Some of the
prominent players in the temperature monitoring system 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 system 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.
3M (US) the largest player operating the global temperature
monitoring system 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 industry in the coming years.
Omega Engineering (US) is one of the leading companies in the global temperature
monitoring system 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 industry.
Expected Revenue Growth:
The temperature monitoring system market is projected to grow from USD 4.5
billion in 2019 to USD 5.4 billion by 2024, at a CAGR of 3.9%.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=250125379
Major Revenue Segments:
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.
Growth in the non-contact-based temperature monitoring systems segment can be
attributed to factors such as increasing emphasis on continuous temperature
monitoring, growing number of manufacturing and R&D activities, and
advantages of contact-based temperature monitoring systems.
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 system market is
further classified into pyrometers & IR thermometers, thermal imagers, and
fiber optic thermometers.
Regional Growth Analysis:
North America is one of the major revenue-generating regions in the global temperature
monitoring systems industry. 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.
