Reference Thermometer Market Size, Share & Trends Report

Reference Thermometer Market Size, Share & Trends Analysis Report By Device Type (Handheld, Desktop), By Application (Industrial, Medical, R&D), By Region, And Segment Forecasts, 2018 - 2025

  • Published Date: Oct, 2018
  • Base Year for Estimate: 2017
  • Report ID: GVR-2-68038-467-3
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2016
  • Number of Pages: 63

Report Overview

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.

North America reference thermometer market size

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.

Application Insights

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.

Device Type Insights

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.

Global reference thermometer market share

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.

Regional Insights

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.

Reference Thermometer Market Share Insights

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.

Reference Thermometer Market Report Scope

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.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of 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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