In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Temperature monitoring system is a system assembled with different electronic devices and sensors such as alarm and heat sensors. Temperature monitoring system keeps track of indoor climatic conditions with the help of heat sensors. Proper maintenance of the air temperature in a controlled environment such as factory floors, storage areas, industrial scale freezers and walk-in refrigerators is required for the their proper functioning. Life span of the products or productivity of manufacturing equipment can be affected due to rapid variation in air temperature. Use of temperature monitoring system reduces the chance of occurrence of such problems. Temperature monitoring system has a wide range of application but these systems are mainly adopted by manufacturing industries and warehouses.
Global temperature monitoring system market is expected to flourish over the forecast period 2017-2024. Rising adoption of temperature monitoring system in manufacturing industries and warehouses is anticipated to foster the growth of global temperature monitoring system over the forecast period.
On the basis of region, global temperature monitoring system market has been segmented into five key regions i.e. North America, Asia Pacific, Europe, Latin America and Middle East & Africa. In 2016, North America region accounted for the major market shareholder among all regions. North America region is expected to dominate the global temperature monitoring system in near future due to heavy adoption of temperature monitoring system in manufacturing industries.
Asia Pacific region is anticipated to witness slow growth rate over the forecast period due to the confined use of advanced technologies in manufacturing industries and warehouses. Further, the positive growth of temperature monitoring system in Asia-Pacific can be attributed to the development of new industries and modifications of existing industries in emerging countries (such as India and China). Latin America is also expected to grow at a slow rate over the forecast period due to low adoption rate of advanced technologies in manufacturing industries and warehouses.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the global temperature monitoring system market in the following segments:
Global temperature monitoring system market is further classified on the basis of region as follows:
In terms of application, the temperature monitoring systems are highly used in manufacturing industries. Over the past few years, it has been observed that the manufacturing activities are increasing globally. Thus, rising adoption of temperature monitoring system in manufacturing industries is anticipated to foster the growth of the global market. Emerging e-commerce market is also a major driver of the global temperature system market. Moreover, e-commerce is one of the fastest growing markets across the world. Further, e-commerce requires large number of storage house and warehouse. These storage facilities are controlled paddocks where temperature monitoring system is used to control and maintain the temperature. Increasing adoption and installation of temperature monitoring system in these storage facilities and warehouses is likely to escalate the demand for temperature monitoring system.
Technological advancement in temperature monitoring system is also a key factor driving the growth of the global temperature monitoring system market. Development and availability of advanced monitoring system such as advanced monitoring-wired systems is anticipated to impel the demand for temperature monitoring system in near future.
Food & beverages and pharmaceutical industries require proper maintenance of air temperature in their warehouses. Further, increasing adoption of temperature monitoring system in food & beverages and pharmaceutical industries is a major driver of the global temperature monitoring system market.
However, high installation cost of temperature monitoring system and lack of skilled persons for operation purpose are some major factors which are hampering the growth of global temperature monitoring system market.
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