Thermocouple Wire Market to Reach US$ 507 Million in 2024, Says Stratview Research

Stratview Research 05-09-19

Stratview Research announces the launch of a new research report on Thermocouple Wire Market 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), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2019-2024.

This 240-page market 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.

Thermocouple Wire Market: Highlights from the Report

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). They 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.

As per Stratview Research, the global thermocouple wires 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 the market. Thermocouples wires are used in the critical hot section of these industries. Another trend that is impacting the growth of this 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 activities to implement it in their crucial sections.

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Based on end-user industry type, 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 wire is expected to remain the most dominant segment of the market during the forecast period owing to their excellent resistance to oxidation and corrosion. However, type N is expected to be the fastest-growing segment over the same period. 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.

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In terms of region, Asia-Pacific is projected to remain the largest market for thermocouple wires during the forecast period. The region dominates the global market in terms of chemical, steel, aluminum, and glass production. Expanding automotive and aerospace industries are further fueling the growth of the market in the region. Whereas, 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 fueling the growth of the market in the region. Growing glass and steel production in the region are acting as a growth catalyst as well.

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 are some of the key players in the market. 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.

Report Features

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 on 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:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.

  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.

  • Market trend and forecast analysis.

  • Market segment trend and forecast.

  • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.

  • Attractive market segments and associated growth opportunities.

  • Emerging trends.

  • Strategic growth opportunities for the existing and new players.

  • Key success factors.

This report studies the global thermocouple wire market and has segmented the market in four ways, keeping in mind interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:

Thermocouple Wire Market, By End-Use Industry Type:

  • Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Steel & Metal Processing (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Glass & Ceramics (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Power (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Oil & Gas (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Thermocouple Wire Market, By Thermocouple Wire Type:

  • Type K (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Type J (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Type N (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Type R (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Type S (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Thermocouple Wire Market, By Sales Channel Type:

  • Distributor Sales (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

  • Direct Sales (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Thermocouple Wire Market, By Region:

  • North America (Country Analysis: The USA, Canada, and Mexico)

  • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)

  • Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)

  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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