The global thermocouple temperature sensors market size is expected to witness a CAGR of 3.8% from 2023 to 2033. It is anticipated to hit a valuation of USD 1110.0 million by 2033.
The global thermocouple temperature sensors market is likely to reach USD 767.7 million in 2023. It is set to create a total financial potential of USD 342.3 million in the review period.
The ability of thermocouple temperature sensors to measure several ranges of temperatures is a key factor pushing their demand. These are expected to measure very high (up to 2300°C or more) and extremely low or cryogenic temperatures. Their high versatility might make them a preferred choice in industries where temperature monitoring and control are vital.
Resistance to harsh climatic conditions and high durability are other factors augmenting thermocouple temperature sensor sales. These are capable of resisting high pressures, vibrations, and corrosive substances. Hence, these are suitable for manufacturing, aerospace, automotive, and petrochemical industries.
Thermocouple temperature sensors are affordable and might expand their usage across diverse budget-conscious companies. A shift towards other temperature sensors, such as thermistors and platinum resistance thermometers (RTDs), might decline.
Industrial processes often require real-time temperature control and monitoring. This is expected to propel demand as thermocouple temperature sensors have a fast response time.
| Attributes | Key Insights |
|---|---|
| Thermocouple Temperature Sensors Market Estimated Size (2023E) | USD 767.7 million |
| Thermocouple Temperature Sensors Market Projected Valuation (2033F) | USD 1110.0 million |
| Value-based Thermocouple Temperature Sensors Market CAGR (2023 to 2033) | 3.8% |
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Internet of Things (IoT) to Create New Opportunities in North America
New opportunities for process improvement are expected to emerge in North America owing to the Internet of Things (IoT). For far more precise monitoring, a handful of businesses, including chemical manufacturers, are adding hordes of sensors.
New sensors are expected to provide information to computers, which would further evaluate it and use it to control processes by altering pressures, temperatures, or component combinations. A physical product might be moved as it travels down an assembly line using sensors, ensuring it reaches the machine tools in the best possible position.
Introduction to Smart Devices Might Push Sales in Asia Pacific
The IoT technologies that have already entered the Asia Pacific are capturing the attention of both customers and the media. These smart gadgets have sensors and can easily integrate with other devices or the cloud over the internet. These are expected to help produce data that improves world security, productivity, and well-being.
IoT gadgets like thermostats that change the temperature automatically are expected to become commonplace quickly. Production-line sensors that alert workshop managers about machine health might also gain momentum. Inventors might seek to allow more advanced IoT capabilities for advanced applications such as self-driving cars, drone delivery services, and other technologies.
The global thermocouple temperature sensors market expanded at a CAGR of 5.2% in the historical period from 2018 to 2022. It is anticipated to witness a CAGR of 3.8% from 2023 to 2033. The market stood at USD 732.5 million in 2022.
| Historical Thermocouple Temperature Sensors Market CAGR (2018 to 2022) | 5.2% |
|---|---|
| Historical Market Value (2022) | USD 732.5 million |
Several companies across the globe are set to develop new equipment or systems that would be able to use thermocouples for measuring temperature. They are expected to expand or upgrade their equipment, which might require the continuous use of thermocouple temperature sensors. These are set to help them in ensuring consistency and compatibility.
Thermocouple temperature sensors are ideal for applications where frequent recalibrations and adjustments are needed to maintain high accuracy. These sensors have excellent field calibration properties, so their utilization is anticipated to skyrocket.
Industries having environments of high emissivity are anticipated to require thermocouple temperature sensors through 2033. As these can measure the temperature without needing to touch the surface, such as ovens or furnaces, their demand might surge.
Thermocouple temperature sensors are anticipated to be a crucial product in those industries where radiofrequency interference (RFI) is accepted. In such scenarios, these sensors might be less prone to RFI than other sensors that measure temperature.
In the aerospace and defense industry worldwide, thermocouple temperature sensors are expected to have extensive usage by 2033. These are set to be used in missile guidance systems and aircraft engine monitoring, further propelling demand.
Principal Consultant
The table below offers a semi-annual update on the growth rate of the global thermocouple temperature sensors market over two different periods, namely, H1 and H2, spanning from 2022 to 2033. CAGRs of each period exhibit the estimated average annual growth rates.
