Rising manufacturing activities across industries in the world along with stringent regulations imposed by government to ensure product quality is driving the global temperature monitoring system market.
The value of the Temperature Monitoring System market is projected to grow to US$ 80.75 billion with an estimated CAGR of 8.3% by 2030
Covid-19 Impact & Market Status
COVID-19 has a positive impact on the temperature monitoring system market as people were subjected to various diseases which in turn raised the demand for such temperature monitoring devices. Since the number of patients in the hospital increased drastically, they felt the need for having such monitoring system for medical purposes and hence, it gave rise to the demand for the same. During the pandemic, the e-commerce sector witnessed a high growth and the companies started keeping inventories for which they established warehouses. And in order to have a stabilized environment in the warehouse, they installed such temperature monitoring systems and the demand for the same increases.
2021 and future growth forecasts until 2028. On the basis of the research study, the report proposes further viable market enhancement suggestions and recommendations to the market players. The report analyses the key companies’ strategies, rivals, and results. The report identifies the players coming up with innovative products and strategies helping for market fortification.
The report studies the strategies adopted by the temperature monitoring system industry players for sustainability in the global temperature monitoring system market. The key forces that are influencing the level of competition within the global temperature monitoring system market are highlighted in the global temperature monitoring system market. The report determines the competitive intensity and attractiveness of the global temperature monitoring system market. The report uses SWOT analysis to identify pros and cons of investing in the global temperature monitoring system market or a particular sector or sub-sector of global temperature monitoring system market. This study helps market players understand the operations carried out in global temperature monitoring system market such as marketing strategies, market fortification plans, global temperature monitoring system market structure, and competitors environment.
Adoption Of New Technologies Will Propel The Market Growth
Recently, the advancement of wireless measuring technology and some minor developments have provided new ways to combine temperature sensors with personal computers to aid in data collection, aggregation, and analysis. The wireless temperature monitoring system alleviates the strain of extending multiple cables over long distances while keeping track of the sensors, installing the wireless sensor, and placing the receiver in complex multi-sensor applications.
The increased global need for temperature monitoring systems, notably during the pandemic, has benefited the market's rise. Because of the growing need for such devices, various companies have started working on the same and developed such monitoring systems for accurate and dependable body temperature readings. These gadgets feature revolutionary technology to avoid fluctuating readings and decrease inaccuracies, as well as improved user handling capabilities. Such innovations are projected to increase the market for temperature monitoring systems throughout the forecast period. A sophisticated non-contact infrared thermometer, for example, was released, and it can take a temperature measurement in less than a second and with higher accuracy.
North America To Be Ahead Of All The Regions In The Market
In the global temperature monitoring systems market, North America holds dominant market share. The substantial share of this geographical sector may be due mostly to the existence of important market players in the region, as well as the region's embrace of new technologies. The region's domination can be attributed to the rising occurrence of infectious illnesses such as the common cold, influenza, and others, which has boosted the use of temperature monitoring devices. As funding for medical research of digital thermometers rises, the market in Europe is likely to grow dramatically. The market in Asia Pacific is expected to grow at a faster rate due to increased population knowledge about temperature monitoring systems during the coronavirus pandemic, as well as company penetration to meet the market's unmet demands. Middle East, and Africa are expected to compensate for a decreased market share due to lower device penetration.
Owing to benefits such as cost saving, prevention of products from further damage, affordability, efficient, convenient, and immensely beneficial in defining the quality of the products, temperature monitoring system is experiencing rapid adoption as opposed manual approaches thus fostering remarkable progress in global temperature monitoring system market.
The global temperature monitoring system market is likely to be of worth USD 6.9 billion at a CAGR of 5.4% during 2022-2029.
The global temperature monitoring system market growth is closely tied to market changes in the application sector. Its use in manufacturing organisations is one such use. Manufacturing operations on a worldwide scale are increasing steadily in the current environment and are expected to increase in the future, favourably influencing the global temperature monitoring system market expansion. Another usage supporting the growth of the temperature monitoring system market is its use in the food and beverage sector and the pharmaceutical industry, both of which deal with perishable commodities and products that need demanding temperature monitoring and recording systems.
