Thermocouple Market - Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

A thermocouple is a device used for measurement of temperature by joining a pair of two wires by using dissimilar metals such as copper and iron. The ends of the wires are connected with a gadget called voltmeter that is used to measure the difference in potential created at the junction of the two metals. Temperature range, accuracy required, and length of service are some of the important factors which one needs to keep in mind while selecting thermocouple alloys. The thermocouple is a type of temperature sensor which is extensively used. They are interchangeable, inexpensive, and are equipped with standard connectors, and can measure a wide range of temperatures.

Driving Factors:

  • Increasing the use of thermocouples in temperature-controlled rooms, boilers, and furnaces are expected to increase the demand for thermocouples during the forecast period.

  • Growing automation is leading to increasing demand for thermocouples, which is projected to be the fastest-growing technology in the coming years.

  • Rising focus on security and safety and quality standards in the manufacturing and production industries is further driving the demand for thermocouples. Thermocouples have many applications such as measurement of temperature, gas turbine exhaust.

  • Moreover, they are used as flame sensor safety devices for gas-powered applications.

  • The rising demand for advanced healthcare equipment is pushing the thermocouple market.

  • Growing technologies such as portable health monitoring systems and advanced patient monitoring systems impact the growth of the thermocouple market. The thermocouple plays a vital role in food safety management. It helps in the monitoring and controlling process at various stages such as cooking, reheating, cooling, and freezing.

  • The rising number of food and processing unit is expected to fuel the market over the forecast period.

  • Thermocouples are also used in personal computers mainly for monitoring and controlling the temperature of the CPU. Usually, 4–5 temperature sensor ICs are used in laptops and desktops. The measuring and monitoring of temperature become highly essential as desktops and laptops are vulnerable to overheating.

Market Segmentation:

  • The global thermocouple market can be segmented in terms of product type, metal type, end-use, and geography.

  • In terms of product type, the global thermocouple market is segmented into a contact type temperature sensor and non-contact type temperature sensor. The contract type temperature sensor is segregated into a bimetallic temperature sensor, resistive temperature detector (RTD), and temperature sensor IC.

  • In terms of metals used in the sensors, the global thermocouple market is divided into gold, copper, nickel, platinum, palladium, etc.

  • On the basis of end-use, the global thermocouple market is segmented into industrial application, automotive, optical, metal manufacturing, aerospace, and defense applications

  • Based on geography, the thermocouple market is categorized across North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to lead the market in terms of share due to advancements in technologies and the growing automation industry. The Asia Pacific is expected to lead the market in terms of the growth rate of thermocouples due to increasing industrialization and improved standard of living in the region. 

Competitive Landscape:

  • Key players in the thermocouple market are Wilcon Industries, Innovative Sensor Technology IST AG, Watlow, and Microchip Technology Inc., Omega, HONEYWELL, Danfoss, ABB, Shangyi Group, SIEMENS, Tiankang, Omron, Jumo and other players are planning to enter into the global Thermocouple market during the forecast period.

  • The thermocouple is a fragmented market due to the presence of various local and international players globally. Companies are focusing on product technology and add-on features that would provide extra cooling & exhausting facility and comfort to the users, in order to isolate their products from opponents.

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