Global Weld-In Thermowells Market Growing at A CAGR of 6.8% From 2019-2026

The global weld-in thermowells market was valued at US$ 348.9 Mn in 2018 and is expected to reach US$ 590.7 Mn by the year 2026, growing at a CAGR of 6.8%.

Thermowells are cylindrical fittings used to protect temperature sensors such as thermocouples, bimetal and thermometers, and thermistors installed in an industrial process. There are different types of thermowells such as flanged thermowells, threaded thermowells, and socket well thermowells, amongst others.

Weld-in thermowells are particularly used for high pressure, high velocity, and applications where corrosive process media exist. The downstream market in Asia-Pacific witnessed a huge spur in the past few years, owing to which the demand for butadiene has witnessed a rapid increase due to its requirement. China has achieved some milestones in shale gas exploration, both in capacity and in drilling techniques, making it one of the top shale gas suppliers worldwide.

India, with the support of the United States, is working on developing shale gas exploration in its coastal regions, with US companies joining the exploration process. India has recoverable shale gas reserves, which are estimated to be with a capacity of 96 trillion cubic feet (tcf), mainly in Tamil Nadu, Andhra Pradesh, and Rajasthan.

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The Krishna-Godavari basin located in eastern India holds the country’s largest shale gas reserves, extending over 7,800 gross square miles, with a prospective area of 4,340 square miles. Six main basins have been identified that can be successfully utilized, namely, Cambay (Gujarat), Assam-Arakan (Northeast), Gondwana (Central India), Krishna Godavari onshore (East coast), Cauvery onshore, and Indo-Gangetic basins. Presently, Australia has the seventh-biggest potential shale gas resources and the sixth-biggest shale oil reserves in the world.

According to an estimate, the technically recoverable shale resources were at 437 tcf in six basins and about 1,000 tcf in all the prospective basins in 2013. Australia has large shale gas formations that are similar in size to the Marcellus and Bakken formations in the United States. The market for weld-in thermowells has significantly benefitted from the increasing investments in oil refineries.

Additionally, with the expansion plans of current refineries, the demand for refining catalysts is expected to increase during the forecast period, thus benefitting the market to a great extent. For instance, Indian Oil has set a budget of INR 1.8 trillion in order to expand its refineries and businesses over the next 5-7 years. This shall also be covering the expansion of their Panipat and Paradip refineries.Weld-in Straight type thermowell dominated the global weld-in thermowell market in the year 2018Based on type, the market has been segmented into straight, tapered, and stepped thermowell.

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The straight type segment accounted for 39% share in the year 2018 and is expected to account for 38.3% share by the year 2026.For universal use, where extra quality isn't required, the straight shank or stem is utilized. The shank distance across is 20 mm (3/4"). The last 63.5 mm (2 1/2") of the shank ventures down to 13 mm (1/2") to give quicker reaction. Straight thermowells are intended for use in high speed applications, where additional quality is required.

Exceptional consideration will be given to the vibration impacts brought about by the liquid passing the thermowell. The liquid will shape a wake, known as a "Von Karman Trail". The wake has a particular recurrence, which is a component of the width of the thermowell and the liquid speed. On the off chance that the wake recurrence agrees with the common recurrence of the thermowell, the well will vibrate to pulverization.

Asia Pacific dominated the global weld-in thermowell market in 2018, with a market share of 38.95% in terms of volume.Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The major factors that are the driving the growth of the weld-in thermowells in this region is the growth in industrialization and the growth in the pharmaceutical and biotech industries in this region. China is one of the top weld-in thermowell consumers with high growth rates. China's refinery capacity is about 14,177 thousand barrels per day, which constitutes 14.6% of the world’s refining capacity.

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According to the International Trade Association, China’s pharmaceutical sales are expected to reach a value of USD 167 billion by 2020, in comparison to USD 116.7 billion in 2016, majorly driven by a growing aging population. Over 35 major new drugs were launched in 2017, as compared to 5 nationally approved drugs launched in 2016. All aforementioned factors are expected to drive the demand for weld-in thermowells in the country during the forecast period.

Company Profiles and Competitive Intelligence:

The major players operating in the global weld-In Thermowells market Includes

·        Pyromation, Inc.,

·        Ashcroft Inc.,

·        Reotemp Instruments,

·        Winters Instruments,

·        WIKA Instrument,

·        Ultra NSPI,

·        ABB Limited,

·        Tel-Tru Manufacturing

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