The growth of the resistance temperature detector market is majorly driven by the advanced temperature monitoring system in EV is amplifying demand for RTD sensors 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 market growth. However, rising tension between China and other developing as well as developed economies and availability of large number of substitutes to restrain growth of RTD sensor market are acting as some of the prime restraint of the market. In addition, government compliances and regulatory landscape is expected to restrain the market growth in coming years. On the contrary, remote RTD 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.
The resistance temperature detector sensor market is segmented by material, configuration type, end use industry, and region. On the basis of material, the market is divided into platinum, nickel, copper, and others. Based on configuration type, the market is segmented into two wire RTD sensors, three wire RTD sensors, and four wire RTD sensors. On the basis of end use industry, the market is bifurcated into food processing industry, automotive industry, chemical industry, consumer electronics, and others. Region-wise, the resistance temperature detector sensor market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of the Europe), Asia-Pacific (China, India, Japan, South Korea, and the rest of the Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players operating in the 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, and STMicroelectronics.
KEY BENEFITS FOR STAKEHOLDERS
This study comprises analytical depiction of the resistance temperature detector sensor market size along with the current trends and future estimations to depict the imminent investment pockets.The overall Resistance Temperature Detector Market Analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to Resistance Temperature Detector Market Opportunity, drivers and restraints with a detailed impact analysis on Resistance Temperature Detector Market Growth.
The Resistance Temperature Detector Market Forecastis quantitatively analyzed from 2022 to 2031 to benchmark the financial competency.
The Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the RTD Sensor.
The report includes the share of key vendors and Resistance Temperature Detector Market Trends.
Key Market Segments
By Material
- Platinum
- Nickel
- Copper
- Others
By Configuration Type
- Two Wire RTD Sensors
- Three Wire RTD Sensors
- Four Wire RTD Sensors
By End Use Industry
- Food Processing industry
- Automotive industry
- Chemical industry
- Consumer Electronics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- United Kingdom
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Emersons Electric
- Analog Devices Inc.
- ABB Ltd
- Kongsberg Gruppen
- NXP Semiconductors N.V.
- omega engineering
- Panasonic Corporation
- Microchip Technology Inc.
- STMicroelectronics
- General Electrics
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Table of Contents
Executive Summary
According to the report, titled, “Resistance Temperature Detector Market," the resistance temperature detector market size was $935.16 million in 2021, and is estimated to reach $1.7 billion by 2031, growing at a CAGR of 6.26% from 2022 to 2031.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. 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.
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.
The outbreak of COVID-19 has significantly impacted the resistance temperature detector market growth of the resistance temperature detector sensor market, owing to significant impact on prime market players. Conversely, rise in demand for cheapest resistance temperature detector sensor solution is anticipated to drive the market post pandemic. However, lack of availability of a professional workforce due to partial and complete lockdown implemented by governments restrained the growth of the resistance temperature detector sensor market. On the contrary, the emerging economies significantly witness the need for heat detector solution that is expected to boost the resistance temperature detector sensor market.
Country wise, U.S. holds a significant share in the resistance temperature detector sensor market, owing to the major organizations and government institutions in the country are intensely putting resources into the technology.
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.
- The key players profiled in the report include ABB Ltd., Analog Devices, Emerson Electric Co., General Electric, Kongsberg GRUPEEN, Microchip Technology Inc., NXP Semiconductor N.V., Omega Engineering, Panasonic Holding Corporation, and STMicroelectronics. Market players have adopted various strategies, such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the resistance temperature detector sensor market.
Companies Mentioned
- Emersons Electric
- Analog Devices Inc.
- Abb Ltd
- Kongsberg Gruppen
- Nxp Semiconductors N.V.
- Omega Engineering
- Panasonic Corporation
- Microchip Technology Inc.
- Stmicroelectronics
- General Electrics
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 260 |
Published | July 2022 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 935.1 million |
Forecasted Market Value ( USD | $ 1706.5 million |
Compound Annual Growth Rate | 6.2% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |