The current economic setting across different industries is witnessing a hike on account of the raised consumerism. Financial portfolios have witnessed significant growth across all industries. One such industry that is performing remarkably is the temperature monitoring market.
The growth of the temperature monitoring industry has caught the eyes of investors, and the key performers are more active than ever, looking to utilize the fertile market for their business expansion.
Temperature monitoring is an essential factor for a variety of industries including healthcare, pharmaceuticals, food, and beverage. As companies are planning to expand their operations, they are more reliable on temperature monitoring to ensure their products’ quality and efficiency.
As the need for temperature monitoring increases, the advancements in technology related to the field are simultaneously growing. With this ongoing scenario, the temperature monitoring market is expected to keep growing.
What is temperature monitoring?
Temperature monitoring refers to the process of measuring the immediate temperature of a particular environment. It includes maintaining a prompt record of the past temperature history concerning the time and measurements.
Temperature measurement is a crucial factor for different industries as it ensures a sustainable atmosphere for several processes, manufacturing, goods storage, and transportation. With new facilities and advancements entering the industry, companies are coming up with new and better ways to monitor the temperature of various components.
What is end-user adoption, and why is it expected for temperature monitoring?
Technology is a constantly changing playfield. This change affects all industries, and the temperature monitoring industry is no different. The industry is undergoing a remarkable transformation from the traditional ways of temperature monitoring to advanced processes.
Whenever an organization, an industry, or a product adapts to advancements, it’s the end-users that are impacted the most. The end-users are the final users who engage with the updated technology. The process of these end-users adapting to the system updates is known as end-user adoption.
In the temperature monitoring sector, end-user adoption is expected on account of the increasing consumer demands, available market upgrades, and global technological advancements. Companies are expanding their operations, and with a broadening global economy, there is more emphasis on researching and producing better devices and systems for temperature monitoring.
End-user adoption is evident in the software sector and is stepping into other industries like pharmacy, food manufacturing, automobiles, and electronics. Temperature monitoring is also witnessing the same and is expected to continue with the trend.
What are some of the options and companies available?
Companies are adapting to advanced and convenient devices for temperature monitoring. As more industries are catering to an enlarged global market, they are emphasizing more on maintaining a viable environment for their products and processes.
The need for temperature monitoring is not limited to storage; it is also a crucial part of manufacturing and transportation. Moreover, there are numerous cases where temperature monitoring is an essential factor for legal compliance. It is necessary to monitor the temperature in the healthcare industry to ensure an adequate environment for operating and accommodating patients. Similarly, the pharmaceutical sector is highly reliant on temperature monitoring systems to protect drugs, medicines, and supplies from losing efficacy.
Keeping the high demand for temperature monitoring devices and systems in mind, there are many new technologies that users can adapt to. Data loggers are the most convenient option and come in a wide variety that suits the needs of different users and their purposes.
Data loggers are devices that come with sensors for detecting different factors like temperature, humidity, and air quality. Their sensors can measure extraordinarily high and low temperatures, which are not easy to detect through traditional monitoring devices. Many companies have analyzed the growing market and the customer needs. According to Healthcare Weekly, many companies are coming up with innovations like automated data loggers that send email and SMS alerts for temperature ranges.
3M, Deltatrack, and Abb Ltd are some of the prominent players in the temperature monitoring market. Fluke Corporation, Omega Engineering, and Emerson Electric have a strong presence in the industry and are dynamic in terms of product development and distribution networks across the globe.
What are some high-level inclusions of the most recent market report?
As suggested in a report by Allied Market Research, the temperature monitoring market is expected to scale from US $4.5 billion in 2019 to US $5.4 billion by 2024. The estimated growth currently stands at a CAGR (Compound Annual Growth Rate) of 3.9%. This growth is driven by the rise in manufacturing activities and a more rigorous approach towards regulations and guidelines imposed across the globe.
What is expected over the next five years?
A research article has recently been published by Stratagem Market analyzing the temperature monitoring market and its upcoming trends. The report suggests a significant hike in the market and highlights the growth potential of the sector. The increased research and development activities are expected to multiply exponentially in the future, contributing to the market’s growth.
Dickson notes that Covid-19 was a notable component that led to an overnight escalation in demand for temperature monitoring systems, especially due to the cold chain monitoring required for vaccines.In the coming years, one can expect an increase in the need for advanced temperature monitoring systems. From non-contact-based systems to contact-based temperature monitoring systems, the market is spreading its branches into different classifications of devices and structures. In the next seven years, the market is expected to rise from US $5.9 billion in 2021 to US $8 billion by 2028. This rate shows a growth index of 4.5% CAGR.
With globalization, as companies, products and businesses are actively functioning across borders, the need to ensure an exceptional product, packaging, and transportation cannot be overlooked. The standardized global attitude is inviting more opportunities for the temperature monitoring market and increasing its scope in complementing industries.
With the current growth rates and opportunities, it is evident that the temperature monitoring industry is set to scale and go through record growth for years to come.