Press release
Temperature Monitoring System Market growing at a CAGR of 5.6% through 2026
Temperature Monitoring System Market
The Temperature Monitoring System Market has been experiencing significant growth in recent years. This market includes a wide range of products and services, such as wireless sensors, data loggers, thermometers, and temperature probes. The increasing demand for temperature monitoring systems is driven by various factors, including the need for precise temperature control in various industries, such as food and beverage, pharmaceuticals, and healthcare.
The Temperature Monitoring System Market is expected to grow at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2016 to 2026. The market size was valued at USD 3.4 billion in 2016 and is expected to reach USD 4.5 billion by 2026. The growing demand for temperature monitoring systems in various industries, along with the increasing adoption of wireless temperature monitoring systems, is driving the growth of this market.
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Temperature Monitoring System Market Dynamics
The growth of temperature monitoring system is directly related to the market fluctuations in the application area. One such application is its usage in manufacturing corporations. The manufacturing activities on a global level scale is on a steady rise in the current scenario and is estimated to grow at an accelerated pace in the future thereby positively influencing the growth of the temperature monitoring system.
E-commerce is one of the fastest growing and widely accepted marketplaces requiring large number of warehouses and storage facilities, these storage facilities are controlled enclosures where temperatures has to be properly maintained by the temperature monitoring system. Therefore, the increase in number of warehouses and storage system is one of the important factor driving the growth of temperature monitoring system.
Another application driving the growth of temperature monitoring system market is its adoption in food & beverage industry and pharmaceutical industry, which commonly deals with perishable goods and products, requiring stringent temperature monitoring and recording system.
Temperature monitoring system is a capital intensive system that requires precise pre-planning and installation, skilled personnel with an extensive knowledge of sensing electronics are required so as to enable the temperature monitoring system to function normally. Low availability of such personnel coupled with high cost can hamper the growth of the temperature monitoring system.
An important trend identified in the temperature monitoring system are miniaturization of the entire system by implementing wireless technologies for data transmission. Manufacturers of the temperature monitoring system have also tweaked the system by eliminating dedicated wireless data transmission devices for enclosures which already has a central wireless connectivity system in place.
Temperature Monitoring System Market: Segmentation
On the basis of product type
• Wireless System
• Wired System
On the basis of application
• Agriculture
• Automotive Industry
• Food & Beverages Industry
• Pharmaceutical Industry
• Logistics
• Electronics Industry
• Oil and Gas Industry
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Temperature Monitoring System Market: Regional Outlook
Based on the geography the Temperature Monitoring System Market is divided into seven key segments as North America, Asia-Pacific Excluding Japan (APEJ), Latin America, Eastern Europe, Western Europe, Middle-East & Africa (MEA), and Japan. High adoption rates of temperature monitoring system is anticipated in the North America, Western Europe, and Japan region owing to maturity in manufacturing sector while the growth in Asia Pacific Excl. Japan (APEJ) and Latin America region is expected to be slow due to restricted usage of advanced technologies in the manufacturing companies and warehouses.
Temperature Monitoring System Market: Key Players
Some of the players identified in the Global Temperature Monitoring System Market are:
• Banner Engineering Corporation
• Cooper-Atkins Corporation
• Vaisala Oyj
• Fluke Process Instruments
• Isensix, Inc.
• DeltaTrak, Inc.
• Imec Messtechnik GmbH
• KTR Kupplungstechnik GmbH
• Emerson Electric Company
• Physitemp Instruments, Inc.
The report covers exhaustive analysis on:
• Market Segments
• Market Dynamics
• Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies involved
• Value Chain
Regional analysis includes:
• North America
• Latin America
• Asia Pacific
• Japan
• Western Europe
• Eastern Europe
• Middle East & Africa
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Report highlights:
• Detailed overview of parent market
• Changing market dynamics in the industry
• In-depth market segmentation
• Historical, current and projected market size in terms of volume and value
• Recent industry trends and developments
• Competitive landscape
• Strategies of key players and products offered
• Potential and niche segments, geographical regions exhibiting promising growth
• A neutral perspective on market performance
• Must-have information for market players to sustain and enhance their market footprint
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