Digital Temperature Gauge Market Size, Share, Growth, and Industry Analysis, By Type (Bimetal and Gas-Actuated Temperature Gauge), By Application (Industrial, Residential, and Healthcare), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Digital Temperature Gauge Market Report Overview

• 
• Request a Free sample to learn more about this report

The global digital temperature gauge market size is expected to be USD 514.3 million in 2022 and is projected to touch USD 744.78 million by 2031, exhibiting a CAGR of 4.2% during the forecast period.

Temperature measuring devices are used in residential places and industries such as manufacturing, food preparation, scientific research, and medical testing, and the procedure is called a digital temperature gauge. This equipment can measure the temperature from -200 to +700 degrees Celsius. Digital temperature gauges can be head mounted on pipes or installed inside systems with extremely high or low temperatures. They have features like low response time, online measurement, and dedicated input. These temperature gauges are needed to keep track of the current temperature of some of the items, gadgets, and liquids being created in chemical and other industries. Batteries are used for digital power thermometers. Therefore a power outlet is not necessary for recharge.

The market is expected to grow due to the escalating demand for temperature sensors in various sectors, such as consumer electronics, oil and gas, and healthcare. Additionally, because factory floors can be dirty and most operating circumstances require various temperature gauge ranges and resolutions, it can be challenging to differentiate between humans and machines. With consideration to robotic security, there are strict rules and extreme penalties. Digital temperature gauge are in greater demand as a result of manufactories executing sensing technology previous to the structure of robots to provide compliance and provide a safe atmosphere for workers. However, the increased initial cost associated with the implementation of advanced sensors is anticipated to restrain the digital temperature gauge market growth.

COVID-19 Impact: Product Sales Increased Due to Rising Health Concerns

The global COVID-19 pandemic has been unprecedented and staggering, with agriculture technology-as-a-service experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The market for digital temperature gauges has been impacted by COVID-19. Temperature sensor technology's sales and production were restricted by low investment costs and a labor shortage. To develop the practices, the government and major market actors introduced new safety measures. As a result of the correct audience being targeted, the product sales rate increased thanks to technological developments. In the post-pandemic environment, the increased sales of temperature sensors across the globe are anticipated to further fuel market expansion.

LATEST TRENDS

"Innovative Temperature Monitoring Product Launch to Aid Market Growth"

The global market for temperature gauges is expected to grow as a result of rising demand, particularly during the pandemic. Due to the rising need for such devices, several businesses have created advanced temperature gauges for precise and trustworthy body temperature assessments. These gadgets have cutting-edge technology that prevents fluctuating readings, reduces errors, and improves user handling. The market for thermometers is anticipated to grow over the forecast period as a result of these developments.  These factors are forecasted to aid growth in the market.

Digital Temperature Gauge Market Segmentation

• 
• Request a Free sample to learn more about this report

• By Type Analysis

By type, the market is segmented into bimetal temperature gauges and gas-actuated temperature gauges.

• By Application Analysis

Based on application, the market is classified into industrial, residential, and healthcare.

DRIVING FACTORS

"Use of Temperature Sensors in Modern and Portable Medical Equipment to Bolster Growth"

The digital temperature gauges market is forecasted to be driven by the growing need for sophisticated, portable medical equipment. Temperature sensors are becoming more and more in demand as a result of emerging technologies like sophisticated portable health monitoring systems and patient monitoring systems. The need for portable healthcare equipment is anticipated to rise further owing to the growing senior population, a declining standard of living, and increased viral illnesses. In wearable medical equipment, temperature sensors are utilized to provide continuous patient health monitoring. The market for temperature sensors is expanding significantly as a result of the rising use of portable and wearable medical devices.

"Rising Trend of Wearable Devices to Surge Product Demand"

The demand for advanced wearable devices is forecasted to aid market growth. The population is rapidly adopting smart wearable devices that help in monitoring their body temperature. These are widely used in various industries such as healthcare and residential. Rising number of end-use industries seeking such technologies to enhance their health and overall fitness. Every other person owns a wearable device, which is another reason for the growth of the market. These devices are used to track various biometric parameters such as body temperature and heartbeats. Boilers and other heating equipment are just a few of the items used in enterprises. To measure the temperature inside the pipelines and boilers, this equipment needs temperature gauges. The user is able to gauge the temperature inside of these. These factors are expected to aid digital temperature gauge market growth.

RESTRAINING FACTORS

"Irreplaceable Batteries and the High Cost of Product May Impede Growth"

Some digital temperature gauges have irreplaceable batteries which may impede the adoption of the product. The high initial cost of the product may create difficulties in the growth of the market. 

Digital Temperature Gauge Market Regional Insights

• 
• Request a Free sample to learn more about this report

"North America to Lead the Market Due to the Steady Adoption of Smart Home Applications"

North America is anticipated to hold a dominating part of the digital temperature gauge market share owing to the presence of major key players coupled with the growing adoption of smart home applications. 

Asia Pacific is anticipated to show significant growth in the global market due to the availability of raw materials and the rising number of manufacturers in the region.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

Companies are focusing on product development by gaining collaborations and mergers in the global market. The key companies are emphasizing on developing advanced microbial fermentation alternative proteins to gain constant growth in the market. Major players are also focusing on expanding their product portfolio by launching new products, which is expected to gain more customers.  The global market is competitive due to the existence of various huge firms. An extensive global consumer base and operations through special dispersal networks are other characteristics. The key companies strive to gain a higher market share by launching new products. Major player Ashcroft (Nagano Keiki) is the leading player in the global market.

List of Market Players Profiled

• Ashcroft (Nagano Keiki) (Japan)
• Ametek (U.S.)
• WIKA (Germany)
• Dwyer Instruments (U.S.)
• Watts Water Technologies (U.S.)
• OMEGA Engineering (India)
• Omron (Japan)
• Fluke Corporation (U.S.)
• Tel-Tru (U.S.)
• REOTEMP Instruments (U.S.)
• Anderson-Negele (Germany)
• Winters Instruments (China)
• Brannan (U.S.)
• Hangzhou Hangwen Instruments (China)
• Dpstar Group (Malaysia)
• Acez Instruments (Singapore)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research.

• The pandemic's aftereffects and the subsequent lockdown.
• The market's most recent trend is currently fueling expansion.
• The factors are most likely to stimulate market growth.
• The reasons the market is expected to grow more slowly.
• A comprehensive regional analysis of the market is conducted.

Significant players and their business offices are also covered in the article.