The global temperature monitoring systems market size is expected to reach USD 6.6 billion by 2028 at a CAGR of 4.2%, according to a new report by Reports and Data.
The global temperature monitoring systems market size is expected to reach USD 6.6 billion by 2028 at a CAGR of 4.2%, according to a new report by Reports and Data. The steadily growing demand for advanced temperature monitoring systems across the food & beverage, pharmaceutical, life sciences, manufacturing, e-commerce, and chemical industries is one of the most fundamental factors driving this market’s growth. The rapidly growing manufacturing sector, rising government focus on maintaining the quality and safety of foods and medicinal drugs, stringent regulatory norms product quality and storage, and the increasing e-commerce and logistics activities around the world are the crucial parameters contributing to the global market growth.
Temperature monitoring systems control and regulate the temperature of a product while preserving its freshness and quality and extending its shelf life. The standard features of temperature monitoring devices include temperature tracking, customized indicators, and automatic notifications or warnings on excessively low or high temperatures. Therefore, the extensive applications of these devices across the pharmaceutical, food & beverage, cold chain logistics, retail & e-commerce, and chemical industries have accelerated the global temperature monitoring systems market growth. The recent COVID-19 outbreak, increasing demand for temperature monitoring systems across hospitals and other healthcare settings, and the surging demand for non-contact-based temperature monitoring systems to mitigate the spread of the infection have further propelled the market growth. However, the escalating costs of wireless temperature monitoring systems and their longer installation time are specific factors predicted to impede the global market growth in the near future.
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Key Highlights of the Report:
- The non-contact-based temperature monitoring systems segment dominated the global temperature monitoring systems market in 2020 and is expected to hold the largest market share over the projected timeframe. The amplifying demand for contactless temperature monitoring devices amid the ongoing COVID-19 pandemic is a vital factor bolstering this segment’s growth.
- Based on application, the hospital room andpatient temperature monitoring segment stands out as the leading market segment with the highest revenue share. A spike in the geriatric population worldwide, rising incidences of infectious diseases, and increased hospital admissions are predicted to boost this segment’s growth.
- Among the leading market regions, the Asia Pacific region is poised to emerge as the frontrunner in the global temperature monitoring systems market over the forecast years. The flourishing manufacturing sector in the region, mainly in China, increasing trade & commerce activities, the presence of leading e-commerce companies, including the Alibaba Group, and the soaring demand for advanced patient temperature monitoring systems in the healthcare sector have fueled the Asia Pacific market growth.
- The key market players include Abb Ltd., Honeywell International Inc., Testo AG, 3M Company, Siemens AG, Koninklijke Phillip, Emerson Electric Company, Briggs Healthcare, Omron Healthcare, Terumo Corporation, Rees Scientific, Monnit Corporation, Omega Engineering, DeltaTrak, Inc, SensoScientific, Inc., Isensix, Inc., and Cooper-Atkins Corporation.
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For the purpose of this report, the global temperature monitoring systems market has been segmented based on product type, application, end-user, and region:
By Product Type (Revenue, USD Billion; 2018-2028)
- Contact-based Temperature Monitoring Systems
- Conventional Temperature Monitoring Systems
- Wireless Temperature Monitoring Systems
- Temperature Measuring Strips and Labels
- Non-contact-based Temperature Monitoring System
- Thermal Imagers
- Fiber Optic Thermometers
- Pyrometers and Infrared Thermometers
By Application (Revenue, USD Billion; 2018-2028)
- Cold Storage Temperature Monitoring
- Manufacturing Area Temperature Monitoring
- Laboratory Temperature Monitoring
- Hospital Room and Patient Temperature Monitoring
- Home Care Temperature Monitoring
- Green House Temperature Monitoring
- Server Room Temperature Monitoring
By End-user (Revenue, USD Billion; 2018-2028)
- Healthcare Facilities
- Healthcare Providers
- Blood Banks, Tissue Banks, IVF Clinics, and Diagnostic Labs
- Patient Monitoring & Home Care Settings
- Others
- Pharmaceutical and Biotechnology Companies
- Medical Device Manufacturing Companies
- Food and Beverage Industry
- Chemical and Petrochemical Industries
- Energy & Power Industry
- Others (Automotive, aerospace & defense, electronics, metal & mining, etc.)
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By Region (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of the Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of the Middle East & Africa
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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