At 6.8% CAGR, weld-in Thermowells Market will reach 590.7 Mn USD by 2026

Rising development of the oil & gas market in Asia Pacific and Increasing investments in refineries across the globe are increasing market growth. The global weld-in thermowells market was valued at US$ 348.8 Mn in 2018 and is expected to reach US$ 590.7 Mn by the year 2026, growing at a CAGR of 6.8%. In terms of volume, the market stood at 34.2 million units in 2018 and is expected to reach 57.0 units by the year 2026.

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According to the American Society for Testing and Materials (ASTM), Thermowell is defined as a closed-end reentrant tube designed for insertion of a temperature-sensing element, and provided with means for a pressure-tight attachment to a vessel. The Weld-In Thermowell Market is the most booming and promising segment of the industry. The overall Weld-In Thermowell Market has been growing at a higher rate with the improvement of creative procedures and a rising client inclination towards the product. The growing market is an open field for players which offer big gateways for progression. The overall market is the foundation of the comprehensive improvement points of view and prospects, as the progress of a particular idea requires different precisely upheld contemplations, hypotheses, and strategies.

Key Findings:

  • Based on the end-use industry, the Chemical and Petrochemical Plants segment held 65.8% of the share in the global weld-in thermowells market in 2018
  • Based on the material type, the carbon steel is dominating the market and accounted for 24.9% of share in the global weld-in thermowells market in 2018
  • Based on the type, Weld-in Straight Type Thermowell held 38.5% of share in the global weld-in thermowells market in 2018
  • Asia Pacific accounted for nearly 39% share of the global weld-in thermowells market in 2018

Recent News:

  • In May 2017, Ultra Electronics announced that its Nuclear Sensors & Process Instrumentation (NSPI) business in Round Rock, Texas had received its AS9100 registration
  • In October 2015, Ultra announced that it had acquired Furnace Parts LLC for a cash consideration of USD 12m from Takoda Group LLC.

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