Market Outlook:

The Continuous Thermal Monitoring market size is poised to reach USD 945.88 Million by 2024, with a projected escalation to USD 1,476.89 Million by 2032, reflecting a compound annual growth rate (CAGR) of 6.8% during the forecast period (2024-2032). 

The market is expanding because of predictive maintenance and equipment reliability as a component of industry trends globally. With comparatively new thermal sensors and infrared cameras combined with AI-powered analytics, equipment and enclosure temperature is continuously monitored to avoid any expensive equipment failures. The successful multi-dimensional application of monitoring safety regulations, including data centers, oil & gas, utility companies, and manufacturing industries, is fueling market growth. Future prospects on energy generation and on operating optimization are also contributing to reciprocate demand for CTM operations globally.

Market Dynamics:

Driver:

The growing need for temperature monitoring systems worldwide, particularly during the COVID-19 pandemic, has boosted the growth of this market. Various companies have introduced digital thermometers for accurate and precise measurement of body temperature due to the growing need for such devices. These devices are equipped with advanced technologies to reduce fluctuated readings and reduce errors along with improved user handling facilities. Such innovations are expected to boost the thermometers market value during the forecast period. For example, in January 2021, Fitgo announced the launch of a new infrared thermometer in India and other nations. The device is appropriate for elders, infants, and adults. With the massive demand for thermometers, manufacturing companies are looking to divert their focus towards the inclusion of advanced technologies and innovative features in their products. The launch of innovative temperature monitoring products is expected to have a strong impact on the healthcare sector. Various advantages associated with these innovative products also promote their growing adoption. Some of these advantages are reduced response times, ease of use, continuous monitoring, and others. For example, in May 2020, French brand ZOOOK, a leader in innovative consumer technology products, announced the launch of a contactless thermometer designed based on the requirements in the post-COVID-19 period. These factors may boost the growth of the temperature monitoring system market.

Restraint:

Although the demand for thermometers is extremely high globally, some of the factors are restricting the growth of the market. One of them is the mercury poisoning caused by mercury-based thermometers. The silver ball inside the thermometer is highly toxic to human beings if the glass of the device breaks or is not properly cleaned. Hence, due to the high level of contact thermometer risk, individuals are less inclined to use contact thermometers, and this creates limitations in the growth of the market. Rectum temperature measurement, however, can restrict the market growth. To measure the rectum temperature, a temperature catheter is inserted through the anus and a few centimeters into the rectum. The devices may not be utilized due to some reasons such as the long measurement time, associated privacy and discomfort to the patient, the high risk of intestinal injury, and the feces that make it difficult for the thermometer to hit the intestine wall.

Opportunity:

There's been just so much new technology recently, so some really great products have come out. Like, for instance, the Adtemp 429 thermometer by American Diagnostics Corporation. It came out in 2020, and it measures your temperature without actually touching your skin, which is great because it doesn't transfer germs. So, naturally, more people desire sensitive and quick thermometers, and this is what's making the market grow. Also, companies are actually working on developing wearables that monitor temps now. You can put this digital thermometer on your body, and it measures your temperature with touch or with a patch. It's actually kind of cool because it allows you to monitor your temperature at all times and has connectivity with laptops, tablets, and phones. Wearables like the Fitbit and Apple Watch, and even temperature strips and patches, are actually super popular to use to take temperatures.

Key Players:

• ABB (Switzerland)
• Siemens (Germany)
• Schneider Electric (France)
• Honeywell International Inc. (US)
• Teledyne Technologies (US)
• Microchip Technology Inc. (US)
• WIKA Alexander Wiegand SE & Co. KG (Germany)
• Calex Electronics Limited (UK)
• OMRON Corporation (Japan)
• Powell Industries (US)
• Advanced Energy (US)
• Dynamic Ratings (US)
• Doble Engineering Company (US)
• Exertherm (UK)
• Optris (US)

Recent Development:

• In August 2020, Masimo introduced the Radius T0 Continuous Thermometer for consumers. This amazing wearable and wireless thermometer monitors your body temperature 24/7, not just with those occasional spot-check thermometers, and sends all the information along with customizable notifications directly to your phone. 

• In May 2021, Fitgo introduced a new series of infrared thermometers that employ some top-of-the-line technology to enhance fitness and self-care for people all over the world. You can purchase these in stores or online in India and other locations. What's awesome about these infrared thermometers is that they can provide you with accurate temperature readings in under one second, and you can use them on babies, adults, seniors, objects, and even rooms.

