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Temperature Controller Market Report, Size, Share Analysis And Outlook By 2024-2033
Temperature Controller Market
According to The Business Research Company's, The temperature controller market size has grown steadily in recent years. It will grow from $1.21 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to increasing use of packaged and processed food and beverages, increasing adoption of automation in various industries, expansion of the pharmaceutical industry, growing usage of temperature-sensitive medical devices and equipment, demand for temperature controllers in environmental control systems.
The temperature controller market size is expected to see steady growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to development of communication capacity in temperature controllers, growing demand for heating ventilation and air conditioning (HVAC) systems, increasing demand for temperature-controlled storage and transportation, rising demand for temperature controllers in automotive manufacturing processes, adoption of temperature control systems in agriculture and horticulture. Major trends in the forecast period include integration of IoT (internet of things) technology, wireless connectivity, compact designs, cloud-based solutions, integration with supervisory control and data acquisition (SCADA) systems.
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Market Drivers and Trends:
Increasing demand for packaged food and beverages is expected to propel the growth of the temperature controller market going forward. Packaged foods and beverages are products that have undergone manufacturing and packaging for convenient consumption. Temperature control in packaging and processing of food and beverages ensures product safety, quality, and extended shelf life by minimizing microbial growth, enzymatic reactions, and deterioration, thereby preserving the integrity of packaged and processed food and beverages. For instance, in October 2023, according to Agriculture and Agri-Food Canada (AAFC), a Canada-based government department, in 2022, the exports of processed food and beverage products reached a historic high of $54.3 billion, marking a 14.1% surge from the previous year and constituting 34.7% of the total production value. Therefore, increasing demand for packaged and processed food and beverages is driving the growth of the temperature controller market.
Major companies operating in the temperature controller market are focused on developing innovative products, such as hot-runner temperature controllers, to enhance the efficiency and capabilities of their products. These controllers regulate and maintain precise temperatures in the hot runner system, ensuring optimal conditions for the injection molding process. For instance, in April 2022, PCS Company, a US-based provider of mold bases and mold components, launched the TC50, a hot-runner temperature controller available in two configurations for six or 12 control zones. It include a 7-inch touch screen, self-diagnostics, zone slaving, mold memory, leak detection, and connectivity with injection presses for input/output functions. It also provides power balance detection and display, along with a group setup function, effectively coordinating the heating and cooling of nozzles and the manifold.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Siemens AG, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Control Company, Emerson Electric Co., Delta Electronics Inc., Omron Corporation, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, Watlow Electric Manufacturing Company, Banner Engineering, Cole Parmer, Omega Engineering Inc., Autonics Corporation, Selec Controls Pvt. Ltd., Dwyer Instruments Inc., Hammond Manufacturing Co. Ltd., Tempco Electric Heater Corporation, BriskHeat Corporation, Onset Computer Corporation, RKC Instrument Inc., Elektronika Sales Pvt. Ltd., TEGAM Inc., West Control Solutions, Temperature Controls Pty Ltd., Meitav Tec Ltd., Hanyoung Nux Co. Ltd.
Temperature Controller Market 2024 Key Insights:
• The Temperature Controller Market is expected to grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%.
• Rising Demand For Packaged And Processed Foods Drives The Temperature Controller Market.
• Innovative Advancements Elevating Efficiency In The Temperature Controller Market
• Asia-Pacific was the largest region in the temperature controller market in 2023. The regions covered in the temperature controller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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