Resistance Temperature Detector Market Expected to Reach $1.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, 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.