DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
Factors such as rising manufacturing activity across a range of industries, stringent regulations to ensure product quality (particularly in the food & beverage and pharmaceutical sectors), technological advancements, the growing patient population, and increasing disease prevalence are expected to propel the growth of this market.
However, the high prices of advanced temperature monitoring systems are expected to restrain the growth of this market in the forecast period.
Several companies such as 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), Omega Engineering (US), Rees Scientific (US), and SensoScientific, Inc. are investing in high-growth markets to gain significant profits and increase their share in the global temperature monitoring systems market.
The pyrometers & IR thermometers segment to register the highest CAGR in the non-contact-based temperature monitoring systems market
Based on type, the non-contact-based temperature monitoring systems market is further categorized into pyrometers & IR thermometers, thermal imagers, and fiber optic thermometers.
The pyrometers & IR thermometers segment is expected to register the highest growth rate during the forecast period. The large share of this segment is attributed to the advantages provided by these products, such as monitoring the temperature of small, moving, or inaccessible objects.
The healthcare and life science facilities segment to dominate the end-user segment
Based on end user, the temperature monitoring systems market is segmented into healthcare & life science facilities, medical device manufacturing companies, pharmaceutical & biotechnology companies, environmental monitoring facilities, chemical & petrochemical manufacturers, energy & power generation companies, food & beverage product manufacturers, and other end users.
The healthcare and life science facilities segment accounted for the largest share of the temperature monitoring systems market in 2018.
Increasing regulatory mandates in the pharmaceutical industry regarding the usage and maintenance of temperature monitoring systems, the patent expiry of various blockbuster drugs, increasing burden of infectious diseases, and the growing patient population are contributing to the market growth of this segment.
The temperature monitoring systems market in the APAC is projected to witness the highest growth rate during the forecast period
The temperature monitoring systems market in the Asia Pacific is expected to witness the highest CAGR from 2019 to 2024.
Factors such the growing food safety concerns, increasing R&D activities, rising government healthcare expenditure, the presence of stringent regulatory policies for food & drug safety, and the growth of the biotechnology and pharmaceutical industries in key APAC countries such as India and China are the major factors driving the growth of this regional segment.
Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Currency Used for the Study
1.5 Major Market Stakeholders
1.6 Limitations
2 Research Methodology
2.1 Research Methodology Steps
2.2 Secondary and Primary Research Methodology
2.3 Market Size Estimation Methodology
2.4 Market Data Validation and Triangulation
2.5 Assumptions for the Study
3 Executive Summary
3.1 Introduction
4 Premium Insights
4.1 Temperature Monitoring Systems: Market Overview
4.2 Temperature Monitoring Systems: Market Share, By Product, 2018
4.3 Temperature Monitoring Systems: Market, By End User, 2019 vs 2024 (USD Million)
4.4 Temperature Monitoring Systems: Market, By Application, 2019 vs 2024 (USD Million)
4.5 Temperature Monitoring Systems: Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.3 Drivers
5.3.1 Expansion in the Secondary Manufacturing Sector
5.3.2 Stringent Regulations Governing the Food and Beverage and Pharmaceutical Industries
5.3.3 Technological Advancements
5.3.4 Rising Patient Population and Diagnostics & Surgical Procedures
5.3.5 Increasing Diagnostic & Life Sciences Research
5.4 Restraints
5.4.1 High Prices of Advanced Products
5.5 Opportunities
5.5.1 Growth Opportunities in Emerging Markets
5.6 Challenges
5.6.1 Technical Limitations Associated With IR and Mercury Thermometers
6 Temperature Monitoring Systems Market, By Type
6.1 Introduction
6.2 Contact-Based Temperature Monitoring Systems
6.3 Non-Contact-Based Temperature Monitoring Systems
7 Temperature Monitoring Systems Market, By End User
7.1 Introduction
7.2 Healthcare & Life Science Facilities
7.3 Medical Device Manufacturing Companies
7.4 Pharmaceutical & Biotechnology Companies
7.5 Chemical & Petrochemical Manufacturers
7.6 Food & Beverage Product Manufacturers
7.7 Energy & Power Generation Companies
7.8 Other End Users
8 Temperature Monitoring Systems Market, By Application
8.1 Introduction
8.2 Cold Storage Temperature Monitoring
8.3 Greenhouse Temperature Monitoring
8.4 Server Room Temperature Monitoring
8.5 Hospital Room Temperature Monitoring
8.6 Patient Temperature Monitoring
8.7 Laboratory Temperature Monitoring
8.8 Manufacturing Area Temperature Monitoring
9 Temperature Monitoring Systems Market, By Region
9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Rest of the World
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis, 2017
10.3 Competitive Scenario
11 Company Profiles
11.1 3M
11.2 ABB Ltd.
11.3 Deltatrack
11.4 Emerson Electric
11.5 Fluke Corporation (Subsidiary of Fortive Corporation)
11.6 Honeywell
11.7 Kelsius Ltd.
11.8 Monnit Corporation
11.9 Omega Engineering (A Subsidiary of Spectris)
11.10 Rees Scientific
11.11 Sensoscientific Inc.
11.12 Siemens AG
11.13 Testo AG
11.14 Thermo Fisher Scientific
11.15 Vaisala
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