Thermocouple Wire Sales

Thermocouple Wire Sales Market Outlook

The global thermocouple wire market was valued at approximately USD 1.2 billion in 2023, and it is anticipated to witness a compound annual growth rate (CAGR) of around 5.8% from 2025 to 2035. This growth trajectory can be attributed to the rising demand for temperature measurement devices across various industries, including automotive, healthcare, and electronics, where precision is vital. Furthermore, the increasing adoption of advanced industrial automation technologies is propelling the market, as thermocouples are essential in ensuring operational efficiency and safety standards. Additionally, growing investments in research and development aimed at enhancing thermocouple wire materials and designs are expected to contribute significantly to market growth. As industries continue to innovate and expand, the necessity for reliable temperature monitoring solutions remains a key driver in the thermocouple wire market.

Growth Factor of the Market

The growth of the thermocouple wire market can be attributed to several critical factors. First and foremost, the surge in industrial activities, especially in sectors like oil and gas, manufacturing, and food processing, has amplified the need for accurate temperature measurements. As industries become more automated, the demand for reliable thermocouples has surged to ensure process efficiency and safety. Additionally, the increasing focus on energy efficiency and environmental regulations has led to a greater need for precise temperature control systems, thereby bolstering the demand for thermocouple wires. Technological advancements in thermocouple wire materials, such as the development of more durable and corrosion-resistant alloys, are also fostering market growth by expanding application areas. Moreover, the proliferation of electric vehicles in the automotive sector is driving the demand for thermocouples, which are critical for monitoring battery and engine temperatures. Lastly, the expansion of the healthcare sector, particularly in the development of medical devices that require precise temperature monitoring, adds to the growth potential of the thermocouple wire market.

Key Highlights of the Market

• The global thermocouple wire market is projected to reach USD 2.2 billion by 2035 with a CAGR of 5.8%.
• Technological advancements are enhancing the durability and accuracy of thermocouple wires, broadening their application scope.
• The industrial application segment is anticipated to dominate the market due to ongoing automation trends.
• North America is expected to hold the largest market share, driven by its advanced manufacturing sector.
• The increasing investment in R&D across various sectors is expected to introduce innovative thermocouple solutions.

By Product Type

Type K:

Type K thermocouples are among the most widely used thermocouple types, primarily due to their versatility and broad temperature range, which typically spans from -200°C to 1260°C. They are composed of chromel (nickel-chromium alloy) and alumel (nickel-aluminum alloy), making them suitable for various applications, including industrial and commercial use. Their durability and stability at high temperatures contribute to their popularity in environments where high precision is required. Furthermore, Type K thermocouples are resistant to oxidation and can be used in reactive atmospheres, further expanding their application potential across industries such as aerospace, manufacturing, and automotive. The ongoing advancements in thermocouple technology continue to enhance the performance and reliability of Type K thermocouples, making them a preferred choice in temperature measurement solutions.

Type J:

Type J thermocouples are constructed from iron and constantan, offering a narrower temperature range of -40°C to 750°C. They are especially advantageous in applications where low temperatures are prevalent, such as in food processing or cryogenic environments. The unique property of Type J thermocouples is their ability to provide accurate readings under less-than-ideal conditions, though they are susceptible to oxidation and should be used in inert or vacuum environments only. Their cost-effectiveness and reliability make them a common choice for users seeking efficient temperature monitoring solutions in less rigorous conditions. As industries push for more efficient production processes, the demand for Type J thermocouples is likely to increase, especially in applications focused on quality control and thermal processing.

Type T:

Type T thermocouples are made from copper and constantan and are notable for their capability to measure temperature ranges between -200°C and 350°C. Their excellent stability and accuracy in low-temperature environments make them particularly suited for cryogenic applications and in the food industry, where precise temperature monitoring is essential for safety and compliance. Type T thermocouples are also resistant to corrosion, which enhances their lifespan and reliability in harsh environments. As the food and beverage sector continues to emphasize stringent safety regulations, the demand for Type T thermocouples is projected to rise significantly, positioning them as a vital component in maintaining quality and safety standards in food processing and storage facilities.

