The global thermocouple temperature sensors market size was valued at USD 709.89 million in 2020, and is anticipated to register at a substantial CAGR during the forecast period, 2021-2028. The growth of market is attributed to growing trend and popularity towards the developing smart cities within countries.
Other factors such as enhancement of technologies in the global market accompanied by rising trend of digitization in the world of industry are resulting in the rising demand of the sensor market in the coming years.
Thermocouple temperature sensors 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.
Some of the major end-user industries such as chemical, oil & gas, consumer electronics, food & beverages, aerospace & defense, and glass are the main users of temperature sensor technologies.
The corona virus pandemic has caused the major set-back for the industry, causing the temporary shutting down of the production units. For e.g. Germany has been adversely affected with automobile trade as their primary clients are Italy and China.
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 report on the global thermocouple temperature sensor market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Thermocouple Temperature Sensor Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Applications (Power Generations, Food & Beverages, Automotive, Oil & Gas, Petrochemical & Chemicals, Metal & Mining, Aerospace, Other Applications (Electricals, Life science, Plastics, Water & Wastewater Management)) |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa. |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Honeywell International Inc.; Keyence Corporations; Maxim Integrated Inc.; NXP Semiconductors NV; Dafoss Group |
Based on applications, the market is segregated into power generations, food & beverages, automotive, oil & gas, petrochemical & chemicals, metal & mining, aerospace, and others. The others segment is further segregated into electrical, life science, plastics, and water & wastewater management.
The automotive segment is expected to hold a key share of the market during the forecast period owing to its portable and reduced size of sensor technologies which allows them to monitor the heating issue on regular basis, increasing the life of the device and reduces damage making sure the batteries are charged sufficiently, moreover production of EVs are yet another factor for the segments growth in the coming years.
In the terms of region, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to dominate the market during the projected period due to its major automotive market in the world and the home of major auto manufacturers.
Key players competing in the global thermocouple temperature sensor market include Honeywell International Inc.; Keyence Corporations; Maxim Integrated Inc.; NXP Semiconductors NV; Dafoss Group.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market share. For instance
In January 2019, Honeywell International Inc. introduced two new T-Series smart thermostats, the greatest difference between new and conventional thermostats T-series is support for wireless smart room sensors to balance the preferred temperature of the home.
In February 2019, STMicroelectronics announced a strategic partnership with Hyundai Auto to launch a development lab for eco-friendly automotive sensor solutions.
Key players competing in the global thermocouple temperature sensor market include Honeywell International Inc.; Keyence Corporations; Maxim Integrated Inc.; NXP Semiconductors NV; Dafoss Group.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market share. For instance
In January 2019, Honeywell International Inc. introduced two new T-Series smart thermostats, the greatest difference between new and conventional thermostats T-series is support for wireless smart room sensors to balance the preferred temperature of the home.
In February 2019, STMicroelectronics announced a strategic partnership with Hyundai Auto to launch a development lab for eco-friendly automotive sensor solutions.
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