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.
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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.
Valuable Insights into Industrial Temperature Controller Market Report
Future Market Insights (FMI) has presented a detailed analysis on the industrial temperature controller market along with an assessment for the years 2020-2030. The market has been divided into various segments in order to provide a better analysis. On the basis of product type, the market is segmented into on/off controller, proportional controller and proportional–integral–derivative (PID) controllers.
The market is segmented based on category into analog and digital. Based on the end use, the market is divided into metals, mining & metallurgy, chemicals, oil & gas, food & beverages, energy & power, general manufacturing, research laboratories and others. The market is segregated on the basis of geography into North America, Latin America, Europe, East Asia, South Asia Pacific and Middle East & Africa.
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Key Questions Answered by the Report
- At what rate the industrial temperature controller market is forecast to grow?
According to FMI, the market is expected to rise at 4.6% CAGR between 2020 and 2030.
- Which is the largest market for industrial temperature controller?
East Asia is the leading market. Growth registered in the region is driven by rising government initiatives and investments towards industrial expansion.
- Which are the top companies in the industrial temperature controller market?
Some of the leading companies operating in the industrial temperature controller market are Omron, Eurotherm (Schneider Electric), Delta Electronics, Panasonic, Watlow Electric Manufacturing Company, Durex industries, HANYOUNGNUX, RKC Instruments, Yokogawa Electric Corporation, Honeywell International, and ABB among others.
- What is the outlook on the industrial temperature controller market?
Apart from some challenges, the industrial temperature controller market is forecast to have a mixed impact of the COVID-19 pandemic. The market is expected to gain from the increasing researches that are being carried out to manufacture effective medicines and vaccines to prevent the spread of the coronavirus disease.
- What are the key challenges witnessed in the industrial temperature controller market?
Rising replacements of temperature controllers by PLC controllers is the major challenge for the market.
- Which is the most lucrative category of products available in the industrial temperature controller market?
The demand for proportional–integral–derivative (PID) is poised to surge significantly. Growth witnessed in the segment is attributable to widespread use of PID controllers mainly due to their low cost. Owing to their numerous advantages such as accurate set point temperature control, fast warm-up time, and fast reaction to disturbances, this segment is showcasing remarkable growth.