Smart Temperature Management Market Overview
Temperature management is vital in providing goods and items at a certain ambient level. The proliferation of the internet and connected devices and its applications in temperature monitoring can assure the quality of goods. The global smart temperature management market report of Market Research Future (MRFR) paints a broad picture on the industry taking into growth factors presently as well as new challenges and opportunities to be available for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its impact have been analyzed in the report.
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Smart Temperature Management Market Scope
The global smart temperature management market is expected to reach USD 5 billion by the end of 2023. It can score a 7% CAGR during the forecast period.
Major factors driving market growth are huge need for intramuscular devices, temperature monitoring solutions, and rise of chronic diseases. Temperature management devices are used in preventing neurological damage of patients with cardiac conditions. The need for temperature management in food service, schools, education, and healthcare sectors can bode well for the market. Rise of connected devices and emergence of the IoT ecosystem and its subsequent adoption for automation of processes can spur its demand. Recently, Digi International acquired SMART Temps, a real-time provider of temperature management solutions.
The supply chain and logistics industry is one of the biggest drivers of the industry owing to food safety laws and their adherence by companies. Consumption of processed foods is likely to drive the demand for smart temperature management as intake of proteins and lean meats take a surge during the COVID-19 pandemic. According to the State of Food and Agriculture FAO, more than 14% of food produced is lost in 2019. The management of foods during transit and their continued maintenance in supermarkets can ensure the quality of foods.
Overheating of transistors in these devices can hamper the market growth.
Smart Temperature Management Market Regional Analysis
Regionally, North America accounted for the largest market share in the global smart temperature management market from countries such U.S., Canada, and others. This can be attributed to the increasing investments for technological solutions, adoption of smart temperature management solutions by various domains, and need to curb operational costs. Deployment of IoT devices and new networking protocols for combating food spoilage can bode well for the market.
However, the Asia Pacific (APAC) is expected to grow at a rapid rate over the forecast period. This is attributed to presence of large number of electronic manufacturers, increasing government initiatives, and the increasing adoption of these solutions by various sectors.
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Smart Temperature Management Market Segmentation
The global smart temperature management market has been segmented by components, devices, and end-users.
By components, it is segmented into hardware and software.
By devices, it is segmented into convection, conduction, and others.
On the basis of end-users, the market has been segmented into consumer electronics, food beverages, healthcare, and others. Out of these end-users, consumer electronics is expected to grow over the forecast period majorly due to increasing demand by consumers and their changing lifestyles. The healthcare segment accounted for the largest market share in 2016. This can be due to the need for such devices to maintain a certain temperature during surgeries. The high rate of transplants can fuel the segment growth till 2023.
Smart Temperature Management Market Competitive Outlook
Honeywell International Inc, API Heat Transfer, HEATEX AB, Aavid Thermalloy, LLC, AI Technology, Inc., Delta Electronics, Inc., LAIRD PLC, LORD Corporation, Jaro Thermal, and Henkel AG Co. KGaA are key players of the global smart temperature management market.
