Global Smart Temperature Management Market Insights:
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.
Market Research Future gives complete enlightenment in the global smart temperature management market 2020. The study addresses growing demand, production volume, sales revenue, and growth prospects and could witness stability from the year 2017-2023. In these years, the market’s potentiality might climb at a rate of 7%, with a high market valuation of USD 5 billion. It could be the great triumph of the market to see the future amidst COVID 19 pandemic across the world.
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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.
Segmentation of Market
For more in-depth study, Market Research Future has included a segmental overview of the Smart Temperature Management Market with the segments of component, device, and end-users.
In terms of Component, the market has included hardware and software.
In terms of device, the market has included conduction, convection and others.
In terms of end-user, the market has included food and beverage, healthcare, call centres, consumer electronics and others.
Regional Front
Regionally, North-America held the largest market share from the U.S. among others. The reason is attributed to the swell in funds for these technological solutions, espousal of these smart temperature management solutions by various domains and low operational cost.
However, Asia-Pacific region is anticipated to expand over the forecast period, 2017-2023. The reason is attributed to the incidence of a large number of electronic manufacturers, escalating government initiatives and the rising adoption of these solutions by various sectors.
Industry Players
The significant players in the global temperature management system market include AI Technology, Inc.(U.S.), API Heat Transfer (U.S.), Delta Electronics, Inc. (Taiwan), Aavid Thermalloy, LLC (U.S.), Henkel AG & Co. KGaA (Germany), Honeywell International Inc (U.S.), LAIRD PLC (U.K.), Jaro Thermal (U.S.), and HEATEX AB (U.S.).
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