Report : Europe Temperature Monitoring Systems Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Application (GxP Environment and Life Science Applications, Cold Chain Applications, Vaccine, Semiconductor Manufacturing, Cleanrooms, Data Centers and Equipment Rooms, Museums and Archives, Food and Beverage Manufacturing, Chart Recorder Replacement, and Others), Type (Contract-Based Temperature Monitoring Systems and Non-Contract-Based Temperature Monitoring Systems), and Industries (Healthcare and Life Science Facilities, Medical Device Manufacturing Companies, Pharmaceutical and Biotechnology Companies, Food and Beverage Product Manufacturers, and Others)
At 4.7% CAGR, the Europe Temperature Monitoring Systems Market is speculated to be worth US$ 2,398.86 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe temperature monitoring systems market was valued at US$ 1,733.87 million in 2021 and is expected to reach US$ 2,398.86 million by 2028, registering an annual growth rate of 4.7% from 2021 to 2028. Rise in number of product launches and stringent regulations governing food & beverage and pharmaceutical industries are the critical factors attributed to the market expansion.
The temperature monitoring systems market is characterized by the presence of many small and big companies. To increase their market share, market players are taking up various strategies such as new product launches, regional expansion, and technological advancements. Temperature monitoring systems are safer and more effective than ever with continued innovation and technological advances, leading to increased acceptance of temperature monitoring systems. Leading players are investing in R&D to develop advanced technologies and gain more revenue share. For instance, in December 2021, Monnit launched its new ALTA Wireless Motion+ Sensor, which combines sensing components to measure motion and occupancy, relative humidity (RH), and ambient temperature in a wide variety of facilities. Similarly, in February 2020, ABB launched a new Smart Temperature Monitoring Relay, which is targeted to meet different customer requirements with just one versatile device. Innovations include an LCD screen that provides status updates and readings with a single glance and Near Field Communication (NFC) that allows users to adjust settings with one touch of a smartphone, making installation around 80% faster and more intuitive than ever before. The active participation of market players in product innovation and development and increase in approvals of products are likely to fuel the growth of the temperature monitoring systems market in the coming years.
On the contrary, technical limitations of infrared and mercury thermometers hurdles the growth of Europe temperature monitoring systems market.
Based on application, the Europe temperature monitoring systems market is segmented into GxP environment and life science applications, cold chain applications, vaccine, semiconductor manufacturing, cleanrooms, data centers and equipment rooms, museums and archives, food and beverage manufacturing, chart recorder replacement, and others. The GxP environment and life science applications segment held 28.6% market share in 2021, amassing US$ 495.71 million. It is projected to garner US$ 666.70 million by 2028 to expand at 4.3% CAGR during 2021–2028.
Based on type, the Europe temperature monitoring systems market is bifurcated into contract-based temperature monitoring systems and non-contract-based temperature monitoring systems. The contract-based temperature monitoring systems segment held 67.1% market share in 2021, amassing US$ 1,164.05 million. It is projected to garner US$ 1,578.65 million by 2028 to expand at 4.4% CAGR during 2021–2028. The contract-based temperature monitoring systems segment is further segmented into conventional temperature monitoring system, temperature monitoring strips and labels, and wireless temperature monitoring system. The non-contract-based temperature monitoring systems segment is further segmented into pyrometer and infrared thermometer market, thermal imagers market, and fiber optic thermometer.
Based on industries, the Europe temperature monitoring systems market is segmented into healthcare and life science facilities, medical device manufacturing companies, pharmaceutical and biotechnology companies, food and beverage product manufacturers, and others. The healthcare and life science facilities segment held 42.3% market share in 2021, amassing US$ 732.80 million. It is projected to garner US$ 992.67 million by 2028 to expand at 4.4% CAGR during 2021–2028. The healthcare and life science facilities segment is further segmented into healthcare providers, pharmacies, patient monitoring and home care settings, blood banks and tissue banks and diagnostic labs and ivf clinics, and others.
Based on country, the Europe temperature monitoring systems market has been categorised into the UK, Germany, France, Italy, Spain, and rest of Europe. Our regional analysis states that Germany captured 29.6% market share in 2021. It was assessed at US$ 512.53 million in 2021 and is likely to hit US$ 690.63 million by 2028, exhibiting a CAGR of 4.4% during the forecast period.
Key players dominating the Europe temperature monitoring systems market are 3M, ABB Ltd., CenTrak, Deltatrak Inc., E-Control Systems Inc., Emerson Electric Co., Honeywell International Inc., Monnit Corporation, SensoScientific Inc., and Vaisala among others.
- In July 2018, DeltaTrak announced its new FlashTrak PreCool Prime at the PMA Foodservice Conference & Expo, Booth 1319.FlashTrak PreCool Prime is an automated wireless solution that monitors and records temperature during pre-cooling, and alerts when correct internal produce temperature is reached.
- In Dec 2021, Monnit announced the launch of its new ALTA Wireless Motion+ Sensor which combines sensing components to measure motion and occupancy, ambient temperature, and relative humidity (RH) in a wide variety of facilities.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: firstname.lastname@example.org