Temperature Monitoring System Market – Opportunities, Trends and Future Forecast

Some of the prominent players in the temperature monitoring system market are 3M (US), Abb Ltd. (Switzerland), Deltatrack (US), Emerson Electric (US), Fluke Corporation (Subsidiary Of Fortive Corporation) (US), Honeywell (US), Kelsius, Ltd. (Ireland), Monnit Corporation (US), and Omega Engineering (US).

Analysis of the developments in the temperature monitoring system market from 2016 to 2018 shows that new product launches, geographic expansions, mergers & acquisitions, and contracts were the most widely adopted growth strategies by players in the market. Players adopted these strategies to strengthen their market positions.

3M (US) the largest player operating the global temperature monitoring system market. Its large share can be attributed to its unique product portfolio for temperature monitoring devices. The company’s products offer core temperature monitoring systems for preoperative testing. 3M has a strong presence across the US, the Asia Pacific, and Europe. To provide improved product understanding to its customers, in May 2016, the company launched a compendium with the latest information and research findings related to 3M Bair Hugger. A strong brand image and widespread geographic coverage are the factors expected to drive the company’s growth in the temperature monitoring systems industry in the coming years.

Omega Engineering (US) is one of the leading companies in the global temperature monitoring system market. The company has a wide distribution network and operates across 30 countries. The company offers a broad range of technologically advanced products, which are used for process measurement and control of temperature, humidity, pressure, strain, force, flow, level, pH, and conductivity. Omega’s strong product offerings, wide distribution network, and extensive customer base give it a competitive edge in the temperature monitoring systems industry.

Expected Revenue Growth:

The temperature monitoring system market is projected to grow from USD 4.5 billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 3.9%.

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Major Revenue Segments:

The growth of this 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.

Growth in the non-contact-based temperature monitoring systems segment can be attributed to factors such as increasing emphasis on continuous temperature monitoring, growing number of manufacturing and R&D activities, and advantages of contact-based temperature monitoring systems.

Non-contact-based temperature monitoring systems do not require direct contact with the intended energy source/object whose temperature needs to be measured. Based on type, the non-contact-based temperature monitoring system market is further classified into pyrometers & IR thermometers, thermal imagers, and fiber optic thermometers.

Regional Growth Analysis:

North America is one of the major revenue-generating regions in the global temperature monitoring systems industry. The large share of this regional segment can mainly be attributed to the presence of stringent regulatory guidelines and extensive regulatory compliance for product quality among target end-user industries, strong presence of major market players in the region, growing research pipeline among biopharmaceutical companies, and stringent regulatory norms for drug development and food & product safety regulations.