Market Size of Global Thermocouple Temperature Sensors Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 3.69 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Thermocouple Temperature Sensors Market Analysis
The Thermocouple temperature sensors market was valued at USD 709.89 million in 2020 and is expected to reach USD 882.3 million by 2026 and grow at a CAGR of 3.68% over the forecast period (2021 - 2026). The increasingly popular trend of the development of smart cities in countries is contributing to the high growth of the electronic security market.
- Further, the introduction of advanced technologies in the global sensors market, along with the constantly growing trend of digital transformation in the industrial world, has resulted in the rising demand for sensors, especially for smart sensors.
- Thermocouple temperature sensors are mainly used for thermal management and automatic transmissions systems in the automotive industry. Therefore, the stringent emission norms for automobiles, aggressive development in autonomous vehicles, and increasing penetration of electric vehicles (EV), globally, are some of the major factors driving the market growth. For instance, the Indian government is focusing on creating charging infrastructure and policy framework, so that by 2030, more than 30% of vehicles are electric vehicles.
- STMicroelectronics' entered into a partnership with Hyundai Autron, to launch a development lab for eco-friendly automotive sensor solutions. The collaboration will provide the environment for engineers to collaborate on pioneering solutions for eco-friendly vehicles, with a focus on powertrain controllers.
- However, technical awareness about sensor and heating issues in the extreme condition is the key restraints which hamper the market growth.