Temperature Monitoring Systems Market Reaching to US$ 5.4 Billion Revenue to 2024 - Emerging Trends, Industry Forecast, Segmentation and Top Technologies

Overview on temperature monitoring systems market dominated by 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.

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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.

Temperature monitoring systems market in Asia Pacific is expected to witness the highest CAGR from 2019 to 2024. Factors such growing food safety concerns, increasing R&D activities, rising government healthcare expenditure, presence of stringent regulatory policies for food & drug safety, & 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.

North America is one of the major revenue-generating regions in the global temperature monitoring systems market. The large share of this regional segment can mainly be attributed to the presence of stringent regulatory guidelines and extensive regulatory compliance for product quality among target end-user industries, strong presence of major market players in the region, growing research pipeline among biopharmaceutical companies, and stringent regulatory norms for drug development and food & product safety regulations.

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Non-contact-based temperature monitoring systems do not require direct contact with the intended energy source/object whose temperature needs to be measured. Based on type, the non-contact-based temperature monitoring systems market is further classified into pyrometers & IR thermometers, thermal imagers, and fiber optic thermometers.

Some of the prominent players in the temperature monitoring systems are 3M (US), Abb Ltd. (Switzerland), Deltatrack (US), Emerson Electric (US), Fluke Corporation (US), and Omega Engineering (US). 3M is among the significant players in the temperature monitoring systems market with its strong presence, unique product portfolio, and wide distribution network.

Breakdown of supply-side primary interviews, by company type, designation, and region:
• By Company Type: Tier 1 - 31%, Tier 2 - 49%, and Tier 3 - 20%
• By Designation: C-level - 28%, Director-level - 19%, and Others - 53%
• By Region: North America - 33%, Europe - 31%, APAC - 19%, and RoW - 17%

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This report studies the temperature monitoring systems market based on type, end user, application, and region. The report also analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It evaluates opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.

The temperature monitoring systems report also studies micro markets with respect to their growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four major regions. Comprehensive information on temperature monitoring systems offered by the top 15 players in the market. The report analyzes the temperature monitoring systems market by type, application, end user, and region.

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