Industrial Temperature Controller Market Growth Forecast to 2030
Increasing demand from industries such as food and beverages, the chemical industry, oil & gas sector, and others is expected to drive the industrial temperature controllers market, finds Future Market Insights (FMI) in a new study.
Including communication features to control devices remotely and the reduced size of equipment have been enabling the market to gain momentum. This trend will continue as market player’s focus on advancements in the communication process of devices to enable connection with a computer. This will, in turn, give access to data required for product optimization.
In the last couple of years, implementation of industrial temperature control has undergone several stages of evolution, starting from indigenous mechanical to microprocessor-based systems. With digital implementation of industrial temperature controllers gaining momentum, growth registered by the market is poised to surge in the coming years.
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Key Takeaways from Industrial Temperature Controller Market Report
- The industrial temperature controlled market is expected to grow at a CAGR of 4.6% between 2020 and 2030
- The market is predicted to reach a valuation of US$3 Bn by the end of 2030 because of increasing applications in the research and industrial sectors
- East Asia is exhibiting growth at an impressive pace as governments across high potential markets increase their investment across various industries
- Temperature controlled devices are being increasingly used in pharmaceutical and healthcare industry to ensure no irregularities in quality of vaccines during shipment
- Intelligent temperature controllers have risen in popularity because of their ability to make accurate predictions and reduce errors
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted various industries, including the industrial temperature controlled market. Implementing lockdown and transport bans has brought production to a halt because of the lack of raw materials. This market experienced a significant drop in value from US$ 1,929 Mn in 2019 to US$1,910 Mn in 2020.
The market is however, expected to recover and showcase an upward trajectory 2021 onwards. Growing need for safe vaccine storage and food shipments is expected to increase demand in the market.
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Who Is Winning?
Increasing applications of industrial temperature controllers have been creating growth opportunities for players in the market. They are now focusing on producing advanced technologies to improve reading accuracies as well as ensure a safe working environment. New intelligent controllers are being introduced to boost temperature control rates and promote remote access.
For instance, Omron introduced NX-TC series with Artificial Intelligence (AI) in 2018. It is particularly designed for multi-loop applications and offers easier in-panel installation.
Some of the key players in the industrial temperature controlled market are Honeywell, Panasonic, Delta, Durex Industries, Xiamen Yudian, Jumo, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd., Rockwell Automation, Autonics, Tempatron, Omron Industrial, Fuji Electric Co., Omega Engineering, Analog Devices, Watlow, RKC Instruments and Siemens.
Industrial Temperature Controller Market Segmentation
Product Type
- On/Off Control
- Proportional Control
- PID Control
Category
- Analog
- Digital
End Use
- Metals, Mining and Metallurgy
- Chemicals
- Oil and Gas
- Food and Beverages
- Energy and Power
- General Manufacturing
- Research Laboratories
- Others
Regional Outlook
- North America – U.S., Canada
- Latin America – Mexico, Brazil, Rest of Latin America
- Europe – Germany, Italy, France, U.K., Spain, Russia,
- Rest of Europe
- Middle East and Africa -Turkey, Northern Africa, South Africa, Rest of MEA
- East Asia – China, Japan, South Korea
- South Asia – India, Thailand, Malaysia, Indonesia, Oceania, Rest of South
- Asia and Pacific
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