Temperature Monitoring Systems Market Size | Revenue Growth Expectations in Near Future

Pune, India, 2020-Aug-20 — /EPR Network/ —

The study involved four major activities to estimate the current market size for global temperature monitoring systems market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the temperature monitoring systems market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

1. The key players in the industry and markets have been identified through extensive secondary research.

2. The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research.

3. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

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The temperature monitoring systems 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% during the forecast period.

Market Growth Drivers:

1. Expansion in the Secondary Manufacturing Sector
2. Stringent Regulations Governing the Food & Beverage and Pharmaceutical Industries
3. Availability of Wireless Temperature Monitoring Systems
4. Growth Opportunities in Emerging Markets

In-Depth Market Segmentation:

Product:

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 systems market is further classified into pyrometers & IR thermometers, thermal imagers, and fiber optic thermometers.

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.

Application:

Based on application, the hospital and Patient Temperature Monitoring segment is estimated to account for the largest share in the market owing to the rising prevalence of infectious diseases, increasing geriatric and pediatric population, increasing number of surgical procedures, and the rising demand for advanced temperature monitoring devices.

Key Questions Answered in The Report:

#Who are the top 10 players operating in the market?
# What are the driving factors, restraints, opportunities, and challenges in the market?
# What are the industry trends as well as the current scenario in the market?
# What are the growth trends in the market at the segmental and overall market levels?

North America dominated the market in 2018

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.

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Major Industry Leaders:

Some of the prominent players in the temperature monitoring systems are 3M (US), Abb Ltd. (Switzerland), Deltatrack (US), Emerson Electric (US), Fluke Corporation (US), and Omega Engineering (US).

3M is among the significant players in the temperature monitoring systems market with its strong presence, unique product portfolio, and wide distribution network. The company has a significant share in the patient temperature monitoring systems segment. The company offers core temperature monitoring systems for preoperative testing. In order to increase awareness among end users, the company launched a compendium with the latest information and research findings related to its Bair Hugger.