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Global Thermocouple Market to Grow at a CAGR of 4.80% During 2022-2027, Aided by Applications in Plastic Manufacturing Industry

According to a new report by EMR titled, ‘Global Thermocouple Market Report and Forecast 2022-2027’, the market is estimated to grow at a CAGR of 4.80% in the forecast period of 2022-2027.

The growth in the global market for thermocouple can be attributed to its use as temperature sensors across industry verticals owing to its accuracy in measurements. Temperature sensors are fitted in injection molding machines, which are used in plastic processing applications. Hence, the extensive production of plastic products for different applications is propelling the growth of the market. Because of the high temperatures involved, type K and J base thermocouple materials are popularly used as temperature monitors. This is providing impetus to the market. Apart from this, thermocouples find extensive applications in the snack food packaging industry where packaging machineries are equipped with temperature sensing probes and heaters. This allows for an accurate temperature analysis, thereby resulting in precise packaging of the food material. The rising availability of packed food products such as biscuits, frozen foods, and snacks, among others, are contributing to the growth of the market.

Integrated Device Technology, Inc., a subsidiary of Renesas Electronics Corporation (TSE: 6723), launched its new ZSSC4175 sensor signal conditioner for dual thermocouples in June 2019. Designed for automotive exhaust system applications, it provides highly accurate amplification and sensor-specific correction of thermocouple signals to ensure precise measurement of exhaust gas temperatures. The  ZSSC4175 sensor signal conditioner has dual inputs for thermocouple signals and uses a 16-bit RISC microcontroller to digitally compensate for offset, sensitivity, temperature drift and nonlinearity. Thermocouples are extensively used to measure exhaust gas temperatures; the data is then used by engine management systems to reduce harmful emissions and improve fuel economy. Thus, such developments by leading market players are stimulating the growth of the market.

Market Analysis by Configuration Type, Raw Material, Application, and Region:

  • Based on configuration type, the market can be divided into type K, type J, and type R, among others.
  • On the basis of raw material, the market can be categorised into nickel, iron, copper, and platinum, among others.
  • The market, based on application, can be segmented into power generation, energy, chemical and petrochemical, automotive, and food and beverage, among others.
  • The major regional markets for the product include North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.

Key Findings of the Report:

  • The market is being driven by the extensive applications of thermocouples as temperature sensors across industry verticals.
  • In the food and beverage sector, thermocouples are used in cooking equipment like ovens, fryers, and grillers, among others, to ensure precise cooking, thereby bolstering the market growth.
  • The market growth can be associated with the robust demand for thermocouples to measure exhaust gas temperatures in vehicles.
  • Thermocouples are used as an essential component of automatic temperature control (ATC) systems of electric vehicles to ensure the health of battery.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for thermocouple for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) markets for configuration types, raw materials, applications, and major regions.
  • The report analyses market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global thermocouple market are ABB Ltd., Honeywell International Inc., Maxim Integrated Products, Inc., Temperature Specialists, Inc., Yamari Industries, Limited, Tempsens Instrument Pvt. Ltd., and S.R.I Electronics, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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