The global reference thermometer market size was valued at USD 8.59 million in 2017 and is expected to exhibit a CAGR of 5.4% over the forecast period. Rise in manufacturing activities in developing and developed nations is a prominent factor anticipated to drive the market in the coming years.
Technological advancements in instrumentation engineering, leading to improvements in accuracy of temperature measurement, will also support market growth. Other factors propelling the market include increasing preference for RTD sensors and favorable government regulations around the world to reduce use of mercury in thermometers.
Accurate measurement is a crucial element of industrial manufacturing processes. RTD probe type thermometers meet the needs of technicians precisely, which include accuracy and portability. Moreover, these multi-functional, high-end devices display determined values of temperature and also record and analyze related data.
Furthermore, most of these high-accuracy, probe-type thermometers are multichannel devices that can be used with other probe type sensors such as thermocouples and thermistors, depending on the required temperature range of measurement. Precise measurement, capability to perform various operations, and portability (in case of handheld devices) are major benefits expected to further drive demand over the forecast period.
Precise measurement of process variables, such as temperature, and rising number of favorable initiatives and protocols to reduce use of mercury in thermometers are anticipated to positively influence market growth.
The industrial application is expected to emerge as the fastest-growing segment in the market. The primary factor driving product demand in industrial applications is portability. These devices can be used on-site or in proximity to the entity subject to be measured. The RTD probe type sensor makes contact with the entity, determines the temperature, and provides output value (of the temperature) to be displayed. The ability of these devices to measure temperature in hazardous areas is expected to further increase their demand in industrial applications.
The medical application segment is also expected to witness significant growth owing to increasing investments in medical technology. Rise in investments is attributed to need for advanced diagnostic technologies in order to identify complex diseases evolving each day. The R&D segment is also anticipated to offer lucrative growth opportunities over the forecast period owing to extensive product development activities.
Handheld devices are expected to emerge as the largest and fastest-growing segment in the reference thermometer market. This growth is attributed to key benefits offered, such as portability. Furthermore, these devices are less expensive compared to desktop devices, which are primarily used in the field of scientific research and development owing to their enhanced accuracy. Handheld devices are preferred by technicians due to their usefulness in inaccessible areas and precise measurements.
Although desktop devices are expensive, they are used for calibrating temperature sensors for precise measurements. Without calibration, measurements provided by sensors used in conjunction with various instruments such as data loggers and handheld thermometers become less reliable. This factor is expected to drive demand for desktop devices over the forecast period.
North America captured the largest share in 2017 and is expected to dominate the market through 2025, registering a CAGR of over 5.0%. Regional growth is primarily driven by the boom in the petroleum industry after recent discoveries of shale oil reserves in the U.S. Furthermore, the U.S. is a world leader in the pharmaceutical industry and is anticipated to continue its dominance in spite of staggering growth in developing nations such as China.
Reference thermometers are extensively used for measurement of temperature sensitive chemicals such as petroleum/petrochemicals. Consequently, growth in the petroleum/petrochemical industry is anticipated to spur product adoption in North America over the forecast period.
The Asia Pacific market is characterized by developing nations such as China, India, Singapore, South Korea, and Taiwan. All these nations are witnessing heavy foreign investments for development of various industries owing to growth prospects they present in the near future.
Penetration of reference thermometers is expected to improve drastically due to the rate of modernization and urbanization in nations such as India and China. Furthermore, countries such as Japan heavily invest in R&D of various industries, presenting multiple avenues for the market to grow.
Major players in this market include Wika Instruments Ltd., Fluke Corporation, and Dostmann Electronic GmbH. In order to capture a larger market share, key players have been undertaking various initiatives and adopting strategies such as partnerships, investments, mergers and acquisitions, launch of new products and services, and maintaining competitive prices.
Report Attribute |
Details |
Market size value in 2020 |
USD 9.7 billion |
Revenue forecast in 2025 |
USD 12.9 billion |
Growth rate |
CAGR of 5.4% from 2018 to 2025 |
Base year for estimation |
2017 |
Historical data |
2014 - 2016 |
Forecast period |
2018 - 2025 |
Quantitative Units |
Revenue in USD billion and CAGR from 2018 to 2025 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments covered |
Device type, application, region |
Regional scope |
North America; Europe; Asia Pacific; South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; U.K.; Germany; France; China; Japan; India; Brazil |
Key companies profiled |
Wika Instruments Ltd.; AccuMac Corporation; ISOTECH; Thermco Products, Inc.; Thermoprobe, Inc.; Fluke Corporation, and Dostmann Electronic GmbH. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends from 2014 to 2025 for each of the sub-segments. For the purpose of this study, Grand View Research has segmented the global reference thermometer market report on the basis of device type, application, and region:
Device Type Outlook (Revenue, USD Thousand, 2014 - 2025)
Handheld
Desktop
Application Outlook (Revenue, USD Thousand, 2014 - 2025)
Industrial
Medical
R&D
Others
Regional Outlook (Revenue, USD Thousand, 2014 - 2025)
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Middle East & Africa
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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