Market Overview
Market Research Future (MRFR) reveals in its latest report that the global market for smart temperature management can touch an approximate valuation of USD 5 billion by 2023. MRFR also reports that the market exhibits the potential to record a CAGR of 7% during the forecast period (2017-2023).
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Growth Boosters and Top Barriers
Smart temperature management refers to the technology used to manage the temperature of a particular area, with the use of various tools or devices backed by smart technologies. The market has numerous takers, especially in the healthcare sector, consumer electronics, and food & beverage industry.
The present healthcare industry is observing a surge in the number of chronic conditions along with considerable development in the intravascular systems, which can take the smart temperature management market to greater heights in the near future. Mounting demand for this system in the consumer electronics sector, combined with the emergence of next-gen technologies used in the miniaturization process of devices can also induce market growth during the review period. The food and beverage industry also plays a significant role in market growth, given the high demand generated in the sector across the globe.
The worldwide market for smart temperature management is growing on the back of rising use of these solutions in a variety of industries, massive investments in the healthcare industry and the surging need for maximum efficiency. On top of this, the evolution of chips along with technological advancements like synthetic cooling methods act in favor of the market. In addition, various emerging markets paired with a soaring number of companies can be an excellent source of growth opportunities for the worldwide market.
Top Players
The top players responsible for the strong growth of the global temperature management system market are LAIRD PLC (U.K.), Aavid Thermalloy, LLC (U.S.), Jaro Thermal (U.S.), Honeywell International Inc (U.S.), AI Technology, Inc.(U.S.), API Heat Transfer (U.S.), LORD Corporation (U.S.) and HEATEX AB (U.S.), Delta Electronics, Inc. (Taiwan), Henkel AG & Co. KGaA (Germany), to mention a few.
Market Segmentation
The worldwide Smart Temperature Management Market has been carefully analyzed in the MRFR report, with respect to components, devices and end-users.
Components covered in the report are hardware and software.
Depending on the devices, the market segments are conduction, convection and others.
Given the end-users segment, the market has been considered for healthcare, consumer electronics and food & beverages, among others. Between these, consumer electronics can attain maximum growth rate during the conjectured timeframe, on account of mounting demand among consumers as well as evolving lifestyles. However, healthcare has been identified as the leading segment in the market in the year 2016.
Regional Insight
Europe, North America along with Asia Pacific (APAC) and the rest of the world (RoW) are the primary markets for smart temperature management covered in the MRFR report. This geographical distribution of the market in the report strives to unveil the prominent growth pockets for a better understanding and highlight the market expansion possibilities during the review period.
North America has taken the lead in the global smart temperature management market, as the region is blessed with a highly robust infrastructure as well as excellent technological integration. The market shows impressive growth rate given the region’s trend of adapting to modern technologies at fast rate. The rapid expansion of the healthcare sector coupled with the rising inclusion of the smart temperature management technology within the food & beverages sector seems to induce market growth in the region. The regional market stands to benefit mainly from the United States (US), known for its technical edge. Apart from this, high investment capacity of the developed countries of the US as well as Canada can also boost the research and development aspect of the market.
The APAC market for smart temperature management is strongly supported by the surging demand for the technologies in countries like China, India and Japan. The strong demand is the result of the high concentration of renowned manufacturers, rigid government regulations, high adoption rate of renewable energy, along with the mounting consumer awareness regarding environment-friendly heat management solutions. These countries are also proactively making substantial investments in the technology, which is boosting the growth scope for the smart temperature management market in the region.
LIST OF TABLES
TABLE 1 SMART TEMPERATURE MANAGEMENT MARKET, BY COMPONENT
TABLE 2 SMART TEMPERATURE MANAGEMENT MARKET, BY DEVICE
TABLE 3 SMART TEMPERATURE MANAGEMENT MARKET, BY END-USERS
TABLE 4 SMART TEMPERATURE MANAGEMENT MARKET, BY GEOGRAPHY
TABLE 5 NORTH AMERICA SMART TEMPERATURE MANAGEMENT MARKET, BY COMPONENT
Continued…….
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LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 SMART TEMPERATURE MANAGEMENT MARKET, BY COMPONENT (%)
FIGURE 3 SMART TEMPERATURE MANAGEMENT MARKET, BY DEVICE (%)
FIGURE 4 SMART TEMPERATURE MANAGEMENT MARKET, BY END-USERS (%)
FIGURE 5 SMART TEMPERATURE MANAGEMENT MARKET, BY REGIONS (%)
Continued……
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