According to a new market research report published by Acute Market Reports, “Temperature Monitoring Systems Market– Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global market for temperature monitoring systems was estimated at US$3,976.2 million in 2017 and is expected to expand at a CAGR of 4.2% between 2018 and 2026.
By Product Type
Contact-based Temperature Monitoring Systems & Non-contact-based Temperature Monitoring Systems
By End-use Vertical
By Geography
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Temperature monitoring is one of the most important elements of the industrial production process. May it be alloy melting in the automotive industry, glass syringe production in the life science industry, or foil thermoforming in the plastics industry, temperature monitoring and measurement is a prerequisite for activity across the entire production line. An undetected temperature inconsistency throughout the production processes can lead to machine downtime and cost the company millions of dollars. Considering and understanding the consequences, manufacturers / companies around the globe are deploying on-site temperature monitoring systems. While the deployment of temperature monitoring systems was primarily confined to industry verticals such as food & beverage, automotive, electronics, and oil and gas in the beginning, advances in technology have extended the adoption of these devices in commercial & corporate segments.
Using temperature monitoring units at IT locations such as data centers and server rooms helps avoid heat buildup and enables business organizations to keep track of critical temperatures across sites. In addition, the advent of wireless temperature monitoring systems has enabled end-users to achieve automated and real-time internet-based temperature monitoring. The need for continuous / regular monitoring of temperature intervals remains the overriding factor driving market growth worldwide. Advances in technology have led to the introduction of more efficient and feature-rich variants of temperature monitoring, driving the demand for replacement. Especially in developed economies like North America & Europe, the trend is ubiquitous.
In terms of industry verticals, transportation & logistics represent one of the fastest growing segment due to proliferation of e-commerce. Rise in e-commerce industry has led to increase in the number of warehouses and storage facilities where specific temperatures needs to be maintained. Thus, rise in e-commerce activities is identified as the major factor driving demand for temperature monitoring systems worldwide. In addition, industry verticals including pharmaceuticals and food & beverage are presumed to witness stronger adoption of temperature monitoring systems due to the requirement of maintaining desired temperature in wake of perishable characteristics of products in these verticals.
Some of the leading manufacturers profiled in the research study include 3M Company,
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