$5.4 Bn Temperature Monitoring Systems Market - Global Forecast to 2024: Expansion in the Secondary Manufacturing Sector

DUBLIN, Feb. 27, 2019 /PRNewswire/ -- 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.

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.

Key Topics Covered:

1 Introduction

2 Research Methodology

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
6.2.1 Conventional Temperature Monitoring Systems
6.2.1.1 Limitations of Sensors Used in Conventional Temperature Monitoring Systems to Restrain Market Growth
6.2.2 Temperature Measuring Strips and Labels
6.2.2.1 Wide Usage of Temperature Measuring Strips and Labels in the Manufacturing Processes of Several Industries to Drive Market Growth
6.2.3 Wireless Temperature Monitoring Systems
6.2.3.1 Wireless Temperature Monitoring Systems to Witness Significant Adoption in Various Applications Owing to Advantages Such as Lower Installation and Operating Costs
6.3 Non-Contact-Based Temperature Monitoring Systems
6.3.1 Pyrometers and Infrared Thermometers
6.3.1.1 Requirement of Precise Temperature Monitoring in Several Industrial Manufacturing Processes to Drive the Adoption of Pyrometers and IR Thermometers
6.3.2 Thermal Imagers
6.3.2.1 High Cost of Thermal Imagers to Restrain Market Growth to A Certain Extent
6.3.3 Fiber Optic Thermometers
6.3.3.1 Ability of Fiber Optic Thermometers to Withstand Harsh Conditions to Support Their Adoption in Various Industries

7 Temperature Monitoring Systems Market, By End User
7.1 Introduction
7.2 Healthcare & Life Science Facilities
7.2.1 Healthcare Providers
7.2.1.1 Significant Number of Road Accidents and Emergency Room Admissions and the Resultant Increase in the Number of Surgeries to Drive Growth in This End-User Segment
7.2.2 Blood Banks, Tissue Banks, Diagnostic Labs, and Ivf Clinics
7.2.2.1 Extensive Use of Temperature Maintenance Systems Among These End Users to Reduce the Risk of Contamination is A Key Market Driver
7.2.3 Patient Monitoring & Home Care Settings
7.2.3.1 High Cost of Advanced Temperature Monitoring Devices in Patient Care is Limiting Their Adoption in This End-User Segment
7.2.4 Other Healthcare & Life Science Facilities
7.3 Medical Device Manufacturing Companies
7.3.1 Rising Research and Development Activities to Launch Innovative Medical Devices to Support the Growth of the Segment
7.4 Pharmaceutical & Biotechnology Companies
7.4.1 Stringent Regulations in the Pharmaceutical Sector Boosting the Adoption of Temperature Monitoring Systems
7.5 Chemical & Petrochemical Manufacturers
7.5.1 Rising Demand for and Production of Various Chemicals and Petroleum From Different Industrial Verticals Across the Globe is Aiding the Growth of This Market
7.6 Food & Beverage Product Manufacturers
7.6.1 Availability of Systems Specifically for Food & Beverage Manufacturers to Support Market Growth
7.7 Energy & Power Generation Companies
7.7.1 Increase in the Global Demand for and Consumption of Energy Drives the Market
7.8 Other End Users

8 Temperature Monitoring Systems Market, By Application
8.1 Introduction
8.2 Cold Storage Temperature Monitoring
8.2.1 Growth of the Food and Beverage Industry - One of the Major Factors Driving the Demand for Cold Storage Temperature Monitoring
8.3 Greenhouse Temperature Monitoring
8.3.1 Favorable Government Regulations and Incentives for Greenhouses and Poly Houses to Support the Growth of This Application Segment
8.4 Server Room Temperature Monitoring
8.4.1 Industry Recommendations for Proper Temperature Management in Data Centers to Support the Growth of This Application Segment
8.5 Hospital Room Temperature Monitoring
8.5.1 Stringent Regulations for Comprehensive Temperature Monitoring in Healthcare Facilities to Drive the Demand for Hospital Room Temperature Monitoring
8.6 Patient Temperature Monitoring
8.6.1 Rising Prevalence of Infectious Diseases and Increasing Number of Surgeries to Support the Growth of This Application Segment
8.7 Laboratory Temperature Monitoring
8.7.1 Guidelines By Various Regulatory Bodies Related to Laboratory Temperature and Humidity Requirements to Drive the Demand for Laboratory Temperature Monitoring
8.8 Manufacturing Area Temperature Monitoring
8.8.1 Increased Production and Manufacturing in Several Industries to Drive the Demand for Manufacturing Area Temperature Monitoring

9 Temperature Monitoring Systems Market, By Region

10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis, 2017
10.3 Competitive Scenario
10.3.1 Product Launches
10.3.2 Acquisitions
10.3.3 Contracts
10.3.4 Expansions

11 Company Profiles

• 3M
• ABB Ltd.
• Deltatrack
• Emerson Electric
• Fluke Corporation (Subsidiary of Fortive Corporation)
• Honeywell
• Kelsius, Ltd.
• Monnit Corporation
• Omega Engineering (A Subsidiary of Spectris)
• Rees Scientific
• Sensoscientific, Inc.
• Siemens AG
• Testo AG
• Thermo Fisher Scientific
• Vaisala

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