They vary between 3.50% to 4.10% for the primary portion of each period and from 3.70% to 3.60% for the second. This proves a largely favorable growth tendency with slight fluctuation across diverse periods.
| Particular | Value CAGR |
|---|---|
| H1 (2022 to 2032) | 3.50% |
| H2 (2022 to 2032) | 3.60% |
| H1 (2023 to 2033) | 4.10% |
| H2 (2023 to 2033) | 3.70% |
In the below table, the latest current trends observed in thermocouple sensors market, growth obstacles, and upcoming opportunities are given. Global strategy for thermocouple sensors market would enable stakeholders to invest in the right area and gain profit.
| Attributes | Key Factors |
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| Latest Trends |
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| Upcoming Opportunities |
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| Challenges |
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The below table explains the thermocouple temperature sensors market size of top 5 countries in the thermocouple temperature sensors market. Global forecast of thermocouple sensors industry by country states that the United States is anticipated to remain at the forefront by reaching a size of USD 196.5 million by 2033.
China might reach USD 176.3 million in 2033. Japan is expected to follow the United States and China to create a moderate thermocouple temperature sensor demand worth USD 115.2 million.
| Countries | Market Value (2033) |
|---|---|
| United States | USD 196.5 million |
| United Kingdom | USD 45.1 million |
| China | USD 176.3 million |
| Japan | USD 115.2 million |
| South Korea | USD 61.1 million |
In the below table of the global opportunity for thermocouple sensors, CAGRs of the top 5 countries are provided. Out of the 5, South Korea and the United Kingdom are likely to remain in the leading positions by exhibiting CAGRs of 5.4% and 5.1%, respectively from 2023 to 2033. Followed by these, Japan and China are expected to witness thermocouple temperature sensor sales at CAGRs of 4.9% and 4.1%, respectively.
| Countries | Value-based CAGR (2023 to 2033) |
|---|---|
| United States | 3.9% |
| United Kingdom | 5.1% |
| China | 4.1% |
| Japan | 4.9% |
| South Korea | 5.4% |
The United States is anticipated to hold a considerable thermocouple temperature sensor market share in 2033. It is expected to generate a tangible financial prospect worth USD 62.8 million in the forecast period. It grew at a CAGR of 5.6% in the historical period from 2018 to 2022 in the thermocouple temperature sensors market.
The pharmaceutical and biotechnology industries are expected to surge rapidly in the United States. Hence, the need for temperature monitoring for production, development, and research applications is expected to rise. Manufacturing facilities and laboratories in the country are expected to demand these sensors to ensure guideline compliance and product quality checks.
As per the European Federation of Pharmaceutical Industries and Associations (EFPIA), in contrast to Europe, which accounted for 23.9% of global pharmaceutical sales in 2020, North America contributed to 49.0% of them. This will further raise the need for laboratories to conduct research, thereby driving the demand for thermocouple temperature sensors.
The United Kingdom is set to build a specific monetary advantage of USD 17.5 million through 2033 in the thermocouple temperature sensors market. The country recorded a CAGR of 6.6% in the thermocouple temperature sensors market in the historical period.
Increasing environmental concerns in the United Kingdom are expected to push the demand for green building practices. These further augment the demand for temperature sensors in smart buildings and energy-efficient HVAC systems.
The Government of the United Kingdom outlined plans to enhance the environmental performance of new homes in response to a discussion on the Future Homes Standard. It aims to install low-carbon heating to make every home energy efficient, which would help the country to be ready for zero carbon by 2025.
China is set to create a measurable financial benefit worth USD 58.4 million in the thermocouple temperature sensors market assessment period by 2033. It registered a steady CAGR of 6.5% from 2018 to 2022.
Ongoing expansion of China's automotive, electronics, and manufacturing industries is anticipated to bolster thermocouple temperature sensor sales. These industries are projected to rely mainly on temperature control and monitoring, which might push the market size of thermocouple sensors domestically.
According to the University of Maryland, the leading sector in China, electronics, has been a cornerstone of success, with a rise of about 20% yearly. The electronics industry is receiving significant subsidies from the central government. This might help it attract international investment and serve as a multiplier for advancing research and technology.
Japan will likely construct a profit potential worth USD 43.9 million in the forecast period in the thermocouple temperature sensors market. It expanded at a decent CAGR of 7.1% between 2018 and 2022.
Presence of a well-established automotive sector in Japan is set to be a significant factor in propelling demand. This sector will likely use thermocouple temperature sensors in manufacturing processes, exhaust systems, and engines to meet emission norms.
The International Trade Administration unveiled that around 3,675,650 new automobiles were sold in 2021 in Japan, with 40.5% of those being electric vehicles. For battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell electric vehicles (FCEVs), the maximum recent government rebates are USD 5,200, USD 3,600, and USD 18,500, respectively.
South Korea is expected to formulate a definite financial opening worth USD 24.8 million through 2033. It witnessed a thermocouple temperature sensors market CAGR of 7.5% in the historical period.
Increasing investments by the government of South Korea in new renewable energy projects such as wind and solar farms might accelerate demand. Thermocouple temperature sensors are likely to help allow for efficient energy maintenance and production, thereby coordinating with South Korea’s sustainability goals.
