Market Insights
A thermocouple wire is a temperature sensing element used in thermocouple probes for sensing temperature at critical sections of the various industrial equipment. There are different types of thermocouple devices based on the type of thermocouple wire utilized in them. A high-quality thermocouple wire must possess wide operating temperature ranges and excellent corrosion resistance along with long service life and high accuracy in extremely aggressive environments and high-temperature conditions. The emergence of IIoT or smart manufacturing practices is likely to generate huge potential for thermocouple probes (including thermocouple wire) in the market. Increasing collaborations between companies to gain technological intelligence for developing smart thermocouple probes with advanced features are also likely to boost the demand for thermocouples in various industries, which will ultimately support the exponential growth in the thermocouple wire market in the years to come.
The thermocouple wire market suffered a huge loss by the pandemic with a severe decline of -14.8% in 2020, which has severely affected a large number of stakeholders in the industry. Weakened demand for thermocouple wire from end-use industries, disruption in the supply chain, a temporary halt in manufacturing operations, and tumbling organic growth of various industries are the key factors that negatively impacted the market growth during the pandemic.
The market started to rebound from the year 2021 with the recovery in major markets led by growing nuclear power generation, recovery in aircraft and automotive production rates, recovering steel production, etc. Overall, the thermocouple wire market is likely to rebound at a promising CAGR of 5.8% in the long run to reach US$ 493.0 Million in 2027.
Segments' Analysis
Based on the end-use industry type, the thermocouple wire market is segmented as transportation, steel & metal processing, glass & ceramics, power, oil & gas, and others. Despite the pandemic, transportation is expected to remain the largest as well as the fastest-growing market for thermocouple wires during the forecast period owing to a wide-scale utilization of thermocouple wires in the automotive and aircraft industries coupled with increasing automotive production, improving air-passenger traffic, and rising demand for high-temperature thermocouple probes to test newly advanced lightweight parts.
Based on the thermocouple wire type, the market is segmented as type K, type J, type N, type R, type S, and others. Type K is expected to remain the dominant segment of the market, whereas type N is the fastest-growing thermocouple wire type in the market during the forecast period. The dominance of type K wire is led by its wide operating temperature range along with its capabilities to perform in extreme environmental conditions due to excellent oxidation resistance and high reliability. Type N, a lesser penetrated wire type, is expected to grow rapidly in the market and is mainly replacing type K wire.
Based on the sales channel type, the market is segmented as direct sales and distributor sales. Distributor sales are expected to maintain their dominance with faster growth over the next five years. A large number of thermocouple wire manufacturers prefers distributor channel to reach the maximum customers across the world. Major players in the market are forming wide distribution networks at various locations of the world. For an instance, Belden Inc. recently partnered with Omnicable and WireXpress to expand its sales across the USA.
In terms of regions, Asia-Pacific is expected to remain the largest as well as the fastest-growing market for thermocouple wires during the forecast period. Major players have set up their sales offices and manufacturing sites in the region to fulfill the huge demand for thermocouple wires generated from various end-use industries. The region is the largest producer of steel, automobiles, chemicals, and petrochemicals in the world. Moreover, the emergence of new aircraft OEMs and the expansion of Boeing and Airbus's manufacturing sites in the region is expected to enhance the growth of the market during the forecast period.
Europe is projected to remain the second-largest market for thermocouple wires during the forecast period. Recovering automotive production, ongoing economic recovery, and expanding industrial sector are fuelling the growth of thermocouple wires in the region. Expected growth in glass and steel production is acting as a catalyst for the growth of the thermocouple wires market in Europe.
Key Players
The following are the key players in the thermocouple wire market. Most of these major players are forward integrated and also provide thermocouples for different industries. The major players are leveraging their R&D capabilities to launch advanced thermocouple wires with advanced features. Some of the major players are the following.
- Sandvik AB
- BASF SE
- Belden Inc.
- TE Wire & Cable LLC.
- Pelican Wire Company, Inc.
- Heraeus Holding GmbH
- Johnson Matthey PLC
- Pyromation Inc.
- Dwyer Instruments, Inc.
- SAB BRÖCKSKES GmbH & Co. KG
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s thermocouple Wire market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. 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 to expedite their growth process.
This report offers high-quality insights and is the outcome of a 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 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 20 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.
Report Customization Options
This report provides market intelligence most comprehensively. 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:
- 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, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
the thermocouple wire market is segmented into the following categories.
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
- Direct Sales (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Distributor 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: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, The Middle East, and Others)
Report Customization Options
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com