Type E:

Type E thermocouples, composed of chromel and constantan, are known for their high output voltage and sensitivity in low-temperature environments, with a typical temperature range of -200°C to 900°C. This feature makes them ideal for applications requiring precise measurement of low temperatures, such as in research and development laboratories. Type E thermocouples are characterized by their stability and resistance to oxidation, which provides an advantage in dynamic industrial environments. Their increasing adoption in the aerospace and automotive sectors underscores their growing significance in applications requiring rigorous temperature monitoring. As industries continue to evolve and seek high-accuracy temperature measurement solutions, Type E thermocouples are expected to gain more traction in the thermocouple wire market.

Type N:

Type N thermocouples are made from a nickel-silicon alloy and are designed for high-temperature applications, operating effectively up to 1300°C. They present a unique advantage for use in environments subject to high-temperature fluctuations and harsh conditions, including those found in the energy and metal industries. The robustness and stability against oxidation and other corrosive influences make Type N thermocouples ideal for application in high-performance scenarios where reliability is critical. With the advent of new technologies that require stringent temperature control, the demand for Type N thermocouples is anticipated to grow, particularly in sectors focused on energy efficiency and advanced material processing.

By Application

Industrial:

The industrial sector represents one of the most significant applications for thermocouple wires, as they play an essential role in monitoring and controlling temperature in various manufacturing processes. Industries such as oil and gas, chemicals, and food processing frequently rely on thermocouples to ensure that processes operate within safe temperature ranges, thus improving efficiency and safety. The increasing trend toward automation and industry 4.0 principles is further driving the demand for reliable temperature measurement solutions. Additionally, as industries continue to seek ways to optimize processes and reduce energy consumption, thermocouples are essential in maintaining operational standards, allowing for better resource management and waste reduction. The growing complexity of manufacturing systems also necessitates a shift toward advanced thermocouple technologies, which can withstand harsh operational conditions while providing accurate measurements.

Automotive:

In the automotive sector, thermocouple wires are integral to monitoring critical parameters such as engine temperature, exhaust temperatures, and battery management systems in electric vehicles. As the automotive industry shifts toward electric and hybrid vehicles, the role of thermocouples has become even more pivotal, requiring highly accurate and reliable temperature measurement systems. These thermocouples are employed in various applications, from testing to actual vehicle operation, ensuring performance and safety standards are met. Furthermore, the increasing advancements in automotive technologies, including autonomous driving and enhanced engine technologies, underscore the necessity for sophisticated thermocouple solutions tailored to meet evolving demands. The automotive industry's continued growth and innovation will likely result in an increasing demand for thermocouple wires over the coming years.

Aerospace:

The aerospace sector extensively utilizes thermocouple wires for monitoring temperatures in engines and other critical components under extreme operating conditions. Thermocouples are essential in ensuring that aerospace devices maintain optimal performance and safety throughout their operation. With the ongoing advancements in aircraft technologies, including the development of more fuel-efficient and environmentally friendly aircraft, the demand for reliable temperature measurement systems has intensified. Furthermore, with regulatory bodies focusing more on safety and performance standards, aerospace manufacturers are increasingly integrating advanced thermocouple technologies into their systems. As the aerospace industry continues to innovate and expand into new territories, the requirement for high-quality thermocouple wires is expected to grow significantly over the next decade.

Healthcare:

In the healthcare sector, thermocouples are essential for temperature monitoring in various medical devices, including incubators, sterilizers, and imaging devices. Accurate temperature management is critical in healthcare environments, where even slight deviations can have significant implications for patient safety and treatment efficacy. The rising demand for advanced medical technologies, coupled with a growing emphasis on patient-centered care, has led to an increased need for reliable temperature measurement solutions. Consequently, the healthcare sector is expected to drive substantial growth in the thermocouple wire market. Furthermore, innovations in medical devices, particularly those focused on minimally invasive techniques, require highly precise thermocouples to ensure optimal performance and safety standards are met, further augmenting their demand in this sector.

