India Thermocouple Market Report and Forecast 2024-2032

India Thermocouple Market Outlook

The India thermocouple market is being aided by the growth of the global thermocouple market, which reached USD 778.32 million in 2023. The global thermocouple market is projected to grow further in the coming years, growing at a CAGR of 3.5% between 2024 and 2032.

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The Asia Pacific is a significant market in the thermocouple industry. In the Asia Pacific, the industry is dominated by China and India. The substance finds a significant proportion of its application in the Asia Pacific in processing industries like steel, cement, and glass.

Growth of the Manufacturing Sector to Aid the Thermocouple Industry Growth in India

India is a leading market for thermocouple in the Asia Pacific region. The thermocouple market in India is being driven by the growing manufacturing sector in the country. The market is being aided by the various government schemes like ‘Make in India,’ encouraging the expansion of industries within India and attracting investment from local and global players. The industry is being driven by the robust demand from the steel industry. India is one of the largest steel producers globally. The growth in the end-use sectors of steel like infrastructure will also propel the thermocouple industry forward. India, along with China and the US, is expected to be one of the leading construction markets in the coming years.

Thermocouple: Market Segmentation

A thermocouple comprises of two wires made of two different metal types, which are joined together to create a junction, from where temperature can be measured. They can vary in their properties like chemical resistance, temperature range, durability, vibration resistance, and application compatibility. Thus, based on their different product types, they can be categorised as:

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• Type K
• Type J
• Type R
• Other

They are made of raw materials like nickel, iron, copper, or platinum, among others. They are used in the following sectors:

• Power Generation
• Energy
• Chemical and Petrochemical
• Automotive
• Metals and Mining
• Food and Beverage
• Others

By sensor type, the industry is bifurcated into:

• Contact Type
• Non-Contact Type

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Market Analysis

The thermocouple market in India is concentrated in the western and southern regions of the country. The industry in India is being driven by the rising infrastructural investments and the growth in urbanisation. The industry is also being aided by favourable government schemes attracting investments into the end-use sectors of thermocouples. The demand for the substance in the country is witnessing a robust growth, especially from the steel sector.

Thermocouples also find extensive application in the automotive sector, which is one of the leading application sectors of the substance globally. They are used to measure and record essential readings in the automobiles and are used in parts like spark plugs, cylinder heads, car batteries, brake discs, and exhaust gas readings, among others. Thus, the Indian market for thermocouple is also aided by the robustly growing automotive industry in the country. The country accounted for the fourth largest sales of vehicles, globally, and was the seventh largest commercial vehicles manufacturer in 2017. The rising market for e-vehicles in the country is further driving the thermocouple industry in the country. The oil and gas segment in the country is witnessing a robust growth, providing further impetus for the industry growth in the country. India is one of the largest oil refiners in the continent and is the third largest consumer of energy globally.

Key Industry Players in the India Thermocouple Market

The report gives a detailed look into the following key players in the India thermocouple market, covering their market share, capacity, and latest developments like capacity expansions, mergers, acquisitions, and investments, and plant turnarounds:

• Honeywell International Inc
• ABB Ltd.
• Tempsens Instrument Pvt. Ltd.
• General Instruments Consortium
• S.R.I Electronics
• Others

The EMR report gives an in-depth insight into the manufacturing process, including the costs involved. It assesses the market based on the Porter’s Five Forces model as well as through SWOT analysis. The comprehensive report analyses the micro and macro aspects of the industry.

Key Highlights of the Report