Thermocouple Wire Market Report
The Thermocouple Wire Market is Segmented by End-Use Industry Type (Transportation, Steel & Metal Processing, Glass & Ceramics, Power, Oil & Gas, and Others), by Thermocouple Wire Type (Type K, Type J, Type N, Type R, Type S, and Others,), by Sales Channel Type (Distributor Sales and Direct Sales), and by Region (North America, Europe, Asia-Pacific, and Rest of The World)
The Thermocouple Wire Market is Segmented by End-Use Industry Type (Transportation, Steel & Metal Processing, Glass & Ceramics, Power, Oil & Gas, and Others), by Thermocouple Wire Type (Type K, Type J, Type N, Type R, Type S, and Others,), by Sales Channel Type...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The global thermocouple wire market size is forecasted to grow at an impressive rate over the next five years to reach an estimated value of US$ 507.0 million in 2024. Increasing worldwide steel and aluminum production along with expanding transportation sector is one of the major factors driving the growth of thermocouple wire market. Thermocouples wires are used in the critical hot section of these industries. Another trend that is impacting the growth of thermocouple wire market is the growing usage of aluminum and steel in the automotive and aerospace industries. These industries support aluminum and advanced-high-strength-steel (AHSS) as a lightweight option and are continuously running research and development to implement it in their crucial sections.
Based on the end-user industry type, the market is segmented into transportation, steel & metal processing, glass & ceramics, power, oil & gas, and others. The transportation industry is likely to remain the growth engine of the market during the forecast period. Increasing automotive production, especially in the emerging economies, such as China and India; increasing demand for metro and high-speed bullet trains; and increasing aircraft deliveries are driving the demand for thermocouple wires in this industry.
Based on the wire type, the market is segmented into type K, type J, type N, type R, type S, and others. Type K thermocouple wire is expected to remain the most dominant segment of the market during the forecast period. However, type N thermocouple wire is expected to be the fastest-growing segment over the same period. Type K wires are dominantly used in the market, owing to their excellent resistance to oxidation and corrosion. Wide operating temperature range of type K and its capabilities to perform in extreme environmental conditions have made it as a perennial choice over other thermocouple wires.