Temperature Monitoring Systems Market worth $5.66 billion by 2030
The report "Temperature Monitoring Systems Market by Type (Wireless, Strip, Pyrometer, IR), Application (Patient Monitoring, Lab, Manufacturing, Cold Storage, Home Care, Server), End User (Healthcare, Food, Pharma, Energy, Semi-conductor) - Global Forecast to 2030", size is projected to reach USD 5.66 billion by 2030 from USD 4.15 billion in 2024, growing at a CAGR of 5.3% during the forecast period.
Browse 437 market data Tables and 64 Figures spread through 417 Pages and in-depth TOC on "Temperature Monitoring Systems Market by Type (Wireless, Strip, Pyrometer, IR), Application (Patient Monitoring, Lab, Manufacturing, Cold Storage, Home Care, Server), End User (Healthcare, Food, Pharma, Energy, Semi-conductor) - Global Forecast to 2030"
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The major factors driving the market growth of the temperature monitoring systems market include expansion in the secondary manufacturing sector, the rising R&D investment for research and impending patent cliff. The growing safety standards for temperature-sensitive industries are further high growth prospects for the temperature monitoring systems market during the forecast period. Moreover, the intense competition among players can support brand protection efforts. The increasing adoption of IoT and AI technologies provide opportunities for market growth
The monitoring systems segment is to register a significant growth rate over the forecast period of 2024-2030.
Based on the product, over the forecast period of 2024-2030, the monitoring systems segment is to register a significant growth rate. The temperature monitoring systems market is segmented into monitoring systems and the software & services. The temperature monitoring systems ‘monitoring systems’ market includes analog and digital monitoring systems to deliver temperature monitoring. The key factors encouraging the growth of monitoring systems segment during the forecast period are the increased adoption of temperature monitoring systems in emerging economies and the rising number of manufacturers offering advanced systems.
The cold storage temperature monitoring segment accounted for the largest share of temperature monitoring systems in 2024-2030.
Based on application, during the forecast period, the cold storage temperature monitoring segment is anticipated to dominate the temperature monitoring systems market, holding the largest market share. The cold storage monitoring segment commands a significant share due to the stringent regulations, increasing focus on quality control and rising demand for cold storage temperature monitoring systems across key markets (such as the US, Europe, China, India, and the Middle East).
Asia Pacific registered the highest CAGR in the market during the forecast period.
In 2024, Asia Pacific is expected to register the highest CAGR in the market for temperature monitoring systems during the forecast period. Asia Pacific comprises China, India, South Korea, Taiwan, and Singapore, and the rest of Asia Pacific. Factors such as growth of the biotechnology and pharmaceutical industries in key APAC countries and presence of stringent regulatory policies for food and drug safety are driving the growth of the APAC Temperature monitoring systems market during the forecast period.
As of 2023, prominent players in temperature monitoring systems 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.
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