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Temperature monitoring systems market in Asia Pacific is expected to witness the highest CAGR from 2019 to 2024. Factors such growing food safety concerns, increasing R&D activities, rising government healthcare expenditure, presence of stringent regulatory policies for food & drug safety, & growth of the biotechnology and pharmaceutical industries in key APAC countries such as India and China are the major factors driving the growth of this regional segment.
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1 Temperature Monitoring Systems :Market Overview
2 Temperature Monitoring Systems :Market Share, By Product, 2018
3 Temperature Monitoring Systems :Market, By End User, 2019 vs 2024 (USD Million)
4 Temperature Monitoring Systems :Market, By Application, 2019 vs 2024 (USD Million)
5 Temperature Monitoring Systems :Market, By Region
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% during the forecast period. Factors such as rising manufacturing activity across a range of industries, stringent regulations to ensure product quality (particularly in the food & beverage and pharmaceutical sectors), technological advancements, the growing patient population, and increasing disease prevalence are expected to propel the growth of this market.
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The non-contact-based temperature monitoring systems market is further categorized into pyrometers & IR thermometers, thermal imagers, and fiber optic thermometers. The pyrometers & IR thermometers segment is expected to register the highest growth rate during the forecast period. The large share of this segment is attributed to the advantages provided by these products, such as monitoring the temperature of small, moving, or inaccessible objects.
Breakdown of supply-side primary interviews, by company type, designation, and region:
• By Company Type: Tier 1 - 31%, Tier 2 - 49%, and Tier 3 - 20%
• By Designation: C-level - 28%, Director-level - 19%, and Others - 53%
• By Region: North America - 33%, Europe - 31%, APAC - 19%, and RoW - 17%
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.
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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.
Reasons to Purchase the Report
This report studies the temperature monitoring systems market based on type, end user, application, and region. The report also analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It evaluates opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.
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