Electronics:

The electronics industry has seen a growing application of thermocouple wires in the manufacturing and testing of electronic components, where precise temperature control is crucial. As electronic devices become increasingly complex and compact, the need for accurate temperature measurement during production processes also rises. Thermocouples are employed to monitor components like semiconductors, ensuring that they function within designated temperature ranges to prevent overheating and potential failure. Furthermore, the rapid advancements in consumer electronics, such as smartphones and wearable technology, contribute to the increasing demand for thermocouples in testing and quality assurance processes. As the electronics market continues to evolve, the demand for thermocouple wires is likely to remain robust, driven by the need for high-quality and reliable temperature measurement solutions.

By Distribution Channel

Direct Sales:

Direct sales remain a significant distribution channel in the thermocouple wire market, primarily due to the ability of manufacturers to establish direct relationships with their customers. This approach allows for better understanding of customer needs and quicker response times to inquiries and orders. Direct sales are particularly beneficial in the industrial sector, where customers often require customized solutions tailored to specific applications. Additionally, direct sales enable manufacturers to provide technical support and training to their customers, ensuring that the thermocouples are used effectively in various applications. As industries continue to seek specialized temperature measurement solutions, the demand for direct sales channels is expected to grow, fostering stronger partnerships between manufacturers and end-users.

Distributors:

Distributors play a crucial role in the thermocouple wire market by providing a wide range of products to various end-users across different industries. They serve as intermediaries who can efficiently manage inventory and logistics, allowing manufacturers to focus on production and innovation. Distributors often carry a variety of thermocouple types and brands, offering customers the flexibility to choose products that best fit their specific needs. Additionally, distributors can provide valuable market insights and support services to customers, making them a trusted source for thermocouple solutions. As industries become more globalized, the reliance on distributors to supply thermocouple wires across regions is likely to increase, enhancing market accessibility for end-users.

Online Retailers:

The rise of online retail platforms has significantly transformed the distribution landscape of thermocouple wires. Online retailers provide a convenient avenue for customers to browse, compare, and purchase thermocouples from the comfort of their homes or workplaces. This channel has become particularly popular among smaller businesses and individual users who may not have access to traditional distribution networks. With the ability to reach a broader audience, online retailers enable manufacturers to expand their market reach and cater to a diverse customer base. The ease of online transactions, coupled with the availability of detailed product information and customer reviews, is likely to drive further growth in online sales of thermocouple wires. As e-commerce continues to flourish, the significance of online retailers in the thermocouple market will undoubtedly increase.

OEMs:

Original Equipment Manufacturers (OEMs) are vital contributors to the thermocouple wire market, as they integrate these temperature measurement solutions into their products. OEMs often require high-quality thermocouples to ensure the reliability and performance of their equipment, whether in industrial machinery, automotive systems, or healthcare devices. By partnering with thermocouple wire manufacturers, OEMs can secure customized solutions that meet their specific requirements and quality standards. The increasing trend of automation and digitalization across industries is expected to drive demand for thermocouples as part of the OEM offerings. As manufacturers focus on enhancing product performance and safety, collaboration with thermocouple suppliers will be crucial in achieving these goals.

End Users:

End users represent the final segment of the distribution chain for thermocouple wires, as they utilize these products in various applications across multiple industries. This category encompasses a diverse range of customers, including manufacturers, laboratories, healthcare facilities, and automotive companies. The demand from end users is driven by their need for reliable and accurate temperature measurement solutions to ensure operational efficiency and compliance with industry standards. As industries continue to evolve and adapt to new technologies, the expectations and requirements of end users will become increasingly sophisticated. Manufacturers that can effectively cater to these demands and deliver high-quality thermocouple wires will likely see substantial growth in their market share.

