The rise in demand for next generation advanced temperature monitoring solution across automotive and oil & gas sectors drives the growth of the global resistance temperature detector market.
PORTLAND, Ore. , July 13, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Resistance Temperature Detector Market 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): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global resistance temperature detector industry generated $935.16 million in 2021, and is anticipated to generate $1.7 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031.
The rise in demand for next generation advanced temperature monitoring solution across automotive and oil & gas sectors and demand for resistance temperature detector sensor solutions in electronic vehicles drive the growth of the global resistance temperature detector market. Moreover, ascending investment towards the growth of oil & gas pipelines presents new opportunities in the coming years.
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The outbreak of the Covid-19 pandemic has had a negative impact on the global resistance temperature detector market, owing to supply chain disruptions that decreased the sales of target product.
With shutdown of manufacturing activities by end use verticals, the demand for RTD sensors were hampered.
The market is expected to recover soon in post-pandemic.
The platinum segment to maintain its leadership status throughout the forecast period
Based on material, the platinum segment held the highest market share in 2021, accounting for more than two-fifths of the global resistance temperature detector market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.2% from 2022 to 2031. Platinum based RTD is the most preferred option for precise and accurate temperature measurement, which drives the segment. Other segments analyzed in the report include nickel and copper.
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The three wire RTD sensors segment to maintain its lead position during the forecast period
Based on configuration type, the three wire RTD sensors segment accounted for the largest share in 2021, contributing to nearly half of the global resistance temperature detector market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.6% from 2022 to 2031, due to usage in numerous end use verticals, especially in heavy industrial manufacturing field. Other segments analyzed in the report include two wire RTD sensors & four wire RTD sensors.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue 2021, accounting for more than one-third of the global resistance temperature detector market, as it is one of the early adopters and developers of end-use vertical products in food & beverages, consumer electronics, automotive, and heavy industrial goods manufacturing sectors. However, the Asia-Pacific region is expected to witness the fastest CAGR of 7.3% from 2022 to 2031. This is attributed to advanced energy supplying and generation system.
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