Thermocouple Wire Market
This paragon 240-page report, from Stratview Research, studies the thermocouple wire market over the trend period of 2013 to 2018 and the forecast period of 2019 to 2024. The report estimates the current and future demand for thermocouple wires at the global, regional, as well as country-level. The report also studies all the major suppliers of thermocouple wires located across the globe. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies in order to expedite their growth process.
The Thermocouple Wire Market: Highlights
Thermocouple is a sensor used to measure temperature. It consists of two dissimilar metals in the form of wires, which are joined together at the sensing end. These thermocouple wires in a thermocouple probe help to sense temperature using the point of cold junction compensation (cjc end). Thermocouples wires are of different types and each thermocouple wire has its unique characteristics in terms of temperature range, durability, vibration resistance, chemical resistance, and application compatibility. For instance, type K thermocouple wire is used for operation in the temperature range of –270°C to 1260°C and is composed of nickel alloys. Type K, J, N, T, and E are the base metal thermocouples wires, whereas type R, S, and B are the Nobel metal thermocouples wires. Thermocouple wires are used in many industrial, scientific, and OEM applications. They are mostly found in industrial markets, such as power generation, oil & gas, pharmaceutical, biotech, cement, and paper manufacturing.
The global thermocouple wire market 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.
In terms of regions, Asia-Pacific is projected to remain the largest market for thermocouple wires during the forecast period. Asia-Pacific dominates the global market in terms of chemical, steel, aluminum, and glass production. Expanding the automotive and aerospace industries are further fuelling the growth of the thermocouple wire market in the region. China is the growth engine of the region’s market and is one of the largest producers of chemicals and petrochemicals across the world. China’s automotive and aerospace industries are also witnessing significant growth, owing to the availability of necessary inputs and availability of cheap labor. These factors are driving the growth of the thermocouple wire market in the region.
Europe is projected to remain the second-largest market for thermocouple wires during the forecast period. Increasing automotive production, ongoing economic recovery in the region, and expanding industrial sector are fuelling the growth of the thermocouple wires market in the region. Growing glass and steel production in the region are acting as a catalyst towards the growth of the thermocouple wires market in Europe.
The supply chain of this market comprises of raw material suppliers, thermocouple wire manufacturers, tier players, and end-users. The key players in the market are Sandvik AB, BASF SE, Belden Inc., TE Wire & Cable LLC, Pelican Wire Company Inc., Heraeus Holding GmbH, Shanghai Bluewin Wire & Cable Co., Ltd., Johnson Matthey PLC, Pyromation Inc., and Dwyer Instruments, Inc. Development of efficient and better oxidation-resistant thermocouple wires, expansion in untapped and growing markets, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.
Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The market is segmented into the following categories:
Thermocouple Wire Market, By End-Use Industry Type:
Thermocouple Wire Market, By Thermocouple Wire Type:
Thermocouple Wire Market, By Sales Channel Type:
Thermocouple Wire Market, By Region:
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