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%. 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.
Some of the prominent players in the temperature monitoring systems market are 3M (US), Abb Ltd. (Switzerland), Deltatrack (US), Emerson Electric (US), Fluke Corporation (Subsidiary Of Fortive Corporation) (US), Honeywell (US), Kelsius, Ltd. (Ireland), Monnit Corporation (US), and Omega Engineering (US).
Analysis of the developments in the temperature monitoring systems market from 2016 to 2018 shows that new product launches, geographic expansions, mergers & acquisitions, and contracts were the most widely adopted growth strategies by players in the market. Players adopted these strategies to strengthen their market positions.
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3M (US) was the largest player operating the global temperature monitoring systems market. Its large share can be attributed to its unique product portfolio for temperature monitoring devices. The company’s products offer core temperature monitoring systems for preoperative testing. 3M has a strong presence across the US, the Asia Pacific, and Europe. To provide improved product understanding to its customers, in May 2016, the company launched a compendium with the latest information and research findings related to 3M Bair Hugger. A strong brand image and widespread geographic coverage are the factors expected to drive the company’s growth in the temperature monitoring systems market in the coming years.
Omega Engineering (US) is one of the leading companies in the global temperature monitoring systems market. The company has a wide distribution network and operates across 30 countries. The company offers a broad range of technologically advanced products, which are used for process measurement and control of temperature, humidity, pressure, strain, force, flow, level, pH, and conductivity. Omega’s strong product offerings, wide distribution network, and extensive customer base give it a competitive edge in the temperature monitoring systems market.
Temperature Monitoring Systems Market by Product (Monitor, Strip, Handheld, Wireless, Pyrometer, IR, Camera, Fiber Optic), Application (Cold Storage, Greenhouse, Life science, Patient), End user, and Region - Global Forecast to 2024
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