The 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%. The growth of this market is driven by rising manufacturing activity across a range of industries, as well as stringent regulations to ensure product quality (particularly in the food & beverage and pharmaceutical sectors). Technological advancements have introduced systems that are more efficient and capable of meeting a greater variety of needs than their predecessors did, which has stimulated their overall adoption. In healthcare, the growing patient population and increasing disease prevalence are direct drivers of market growth. Rising R&D activity is also expected to contribute to market prospects in the coming years.
In this report, the global temperature monitoring systems market has been segmented into type, application, end user, and region. Based on type, the temperature monitoring systems market is segmented into contact-based and non-contact-based temperature monitoring systems. The contact-based temperature monitoring systems segment is subsegmented into conventional temperature monitors, temperature measuring strips and labels, and wireless temperature monitoring systems. The non-contact-based temperature monitoring systems segment is further segmented into pyrometers and IR thermometers, thermal imagers, and fiber optic thermometers.
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The contact-based temperature monitoring systems segment is expected to register the highest growth rate in the temperature monitoring systems market during the forecast period. The wide application of these devices in various industries and their easy availability are the key factors stimulating the growth of this market segment.
Based on application, the hospital and patient temperature monitoring segment is estimated to account for the largest share in the temperature monitoring systems market owing to the rising prevalence of infectious diseases, increasing geriatric and pediatric population, increasing number of surgical procedures, and the rising demand for advanced temperature monitoring devices. The manufacturing area temperature monitoring segment is expected to grow at the highest CAGR during the forecast period.
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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. Energy & power generation companies are expected to grow at the highest CAGR during the forecast period. The growth of this segment is driven by the increase in the global demand for energy, growth in energy consumption in the fast-growing developing economies, and the high demand for oil and other liquid fuels.
Source: MarketsandMarkets
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