Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. 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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