By Region

The North American thermocouple wire market is poised to dominate the global landscape, accounting for approximately 35% of the total market share in 2023. The region benefits from a well-established manufacturing sector, advanced technological infrastructure, and stringent safety regulations that necessitate precise temperature monitoring solutions. Additionally, the automotive and aerospace industries in North America are increasingly adopting electric and hybrid vehicles, creating new applications for thermocouple wires. The CAGR for the North American market during the forecast period is expected to be around 6.0%, reflecting the region's commitment to innovation and quality in thermocouple technologies. As industries continue to invest in automation and energy efficiency, the demand for thermocouples in North America is likely to remain strong.

In Europe, the thermocouple wire market is also significant, representing approximately 30% of the global market share as of 2023. The region's strong focus on renewable energy and environmental sustainability contributes to the increasing demand for temperature measurement solutions in various sectors, including energy and manufacturing. The European market is characterized by stringent regulations governing safety and performance, which drives the adoption of advanced thermocouple technologies. Furthermore, the aerospace, automotive, and healthcare industries in Europe are continuously evolving, necessitating reliable temperature monitoring systems for enhanced operational efficiency. As the European market for thermocouple wires evolves, it is expected to witness a CAGR of around 5.5%, driven by innovation and market demand.

Opportunities

The thermocouple wire market presents numerous opportunities for growth, particularly as industries continue to evolve and innovate. One significant opportunity lies in the development of advanced materials and technologies that enhance the performance and durability of thermocouples. Manufacturers that invest in research and development can create superior products that meet the increasing demands for accuracy, reliability, and resistance to harsh environments. Furthermore, the growing trend towards automation and smart manufacturing is expected to generate opportunities for thermocouple suppliers, as industries seek to implement more sophisticated temperature monitoring solutions. The integration of IoT (Internet of Things) technologies into manufacturing processes can facilitate real-time temperature monitoring, providing manufacturers with valuable data to optimize operations and improve efficiency. As industries continue to adopt IoT technologies, the demand for advanced thermocouple solutions will likely increase, paving the way for new business opportunities.

Additionally, the expansion of emerging markets presents a significant growth opportunity for thermocouple wire manufacturers. As economies in regions such as Asia Pacific, Latin America, and the Middle East continue to develop, there is an increasing demand for industrial automation and advanced manufacturing technologies. The establishment of new manufacturing facilities and energy projects in these regions will drive the need for reliable temperature measurement solutions. Companies that prioritize expanding their presence in these emerging markets can capitalize on the growing demand for thermocouples, while also establishing strong relationships with local distributors and end-users. By adapting their product offerings to meet the specific needs of these markets, manufacturers can position themselves favorably in a competitive landscape, further enhancing their growth potential.

Threats

The thermocouple wire market faces several challenges that could impact overall growth and profitability. One prominent threat is the increasing competition from alternative temperature measurement technologies, such as resistance temperature detectors (RTDs) and infrared thermometers. As these technologies continue to evolve and improve in accuracy and reliability, they may attract users away from traditional thermocouple solutions. This competition could lead to price pressures and reduced market share for thermocouple manufacturers. Additionally, fluctuations in raw material prices, particularly for metals used in thermocouples, can impact production costs and profit margins. Manufacturers must remain vigilant in managing their supply chains to mitigate these risks and ensure consistent quality in their thermocouple wire products.

Another significant concern in the thermocouple wire market is the potential for regulatory changes that could impact manufacturing practices and standards. As governments and regulatory bodies increasingly prioritize environmental sustainability and safety, manufacturers may face more stringent regulations regarding the materials and processes used in thermocouple production. Compliance with these regulations can lead to increased operational costs, as companies may need to invest in new technologies or processes to meet evolving standards. To remain competitive, thermocouple manufacturers must be proactive in addressing these potential challenges and adapting to shifts in market dynamics, ensuring their products continue to meet user expectations and regulatory requirements.

