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. Growth in the market is mainly driven by the rising manufacturing activity across a range of industries, stringent regulations to ensure product quality (particularly in the food & beverage and pharmaceutical sectors), and technological advancements.
North America dominated the market in 2018
North America is one of the major revenue-generating regions in the global temperature monitoring systems market. 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.
Key Market Players
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.
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Omega Engineering (US) offers various products used for the measurement of several physical parameters, such as temperature, humidity, pressure, strain, force, flow, level, pH, and conductivity. Its strength lies in its broad product portfolio, strong brand image, extensive customer base, and wide geographical presence.
- In 2018, DeltaTrak (US) launched its FlashTrak PreCool Prime
- In 2018, Monnit Corporation (US) launched its ALTA Serial MODBUS Gateway and ALTA Industrial Quad Temperature Sensor
- In 2018, Emerson acquired Cooper-Atkins to strengthen its commercial & residential solutions business
- In 2017, SensoScientific (US) received a contract from Vizient Inc., a GPO-based in the US. As per the contract, SensoScientific’s wireless temperature monitoring and other environmental monitoring products will be made available to Vizient Inc.