Global Platinum temperature sensor Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Platinum temperature sensor Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Platinum (Pt) sensors belong to the group of thermal resistance sensors. An RTD is an abbreviation for Resistive Temperature Detector and refers to a sensor whose resistance depends on temperature. By measuring the resistance of the sensor, the temperature can be determined. Its main features are high measurement accuracy and stable performance. It is not only widely used in industrial temperature measurement, but also made into a standard reference instrument.

Market Overview:

The latest research study on the global Platinum temperature sensor market finds that the global Platinum temperature sensor market reached a value of USD 47.51 million in 2023. It’s expected that the market will achieve USD 664.29 million by 2029, exhibiting a CAGR of 55.21% during the forecast period.

Superior performance of platinum temperature sensor:

Platinum material is the most widely used measurement component in RTD sensors. In addition, the platinum material offers excellent chemical resistance, excellent long-term stability, and the ability to measure temperatures from 200°C to 850°C. These benefits of platinum will drive the market size over the estimated time frame. The nickel measuring element in the RTD sensor market is expected to grow at a significant rate over the forecast period. Nickel measuring elements are less expensive than platinum and copper and are typically corrosion resistant up to 100°C. These aspects will boost the growth of the RTD sensor market in the coming years.

Industrial Development in Asia Pacific:

Asia Pacific excluding Japan is the most developed region in terms of industrial growth, as manufacturers opt to expand their production plants in the region due to low-cost production and low labor and raw material costs. China, India, and South Korea are some of the major manufacturing regions in Asia Pacific. These countries are gaining investment traction all over the world with the development of chemical industry, food industry and automobile production. Moreover, increasing adoption of industrial platinum-based sensors owing to their unique properties such as wide temperature range, chemical resistance, and durability is expected to have a significant impact on the market over the forecast period.

Region Overview:

Asia Pacific had the highest growth rate of all regions.
In 2022, the share of the Platinum temperature sensor market in Asia Pacific stood at 34.76%.

Company Overview:

YAGEO Nexensos is one of the key players in the platinum temperature sensor market with a share of 20.39% in 2023.

YAGEO Nexensos, TE, Honeywell, KOA, and Vishay are the five key players in the global platinum temperature sensor market. These companies have demonstrated consistent growth in terms of revenue, sales, and share in the global platinum temperature sensor market over the past 5 years.

TE Connectivity designs, manufactures and sells approximately 500,000 products to more than 20,000 customers in a variety of industries including automotive, data transmission systems, consumer electronics, communications and enterprise networking, aerospace, defense and marine, medical, energy and lighting. . TE Connectivity delivers performance advantages with every technology, product and service it offers, including connector systems, relays, fiber optics, circuit protection devices, distributed antenna systems, wire and cable, touch screens, heat shrink tubing, racks and accessories. Cable racks, network cable systems and subsea telecommunications systems.

Segmentation Overview:

The thin film segment by type showed a value growth of 0.24% in 2022.
Among different product types, thin film segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the industry segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Platinum temperature sensor market covered in Chapter 3:

YAGEO Nexensos
Hayashi Denko
JUMO
Honeywell
OMEGA Engineering
KOA
Littelfuse
IST AG
TE
Labfacility
Vishay

In Chapter 4 and Chapter 14.2, on the basis of types, the Platinum temperature sensor market from 2019 to 2030 is primarily split into:

Thin film
Wire wound

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Platinum temperature sensor market from 2019 to 2030 covers:

Industry
Car
The medical
Household equipment
Aerospace and Defense

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)