Temperature Monitoring System Market is expected to reach US$ 6.85 Billion by 2028

According to our latest study on “Temperature Monitoring System 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 (Contact-Based Temperature Monitoring Systems {Conventional Temperature Monitoring System, Temperature Monitoring Strips and Labels, and Wireless Temperature Monitoring System} and Non-Contact-Based Temperature Monitoring Systems {Pyrometer and Infrared Thermometer Market, Thermal Imagers Market, and Fiber Optic Thermometer}), and Industry (Healthcare and Life Science Facilities, Medical Device Manufacturing Companies, Pharmaceutical and Biotechnology Companies, Food and Beverage Product Manufacturers, and Others), and Geography ," the market is expected to grow from US$ 5.15 billion in 2021 to US$ 6.85 billion by 2028; it is estimated to grow at a CAGR 4.8% during 2021 to 2028. The report highlights the key factors driving the market and prominent players with their developments. The growth of the temperature monitoring system market is primarily attributed due to the stringent regulations by government and organization that governs the pharmaceutical and food & beverage industries and rising applications in telecommunications and IT industry. However, technical limitations of mercury and infrared thermometers is hampering the market growth.

The COVID-19 pandemic continues to be felt across the world. The biopharmaceutical industry remains committed to global efforts to care for those affected, control the outbreak, and develop resources to tackle future outbreaks. The implementation of lockdown in various countries and travel restrictions has lessened the global supply of products and also reduced the logistic operation tremendously. In the first phase of the pandemic, as medical professionals were swamped by the first wave of severe COVID-19 cases and scientists worked to repurpose therapies that may be beneficial to patients suffering severe symptoms, disruptions to supply seemed inevitable. The supply crunch was due to logistical issues caused by lockdowns and travel bans, and the closure of manufacturing sites to curb the spread of disease. The health sector was particularly affected, and all actors in the pharmaceutical system had to reorganize and adapt their activities in the name of a common goal – ending the COVID-19 pandemic. As the pharmaceutical and healthcare sector was affected there was a decline in demand for temperature monitoring system products.

Based on industries, the temperature monitoring system 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 segment held the largest share of the total market in 2021. The pharmaceutical and biotechnology companies segment is anticipated to register the highest CAGR of 6.1% during the forecast period. One of the biggest challenges for pharmaceutical companies is improper temperature. A variety of traditional temperature measurement solutions are available to overcome this problem. Pharmaceutical companies' top priority is to supply high-quality medicines. Many tablets and vaccines continue to function within a specific temperature range. Beyond this temperature range, the drug will not function as intended. This is fueling the demand for temperature monitoring systems in pharmaceutical companies.

Vaisala, Monnit Corporation, SensoScientific Inc., E-control System Inc., CenTrak, 3M, ABB, Deltatrak, Emerson Electric Co. and Honeywell International Inc. are a few leading companies operating in the temperature monitoring system market.

Temperature Monitoring System Market, by Geography, 2021 (%)

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Temperature Monitoring System Market Size | Report by 2021, 28

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Temperature Monitoring System Market Forecast to 2028 - COVID-19 Impact and Global 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 (Contact-Based Temperature Monitoring Systems {Conventional Temperature Monitoring System, Temperature Monitoring Strips and Labels, and Wireless Temperature Monitoring System} and Non-Contact-Based Temperature Monitoring Systems {Pyrometer and Infrared Thermometer Market, Thermal Imagers Market, and Fiber Optic Thermometer}), and Industry (Healthcare and Life Science Facilities, Medical Device Manufacturing Companies, Pharmaceutical and Biotechnology Companies, Food and Beverage Product Manufacturers, and Others), and Geography

The report segments the temperature monitoring system market as follows: