As per the analysis of Markets and Markets the global temperature monitoring systems market is expected to reach 5.4 billion US$ by the year 2024 from 4.9 US$ of the year 2019. The CAGR during the forecast period is expected to be 3.9%. The market for temperature monitoring systems is driven by the rise of manufacturing activities in different industries. The advancement of technology has introduced new systems to the market which offers better results. The development of new systems is expected to grow the market in the upcoming years.
Based on the type contact based temperature monitoring system is expected to dominate the overall market. Contact-based temperature monitoring system is further divided into sub type and conventional temperature monitors are anticipated to hold the largest market share in the overall market. The report also includes major manufacturers along with their complete business strategy and product details.
The temperature monitoring systems in manufacturing areas are segmented into different types. The segment having the highest CAGR is expected to be manufacturing area temperature monitoring. The growth of this segment is attributed to the increase in production across various industries. Companies are prone to use such a system because it offers better safety and monitoring of the manufacturing area.
The market of Temperature Monitoring Systems is also segmented into different regions. North America held the largest market share of the overall market in the year 2018 followed by Europe. The industrial advancement in all the industries and strict regulatory guidelines are the factors responsible for market growth. Different regions as included in the analysis along with all the factors affecting the market in these regions.