PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1652618
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1652618
The global temperature monitoring systems market is projected to reach USD 4.15 billion in 2024 to USD 5.66 billion by 2030, at a CAGR of 5.3% during the forecast period. The growing safety standards for temperature-sensitive industries is one of the major factors anticipated to boost market growth in the forecasting years. Additionally, the high installion cost of temperature monitoring systems in emerging economies affects the growth of the temperature monitoring systems market.
Scope of the Report | |
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Years Considered for the Study | 2022-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD) |
Segments | Product, Type, Application, End user, and Region |
Regions covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
"The contact-based temperature monitoring systems segment to hold the largest share of the market in 2024."
Based on type, temperature monitoring systems is segmented into non-contact-based temperature monitoring systems and contact-based temperature monitoring systems. The contact-based temperature monitoring systems segment is expected to dominate the temperature monitoring systems market during the forecast period. The contact-based temperature monitoring systems segment is further divided into conventional temperature monitoring systems, wireless temperature monitoring systems, and temperature measuring strips and labels. With the growing prevalence of infectious diseases, system and software enhancements, and the increasing adoption of wireless temperature monitoring systems worldwide leads to the growth of this market segment.
"The monitoring systems segment to hold the largest share of the market in 2024."
Based on product, the temperature monitoring systems market is segmented into monitoring systems and the software & services. The temperature monitoring systems market is expected to be dominated by monitoring systems segment during the forecast period. The monitoring systems segment id further segmented into analog and digital monitoring systems. The monitoring systems are expected to grow due to rise in demand of wearable devices for personal health monitoring and increase awareness of health in individuals leading to use of home based temperature monitoring systems.
"The hospitals companies segment to hold the largest share of the market in 2024."
The end user market is segmented into food & beverage product manufacturers, healthcare & life science facilities, chemical & petrochemical manufacturers, medical device manufacturing companies, pharmaceutical & biotechnology companies, semiconductor & electronics companies, energy & power generation companies, and other end users. Healthcare & life science facilities accounted for the largest share of the global temperature monitoring systems market during the forecasted years. This can be attributed to the major applications and large demand of temperature monitoring systems accounted by hospital sector and the growing number of hospitals in emerging countries.
"The market in the APAC region is expected to register highest growth rate for Temperature monitoring systems in 2024."
The temperature monitoring systems market covers five key geographies-North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2023, a significant market share for temperature monitoring systems was held by the market in the North American region, comprising the US and Canada. On the other hand, the Asia Pacific market is estimated to register the highest growth rate during the forecast period. The increasing market penetration opportunities in emerging APAC countries led to the growth of the temperature monitoring systems market in this region.
The prominent players in the Temperature monitoring systems market are 3M (US), Cardinal Health (US), Emerson Electric (US), Honeywell International Inc. (US), Koninklijke Philips N.V. (Netherlands), ABB (US), Fortive Corporation (US), Thermo Fisher Scientific (US), Siemens AG (Germany), Masimo (Japan), Toshiba (Japan), Welch Allyn (US) and Geratherm Medical AG (Switzerland), among others.
Research Coverage
This report studies the temperature monitoring systems market based on product, type, application, end user, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their market presence.