by The Infrared Thermometer Market is estimated to be valued at US$ 14 Bn in 2023 and is expected to exhibit a CAGR of 7.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Infrared thermometers help measure the surface temperature of objects without coming in contact with them and rely on infrared energy emitted by the target. They are used for various applications including medical, industrial, food & beverage and others. Some key uses cases include temperature screening in hospitals, measuring temperature of equipment, goods, food items for quality checks etc. They provide non-invasive and hygienic temperature measurement.
Market Dynamics:
Growing awareness about health & hygiene due to Covid-19 pandemic is a major driver propelling the demand for infrared thermometers globally. Thermal screening through non-contact infrared thermometers has become a standard practice across industries and public places to prevent spread of the virus. Additionally, growing industrial automation is another factor augmenting the market growth. Infrared thermometers help process industries perform quality checks of goods and equipment temperature remotely without disrupting production line. Moreover, benefits like ease of use, accuracy and affordability of infrared thermometers are further increasing their adoption across various end use industries. However, availability of alternate technologies for temperature measurement may hamper the market growth to some extent over the forecast period.
Segment Analysis
There are two key segments in the infrared thermometer market – contact thermometers and non-contact thermometers. The non-contact thermometers segment currently dominates the market and accounts for over 65% share owing to the growing demand for thermometers that do not require physical contact. This segment is expected to witness higher growth during the forecast period due to increasing awareness regarding hygiene and convenience offered by infrared non-contact thermometers.
PEST Analysis
Political: Regulations regarding medical device usage and approvals influence the market. Favorable regulations support the growth.
Economic: Growing healthcare spending and increasing per capita income support the market growth.
Social: Increasing awareness regarding importance of temperature monitoring and rising focus on hygiene drive the adoption.
Technological: Advancements in sensor technology, display and connectivity features support new product developments.
Key Takeaways
The Global Infrared Thermometer Market Share is expected to witness high growth, exhibiting CAGR of 7.1% over the forecast period, due to increasing awareness regarding importance of temperature monitoring and hygiene. The market size is estimated to reach US$ 24 Bn by 2030 from US$ 14 Bn in 2023.
Regionally, North America dominated the market and accounted for over 35% share in 2023 owing to widespread awareness and predictive preventive healthcare practices in countries like US and Canada. Asia Pacific is expected to witness fastest growth during the forecast period supported by growing medical infrastructure and demand in emerging economies like India and China.
Key players operating in the Infrared Thermometer Market are Thermo Fisher Scientific Inc., Exergen Corporation, Ra Lifecare Pvt Ltd, OMRON Corporation, OMEGA Engineering inc., Morepen laboratories Limited, CP PLUS International, MGL Euman, Fluke Corporation, SG Corporate Mobility Pvt Ltd., BPL Medical Technologies, Lifeline Medical Inc., Contec Medical Systems, Paul Hartmann AG, Welch Allyn, Microlife Corporation, Geratherm Medical AG. These players are focusing on new product launches and expansion strategies to gain market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
