The Future of Thermocouple Wire Market in the forecast period (2019-2024) as predicted by Stratview Research

The report on Thermocouple Wire Market published by Stratview Research focusses on current trend insights and also predicts about the market condition and its future in the forecast period of 2019 - 2024

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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.

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End-User Type Segment

Based on the end-user industry type, the thermocouple wire 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.

Wire Type Segment

Based on the wire type, the thermocouple wire 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.

Region Wise Segment

In terms of region, 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.

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Highlights of 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). 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 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 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.

Features of the Report

This report offers high-quality insights and is 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.
Based on the research, a proper report is crafted with the following key features:
• 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

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