The global temperature monitoring systems market is expected to grow from US$ 5.15 billion in 2021 to US$ 6.85 billion by 2028; it is estimated to grow at a CAGR 4.8% during 2021-2028.

The market growth is mainly attributed to stringent regulations governing the food & beverage and pharmaceutical industries and rise in the number of product launches for remote monitoring are driving the market.

A temperature monitoring system has become an essential part of hospitals, clinics, food businesses, and other industries in recent years. With a temperature monitoring system, a person can easily track, control, and regulate the products' temperature in a specific environment. A temperature monitoring system makes sure that temperature-dependent products stay safe when they are being transported from one place to another.

The temperature monitoring systems market is characterized by the presence of many small and big companies. To increase their market share, market players are taking up various strategies such as new product launches, regional expansion, and technological advancements. Temperature monitoring systems are safer and more effective than ever with continued innovation and technological advances, leading to increased acceptance of temperature monitoring systems. Leading players are investing in research and development activities to develop advanced products and gain more revenue share.

A few of the recent developments related to the temperature monitoring systems market are mentioned below:

- In December 2021, Monnit launched its new ALTA Wireless Motion+ Sensor, which combines sensing components to measure motion and occupancy, relative humidity (RH), and ambient temperature in a wide variety of facilities.

- In April 2020, EControl Systems announced the latest version of the FusionLive IoT platform. It included a fully integrated and redesigned dashboard. It was specially developed in partnership with the largest and most respected healthcare institutions such as Life Science Labs, College/Universities, K-12 schools, and QSRs.

- In February 2020, ABB launched a new Smart Temperature Monitoring Relay, which is targeted to meet different customer requirements with just one versatile device. Innovations include LCD screen that provides status updates and readings with a single glance and Near Field Communication (NFC) that allows users to adjust settings with one touch of a smartphone, making installation around 80% faster and more intuitive than ever before.

- In July 2018, DeltaTrak launched its new FlashTrak PreCool Prime at the PMA Foodservice Conference & Expo, Booth 1319. FlashTrak PreCool Prime is an automated wireless solution that monitors and records temperature during pre-cooling and alerts when the correct internal produce temperature is reached.

The active participation of market players in product innovation and development and increase in approvals of products are likely to fuel the growth of the temperature monitoring systems market in the coming years.

Application -Based Insights

Based on application, the global temperature monitoring systems market is segmented into in GxP environment and life science applications, cold chain applications, vaccine, semiconductor manufacturing, cleanrooms, data centers and equipment rooms, museums and archives, food and beverage manufacturing, chart recorder replacement, and others. In 2021, the GxP environment and life science segment held the largest share. However, vaccine segment is expected to register the highest growth during 2021-2028. Pharmaceutical companies worldwide adhere to GxP guidelines designed to provide consumers with safe products.

Type -Based Insights

Based on type, the temperature monitoring systems market is segmented into contact-based temperature monitoring systems and non-contact-based temperature monitoring systems. The former segment held the largest market share in 2021. However, the latter segment is expected to hold a significant market share during the forecast period.

Industries -Based Insights

Based on industries, the temperature monitoring systems market is segmented into healthcare and life science facilities, medical device manufacturing companies, pharmaceutical and biotechnology companies, food and beverage product manufacturers, others. The healthcare and life science facilities segment held the largest market share in 2021. However, the pharmaceutical and biotechnology companies' segment is expected to hold a significant market share during the forecast period.

A few major primary and secondary sources referred to while preparing the report on the global temperature monitoring systems market are the United Nations Educational, Scientific and Cultural Organization (UNESCO), Food and Drug Administration (FDA), World Health Organization ( WHO), National Center for Biotechnology Information (NCBI).