What are the Global Growth Factors?
The growth of Temperature Monitoring System Market is driven by rising manufacturing activity across a range of industries, as well as stringent regulations to ensure product quality (particularly in the food & beverage and pharmaceutical sectors). Technological advancements have introduced systems that are more efficient and capable of meeting a greater variety of needs than their predecessors did, which has stimulated their overall adoption. In healthcare, the growing patient population and increasing disease prevalence are direct drivers of market growth. Rising R&D activity is also expected to contribute to market prospects in the coming years.
What The Experts Says about the Market Growth?
The global Temperature Monitoring Systems Market is projected to reach $5.4 billion by 2024 from $4.5 billion in 2019, at a CAGR of 3.9%
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Based on type, the contact-based Temperature Monitoring Systems Market is further segmented into conventional temperature monitors, temperature measuring strips and labels, and wireless temperature monitoring systems. Conventional temperature monitors are estimated to account for the largest share of the contact-based Temperature Monitoring Systems Market.
Based on application, the Temperature Monitoring Systems Market is segmented into cold storage temperature monitoring, greenhouse temperature monitoring, server room temperature monitoring, hospital room and patient temperature monitoring, home care temperature monitoring, laboratory temperature monitoring, and manufacturing area temperature monitoring. The manufacturing area temperature monitoring segment is estimated to grow at the highest CAGR during the forecast period.
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Geographically, the Temperature Monitoring Systems Market is segmented into North America (US and Canada), Europe(Germany, France, the UK, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), and the Rest of the World (RoW). North America accounted for the largest share of the overall Temperature Monitoring Systems Market in 2018 followed by Europe.
Key Market Players:
Some of the prominent players in the temperature monitoring systems are 3M (US), Abb Ltd. (Switzerland), Deltatrack (US), Emerson Electric (US), Fluke Corporation (Subsidiary of Fortive Corporation) (US), Honeywell (US), and Omega Engineering (US).
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Temperature Monitoring Systems Market by Product (Monitor, Strip, Handheld, Wireless, Pyrometer, IR, Camera, Fiber Optic), Application (Cold Storage, Greenhouse, Life science, Patient), End user, and Region – Global Forecast to 2024