PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648941
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648941
The continuous thermal monitoring market is projected to reach USD 1.49 billion by 2030 from an estimated USD 1.00 billion in 2024, at a CAGR of 6.8% during the forecast period (2024-2030). The continuous thermal monitoring market is driven by factors such as an increased focus on energy efficiency among industries, an increased demand for smaller and more powerful electronic devices, and a growing number of data centers and cloud computing services. These trends require efficient thermal management solutions that ensure optimal performance and prevent overheating, hence driving the demand for continuous thermal monitoring technologies.
Scope of the Report | |
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Years Considered for the Study | 2024-2030 |
Base Year | 2024 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Billion) |
Segments | By Offering By Application By End User By Region |
Regions covered | Asia Pacific, Europe, North America, South America, Middle East & Africa |
"Hardware is expected to have the highest growth rate segment during the forecast period."
The hardware component is the fastest segment due to its critical role to enable accurate, reliable temperature identification. Hardware machines are widely used in numerous industries for the detection of thermal anomalies so that overheating is prevented. They also maximize operational efficiency as they can operate to identify thermal patterns in real-time. Predictive maintenance continues to be of high demand due to its various applications in numerous industries such as manufacturing, utility, and data center operations. Technological advancements also led to a compact, affordable, and even IoT-enabled hardware that integrates so well with a smart monitoring system, making these devices more alluring.
"Bus Duct Monitors segment is expected to emerge as the fastest growing segment by application."
The continuous thermal monitoring market in bus duct monitoring is gaining immense growth due to the importance of reliability and security for electrical infrastructure. This further gains momentum due to prevention and avoidance of costly failures and fire hazards, growing smart grid adoption, and emerging demand from data centers and renewable energy. The increasing stringency of regulatory standards, advancement in IoT and predictive analytics, and the massive costs associated with system downtime make real-time thermal monitoring an absolute necessity. Industrialization is growing at a faster pace, and the focus has shifted towards efficiency and safety. Bus duct monitoring is rapidly becoming an essential part of modern power distribution systems.
"China to grow at the highest CAGR for Asia Pacific Continuous thermal monitoring market."
China is the Asia-Pacific region's fastest growing market for continuous thermal monitoring in Asia Pacific, given its vast industrial base, rapid urbanization, and vast infrastructure developments. The strong focus on energy efficiency and rigid safety regulations by the nation has further accelerated the deployment of high-tech monitoring systems across power distribution networks, data centers, and renewable energy projects. Moreover, the proactive interest of the government in smart grid development and the incorporation of IoT technology has created a tremendous momentum for implementing real-time thermal monitoring solutions. Significant investment in industrial automation with a firm commitment to minimizing downtime and energy losses drives China at the fore in the region to embrace leading-edge thermal monitoring technologies.
By Company Type: Tier 1- 30%, Tier 2- 45%, and Tier 3- 25%
By Designation: Director Levels- 20%, C-Level- 30%, and Others- 50%
By Region: North America- 18%, Europe- 8%, Asia Pacific- 60%, the Middle East & Africa- 10%, and South America- 4%
Note: Others include sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined based on their total revenues as of 2023. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Honeywell International Inc. (US) and Teledyne Technologies (US) are some of the key players in the continuous thermal monitoring market.
The study includes an in-depth competitive analysis of these key players in the continuous thermal monitoring market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the continuous thermal monitoring market by offering (hardware, software, services), By Application (Bus Duct Monitors, Switchgear, Motor Control Centers, Dry Transformers, Low-voltage Transformers, Other Applications), By End User (Data Centers, Oil & Gas, Logistics, Utilities, Manufacturing, Healthcare, Retail, Telecommunications, Other End Users) and By Region (North America, South America, Europe, Asia Pacific, and Middle east & Africa). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the continuous thermal monitoring market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements, investment, divestment, new product & service launches, and recent developments associated with the continuous thermal monitoring market. Competitive analysis of upcoming startups in the continuous thermal monitoring market ecosystem is covered in this report.
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