Industrial Temperature Controller Market: Worldwide Industry Analysis and New Market Opportunities Explored By 2022
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.
The inclusion of 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 players 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.
Key Takeaways from Industrial Temperature Controller Market Report
The industrial temperature controller 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 due to 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 controller 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 due to their ability to make accurate predictions and reduce errors
“Stringent regulations regarding temperature control across industrial plants, food and beverage processing, transportation and storage of vaccines have been fuelling the demand for temperature controllers. Manufacturers are now focusing on developing and integrating new features for digital and PID temperature controllers due as end users seek out more advanced features to optimize production,” says an FMI analyst.
COVID-19 Impact Analysis
The COVID-19 pandemic has disrupted various industries including the industrial temperature controller market. The implementation of lockdown as well as transport bans have brought production to a halt due to the lack of raw materials. The 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.
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 controller market are Honeywell, Panasonic, Delta, Durex Industries, Xiamen Yudian, Jumo, Schneider Electric, Yokogawa Electric Corporation, ABB Ltd., Rockwell Autoation, Autonics, Tempatron, Omron Industrial, Fuji Electric Co., Omega Engineering, Analog Devices, Watlow, RKC Instruments and Siemens.