Global Temperature Monitoring Systems Market to Expand at a CAGR of 4.2% between 2018 and 2026

According to a new market research report published by Brisk Insights, “Temperature Monitoring Systems Market (by Product Type (Contact-based Temperature Monitoring Systems & Non-contact-based Temperature Monitoring Systems), by End-use Vertical (Food & Beverage, Healthcare, Semiconductor & Electronics, Automotive, Transportation & Logistics, Oil & Gas, and Others), by Geography (North America, Europe, Asia Pacific, and Rest of the World)) - Growth, Future Prospects, and Competitive Landscape, 2018 -2026”, the global temperature monitoring systems market was valued at US$ 3,976.2 Mn in 2017 and is expected to expand at a CAGR of 4.2% during the forecast from 2018 to 2026.

Market Insight

Temperature monitoring represents one of the most crucial elements of industrial production process. May it be alloy melting in automotive industry, glass syringe production in the life science industry, or foil thermoforming in the plastic industry, temperature monitoring and measurement is prerequisite activity across the entire production line. An undetected inconsistency in temperature across the production processes may lead to machine downtime and cost millions of dollars to the company. Considering and understanding the consequences, manufacturers/companies across the globe are deploying temperature monitoring systems on-premise. While the deployment of temperature monitoring systems was predominantly confined to industry verticals such as food & beverage, automotive, electronics, and oil and gas in the beginning, technology advances have extended the adoption of these devices in commercial & corporate segments.  The use of temperature monitoring units at IT locations like data centers and server rooms help avoid heat buildup and enable business organizations to keep track of critical temperatures across sites. In addition, the advent of wireless temperature monitoring systems has allowed end-users to achieve automated and real-time internet-based temperature monitoring. Need for continuous/regular interval temperature monitoring remains the overriding factor driving the market growth worldwide. Advancements in technology has led to the introduction of more efficient and feature-rich temperature monitoring variants, driving the replacement demand. The trend is ubiquitous especially in developed economies like North America & Europe.

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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, ABB Ltd., Emerson Electric, Honeywell International Inc., Deltatrack, Siemens AG, Thermo Fisher Scientific, Testo AG, Fluke Corporation (Subsidiary of Fortive Corporation), Kelsius, Ltd., Rees Scientific, Omega Engineering (A Subsidiary of Spectris), and Monnit Corporation among others.