Press release
Resistance Temperature Detector Market is Expected to Reach $1.7 Billion by 2031, Growing at a CAGR of 6.26%
Resistance Temperature Detector Market
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The growth of the resistance temperature detector industry is majorly driven by the advanced temperature monitoring system in EV is amplifying demand for resistance temperature device coupled with mounting heating cable demand, backed by advancing urbanization to boost demand from OEM.
Furthermore, ascending investment towards growth of Oil & Gas pipelines to facilitate the growth of market is anticipated to drive the resistance temperature detector market trends. However, rising tension between China and other developing as well as developed economies and availability of large number of substitutes to restrain growth of resistance temperature sensor market are acting as some of the prime restraint of the market.
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In addition, government compliances and regulatory landscape is expected to restrain the market growth in coming years. On the contrary, remote resistance temperature sensor coupled with customization factor to open up numerous markets is anticipated to provide lucrative opportunities for the expansion of the resistance temperature detector market during the forecast period.
Competitive Analysis:
The company profile section of the Resistance Temperature Detector Market report covers strategic developments, business overview, product offerings, and financial performance of the companies. It also highlights the strategies adopted by companies such as products launch, agreements, partnerships, acquisitions mergers, collaborations, joint ventures, research & development investment, and regional expansion in the past few years.
Some of the major key players of the global Resistance Temperature Detector Market include,
• ABB Ltd.
• Analog Devices
• Emerson Electric Co
• General Electric
• Kongsberg GRUPEEN
• Microchip Technology Inc
• NXP Semiconductor N.V.
• Omega Engineering
• Panasonic Holding Corporation
• STMicroelectronics
Report Overview:
https://www.alliedmarketresearch.com/resistance-temperature-detector-market-A16817
According to resistance temperature detector market analysis, the three wire RTD sensors segment was the highest contributor in 2020, due to surge in adoption of resistance temperature detector sensor solution across automotive sectors. The platinum and nickel segments collectively accounted for around 70.9% Resistance Temperature Detector Market Share in 2021.
Surge in adoption of next generation state of the art radio temperature detector technology in oil gas and government sectors has led the growth of the resistance temperature detector sensor solutions; thereby, enhancing the resistance temperature detector sensor market growth.
Key Findings of the Study
• In 2021, the platinum segment accounted for maximum revenue, and is projected to grow at a notable CAGR of 7.2% during the forecast period.
• The platinum and nickel segments together accounted for largest market share of the resistance temperature detector sensor market trends in 2021.
• The consumer electronics segment is projected to growth at a CAGR of 7.6% during the forecast period.
• North America contributed for the major share in the resistance temperature detector sensor market, accounting for more than 40% share in 2021.
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