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SOURCE Technavio