In June 2023, for instance, Hyundai Engineering & Steel Industries introduced Hyundai Frontier in South Korea. It would be the country’s first-ever offshore wind installation vessel. It is outfitted with a jacking system that raises the hull above the water's surface and fixes it.
The table below highlights global demand for thermocouple sensors by application. Under application, the food & beverage segment, while smaller, is set to showcase a significant CAGR of 3.6% through 2033. It is expected to be followed by power generation, automotive, petrochemicals & chemicals, oil & gas, metals & mining, and other application segments.
| Category | Application |
|---|---|
| Sub-category | Food & Beverage |
| Value-based CAGR (2023 to 2033) | 3.6% |
In terms of application, the food & beverage segment is anticipated to showcase a CAGR of 3.6% from 2023 to 2033. It expanded at a considerable CAGR of 5.0% from 2018 to 2022 in the thermocouple temperature sensors market. This proves that thermocouple temperature sensor demand is projected to decline by around 28% in 2033 compared to 2018.
Thermocouple temperature sensors are likely to play a significant role in maintaining and evaluating the purity of cold chains. These also help ensure that food & beverages remain fresh throughout transportation and storage. Food companies are expected to demand tools that offer accurate thermocouple measurements to prevent contamination.
Several quality and quantity norms across the globe govern the food & beverage industry. Thermocouple temperature sensors are highly reliable and accurate and can help keep up with safety standards related to temperature. This is further anticipated to push the thermocouple temperature sensors market worldwide.
Declining CAGR in the forecast period might result from the launch of innovative sensors such as infrared sensors and resistance temperature detectors (RTDs). These are anticipated to be highly suitable for food & beverage applications, thereby creating intense competition for thermocouple sensors.
Key players in the thermocouple sensors industry focus on cost leadership, consumer-centric approach, mergers & acquisitions, sustainability, and quality assurance to compete. They strive to ensure that products meet stringent norms and industry standards for developing client trust.
They are also merging with or acquiring local companies to broaden their technological innovations, market share, and product portfolios. At the same time, they plan to consolidate to obtain high thermocouple temperature sensors market influence and economies of scale.
Leading thermocouple sensor companies are expected to integrate their products with Industry 4.0 and the Internet of Things (IoT) to deliver real-time process optimization, predictive maintenance, and data management solutions. They are set to develop digital software solutions and platforms to analyze and simplify complex data for clients.
Leading Manufacturers of Thermocouple Temp Sensors
| Attribute | Details |
|---|---|
| Estimated Thermocouple Temperature Sensors Market Size (2023) | USD 767.7 million |
| Projected Thermocouple Temperature Sensors Market Valuation (2033) | USD 1110.0 million |
| Value-based Thermocouple Temperature Sensors Market CAGR (2023 to 2033) | 3.8% |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Value (USD million) |
| Segments Covered | Application, Region |
| Regions Covered | North America; Latin America; East Asia; South Asia Pacific; Western Europe; Eastern Europe; Middle East & Africa |
| Key Countries Covered in Thermocouple Temperature Sensors Market | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, GCC Countries, India, China, Japan and Australia |
| Key Companies Profiled in Thermocouple Temperature Sensors Market | ABB Ltd; Analog Devices, Inc.; Emersion Electric Co; General Electric Company; Honeywell International, Inc. |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
The thermocouple temperature sensors market might top USD 1110.0 million by 2033.
The thermocouple temperature sensors market might show a 3.8% CAGR from 2023 to 2033.
ABB Ltd, Analog Devices, Inc., and Emersion Electric Co are key players.
The United States is expected to lead in terms of share by 2033.
Food & beverage, automotive, and oil & gas industries use thermocouple temperature sensors.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 5.1. Food & Beverage 5.2. Power Generation 5.3. Automotive 5.4. Petrochemicals & Chemicals 5.5. Oil & Gas 5.6. Metals & Mining 5.7. Other Applications 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 6.1. North America 6.2. Latin America 6.3. Western Europe 6.4. Eastern Europe 6.5. South Asia and Pacific 6.6. East Asia 6.7. Middle East and Africa 7. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. ABB Ltd 16.2. Analog Devices, Inc 16.3. Emersion Electric Co 16.4. General Electric Company 16.5. Honeywell International, Inc. 16.6. Kongsberg Gruppen ASA 16.7. Maxim Integrated Products, Inc. 16.8. Microchip Technology, Inc. 16.9. Mouser Electronics, Inc 16.10. NXP Semiconductors NV 17. Assumptions & Acronyms Used 18. Research Methodology
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Thermocouple Temperature Sensors Market