Segment Insights:

By Offering Mode

Hardware segment is likely to have the highest dominance in Continuous thermal monitoring market because this is the backbone of monitoring systems comprising multiple thermal sensors or infrared cameras and such other vital devices. These devices practically mean the need for precise live data-capture for reasons of temperature outliers and thus for safe system operation without compromising on any hazard. In this regard, hardware appears equally crucial for the installation of CTM solutions in industries; its usage would be largely instrumental and effective in monitoring. Further, in energy-intensive industries such as oil & gas, manufacturing, and utilities, the increasing need for strong and less breakable types of equipment that facilitate thermal management efficient and smooth is of utmost importance in terms of the demand for hardware.

By End-user

Utilities, due to its unavoidable need for a service free from power outages to eliminate equipment failures such as transformers, switchgear, and power lines, this market category is by far the biggest consumer of end users. Since utilities typically own and run complex, high-current infrastructure that is frequently stressed by thermal effects, real-time monitoring has become essential for them to spot hot spots, promptly address issues like outages, and ensure fail-safe operation. The utilities industry must use CTM in order to control load variations and improve overall system efficiency as a result of the continuous shift to a more reliant reliance on renewable energy and smart grids.

Regional Insights:

In 2023, the North American market was valued at USD 0.64 billion. The region's domination can be attributed to the rising incidence of viral diseases like influenza, COVID-19, and others, which has increased the use of temperature monitoring devices. For example, about 3.8 million confirmed cases of COVID-19 were recorded in the United States in July 2020, according to the Centers for Disease Control and Prevention (CDC). Sales of temperature monitoring systems will also be increased by the presence of major players in the area. Over the course of the analysis period, the Asia Pacific market is probably going to have the greatest CAGR. The region's expansion can be attributed to the population's growing knowledge of temperature control during the COVID-19 epidemic.

Segmentation:

By Offering

• Hardware
• Software
• Service

By Application

• Bus Duct Monitors
•  Switchgear
•  Motor Control Centers
•  Low-voltage Transformers
•  Dry Transformers

By End-use 

• Data Centers
• Oil & Gas
• Logistics
• Utilities
• Manufacturing
• Healthcare
• Retail
• Telecommunications
• Others

By Region

North America

• USA

• Canada

• Mexico

Europe

• France

• UK

• Spain

• Germany

• Italy

• Rest of Europe

Asia Pacific

• China

• Japan

• India

• South Korea

• Rest of Asia Pacific

Middle East & Africa

• GCC

• South Africa

• Rest of the Middle East & Africa

South America

• Brazil

• Argentina

• Rest of South America

What to Expect from Industry Profile?

1. Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the Continuous Thermal Monitoring market in the world.

2. Use the PORTER’s Five Forces analysis to determine the competitive intensity and therefore market attractiveness of the Global Continuous Thermal Monitoring market.

3. Leading company profiles reveal details of key Continuous Thermal Monitoring market players’ global operations, strategies, financial performance & recent developments.

4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Continuous Thermal Monitoring market with forecast for the decade by both market share (%) & revenue (USD Million).

FAQ’s

1) What are the major factors driving the growth of the Global Continuous Thermal Monitoring Market?

• Rising Demand for Industrial Safety & Preventive Maintenance the expanding applications of Continuous Thermal Monitoring across various industries.

2) What would be the CAGR of the Global Continuous Thermal Monitoring Market over the forecast period?

• The Global Continuous Thermal Monitoring Market is poised to grow at a CAGR of 6.8% from 2024 to 2032.

3) Which region will provide more business opportunities for the growth of the Global Continuous Thermal Monitoring Market in the future?

• The North America region is expected to create more opportunities in the market.

4) Who are the major players dominating the Global Continuous Thermal Monitoring Market?

• Oracle (US), IBM (US), Appfolio (US), SAP (Germany), Hitachi Vantara (US), Yardi (US), RealPage (US), SS&C (US), Trimble (US), Costar Group (US), Hemlane (US), Rent Manager (US), Rentec Direct (US), Re-leased (UK), Doorloop (US), JLL (US), MCS Rental Software (UK), Accruent (US).

5) What are the segments in the Global Continuous Thermal Monitoring Market?

• By Offering, By End-user, By Application, are the industry key segments considered for research study.

6) What is the estimated market revenue for the Global Continuous Thermal Monitoring Market in 2032?

The estimated revenue for the Global Continuous Thermal Monitoring Market in 2032 is USD 1,476.89 Million.