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. 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.
According to the new market research report "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", published by MarketsandMarkets™, the global Temperature Monitoring Systems Market is projected to reach USD 5.4 billion by 2024 from USD 4.5 billion in 2019, at a CAGR of 3.9% during the forecast period.
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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The conventional temperature monitors segment to dominate the overall contact-based Temperature Monitoring Systems Market in 2019
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. The large share of this segment is mainly attributed to the increasing emphasis on continuous temperature monitoring during manufacturing and R&D in various application sectors (such as medical devices, pharmaceutical and biotechnology, chemical and petrochemical, energy and power generation, and food and beverage, among others).
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The manufacturing area temperature monitoring segment is estimated to grow at the highest CAGR during the forecast period
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. The growth of this segment is driven by the increased production base of various end-use industries, presence of stringent regulations for maintaining product quality in various industries (such as food and beverages, pharmaceutical, and chemical industries), and the advantages of real-time and remote temperature monitoring during the overall manufacturing process.
North America dominated the Temperature Monitoring Systems Market in 2019
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. The large share of North America can be attributed to the factors such a large volume of surgical procedures, the presence of stringent regulatory guidelines and extensive, regulatory compliance for product quality among target end-user industries, the strong presence of major market players in the region, growing research pipeline among biopharmaceutical companies, and ongoing technological advancements in temperature monitoring systems.