Competitor Outlook

• OMEGA Engineering Inc.
• Fluke Corporation
• Honeywell International Inc.
• Thermoelectric Company
• Watlow Electric Manufacturing Company
• Texas Instruments Inc.
• GROVE Electronics
• JUMO GmbH & Co. KG
• Chino Corporation
• Pyromation Inc.
• Siemens AG
• Amphenol Advanced Sensors
• Yokogawa Electric Corporation
• Maxim Integrated Products
• Vishay Precision Group Inc.

The competitive landscape of the thermocouple wire market is characterized by the presence of several key players, each striving to capture a larger share of this growing market. Established manufacturers such as OMEGA Engineering Inc. and Fluke Corporation have built strong reputations for their high-quality thermocouples and superior customer service. These companies invest heavily in research and development to innovate and improve their product offerings, ensuring they stay ahead of emerging trends and technological advancements. Additionally, many of these companies have established strong distribution networks, allowing them to reach a diverse customer base and respond effectively to market demands.

New entrants and smaller players are also emerging in the thermocouple wire market, leveraging technological innovations and niche applications to gain competitive advantages. These companies often focus on sustainability and eco-friendly materials, appealing to industries increasingly concerned about environmental impact. By targeting specific market segments and offering customized solutions, these smaller players can effectively compete with established manufacturers. The ongoing influx of technological advancements, particularly in the realm of IoT and automation, is creating opportunities for both established and new players to develop innovative product offerings tailored to the evolving needs of various industries.

Companies like Honeywell International Inc. and Thermoelectric Company are also significant players in the thermocouple wire market, actively expanding their product portfolios and exploring new markets. Honeywell emphasizes the integration of smart technology into their thermocouple solutions, allowing for real-time temperature monitoring and data collection. Meanwhile, Thermoelectric Company focuses on developing high-precision thermocouples for specialized applications, such as aerospace and medical devices, highlighting the importance of reliability and accuracy in critical environments. As these companies and others continue to innovate and adapt to changing market dynamics, the competitive landscape of the thermocouple wire market is expected to remain dynamic and rapidly evolving.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Siemens AG
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Pyromation Inc.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Chino Corporation
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Fluke Corporation
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 GROVE Electronics
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 JUMO GmbH & Co. KG
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 OMEGA Engineering Inc.
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Texas Instruments Inc.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Thermoelectric Company
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Amphenol Advanced Sensors
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Maxim Integrated Products
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Vishay Precision Group Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Honeywell International Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Yokogawa Electric Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Watlow Electric Manufacturing Company
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Thermocouple Wire Sales Market, By Application
    • 6.1.1 Industrial
    • 6.1.2 Automotive
    • 6.1.3 Aerospace
    • 6.1.4 Healthcare
    • 6.1.5 Electronics
  • 6.2 Thermocouple Wire Sales Market, By Product Type
    • 6.2.1 Type K
    • 6.2.2 Type J
    • 6.2.3 Type T
    • 6.2.4 Type E
    • 6.2.5 Type N
  • 6.3 Thermocouple Wire Sales Market, By Distribution Channel
    • 6.3.1 Direct Sales
    • 6.3.2 Distributors
    • 6.3.3 Online Retailers
    • 6.3.4 OEMs
    • 6.3.5 End Users

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Thermocouple Wire Sales Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Thermocouple Wire Sales market is categorized based on

By Product Type

• Type K
• Type J
• Type T
• Type E
• Type N

By Application

• Industrial
• Automotive
• Aerospace
• Healthcare
• Electronics

By Distribution Channel

• Direct Sales
• Distributors
• Online Retailers
• OEMs
• End Users

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• OMEGA Engineering Inc.
• Fluke Corporation
• Honeywell International Inc.
• Thermoelectric Company
• Watlow Electric Manufacturing Company
• Texas Instruments Inc.
• GROVE Electronics
• JUMO GmbH & Co. KG
• Chino Corporation
• Pyromation Inc.
• Siemens AG
• Amphenol Advanced Sensors
• Yokogawa Electric Corporation
• Maxim Integrated Products
• Vishay Precision Group Inc.