Temperature monitoring systems assess the temperature to assist you in keeping your house or company at the desired temperature. Some systems can also identify where the temperature is deviating from normal, allowing you to immediately resolve the issue. The thermostat is the most popular sort of temperature monitoring equipment. These systems may be programmed to automatically modify your air conditioning or heating system based on your needs.
The necessity for temperature monitoring systems is vital for a variety of applications such as maintaining ideal temperatures, temperature ranges, and humidity levels. It is currently found in almost every business. Temperature monitors have a wide range of applications, and are used at healthcare industry, food industry, etc. A temperature monitoring system uses a sensor is used to determine the intensity of cold or hot in an area and transform it into a readable unit from a distance.
It is a way of monitoring temperature and sending back the signal when it exceeds a particular threshold. This signal instructs the control unit to turn on the heat, air conditioning, or both in order to return the temperature to normal as quickly as feasible. This will help to avoid damage at either high or low temperatures. The system may also ensure that your system is heated or cooled as efficiently as possible.
Temperature monitoring systems monitor the status of materials and processes by measuring temperature and other environmental parameters. They are employed in a number of situations, including as food processing factories, pharmaceutical production plants, and other industrial settings. Temperature monitoring systems are also utilised in medical institutions to monitor the temperature of patients and the environment around them. These are utilised in various applications to protect both equipment and human health.
These systems monitor the temperature changes of ovens, freezers, and other chilled rooms to ensure that they remain within the specified range. A temperature monitoring system's purpose is to measure and record an object's and its surroundings' temperatures in order to give a history of its activity. The goal of recording and evaluating such measures is to obtain insight about the thing being monitored. This enables a temperature monitoring system to sound an alarm or take other measures when the monitored object exceeds a predefined range.
Temperature monitoring systems are capital-intensive systems that necessitate meticulous pre-planning and installation. Skilled employees with comprehensive understanding of sensing electronics are necessary to ensure that the temperature monitoring system operates smoothly. The availability of such employees, together with the high cost of such personnel, might stymie the expansion of the temperature monitoring system.
Another restraint of the temperature monitoring system is the use of mercury in some of the thermometers. Mercury is considered to be one of the toxic elements for humans and if by any means it comes in contact with anyone, it might be dangerous and can have a hazardous impact. This is one of the reasons that might have the possibility to hinder the growth of the temperature monitoring system market.
Also, excessive contamination might stifle market expansion. Despite the rising demand for temperature monitoring systems throughout the world, several challenges are inhibiting the growth of the temperature management industry. The mercury poisoning from such monitoring devices is one of them. If the thermometer's glass breaks or is not properly cleaned, the ball within is very dangerous to people. People are less inclined to embrace touch thermometers due to the higher danger connected with them, limiting market growth. At the same time, the setup cost for these monitoring systems requires a huge investment which in turn might restrain the global temperature monitoring system market growth.
But, now one of the fastest growing industries is the e-commerce industry. It is one of the most widely recognised marketplaces, necessitating the usage of a significant number of warehouses and storage facilities. These facilities are secured containers with temperature monitoring systems that must keep temperatures stable. As a result, a surge in the proportion of warehouses and storage systems is one of the key causes driving the expansion of temperature monitoring systems.
The key Global Temperature Monitoring System Market players are Deltatrack, Fluke, Abb Limited, Emerson Electric Company, Cooper-Atkins, Omron Healthcare, and Toshiba among others.
Major Developments in The Global Temperature Monitoring System Market: A Snapshot
- IoT-enabled sensors are currently the most cutting-edge temperature monitoring equipment available. IoT technology is a significant advancement in the sensor sector since it allows sensors' data collection ability to be remotely tracked.
- Based on Semtech's LoRa devices, Polysense Technologies has created a line of smart human body temperature monitoring solutions.
Temperature Monitoring System Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 6.9 billion|
|Growth Rate||CAGR of 5.4 %|
|Segment Covered||Type, End User, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Deltatrack, Fluke, Abb Limited, Emerson Electric Company, Cooper-Atkins, Omron Healthcare, and Toshiba among others.|
Key Segments Of The Global Temperature Monitoring System Market
Type Overview, 2019-2029 (USD Billion)
End-Users Overview, 2019-2029 (USD Billion)
- Automobile Industry
Application Overview, 2019-2029 (USD Billion)
- Cold Storage
- Homecare Settings
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa