The reference thermometer market expects good prospects through the forecast period of 2018-2028 with the technological innovations in the sector growing at a rapid rate. Reference thermometers are largely used for the measurement of temperature-sensitive chemicals such as petrochemicals. Accurate measurement is important for industrial manufacturing processes. Thus, increasing preference for resistance temperature detectors sensors may bring a paradigm shift in the growth of the reference thermometer market. The reference thermometer market is segmented into handheld and desktop by device type.
Increased Demand from Industrial Application to Boost Growth Rate of Reference Thermometer Market
The increasing demand from various applications such as medical, industrial, research and development activities, and others may bring stellar growth for the reference thermometer market. The industrial sector may prove to be a boon for the reference thermometer market to maximize its growth rate. This is because of the rise in manufacturing industries across the globe. Even if the COVID-19 pandemic has slowed industrial processes, the post-lockdown scenario may record a considerable rise in the demand for reference thermometers from industrial applications.
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The use of reference thermometers in the medical industry is also estimated to grow at a faster pace with the rising threat of COVID-9. High fever is a vital COVID-19 symptom. Thus, this factor can increase the need for reference thermometers. In addition, the increase in investments in medical research and development activities, as well as the need for advanced diagnostic technologies for identifying disease complexity, is paving the way for increasing the growth rate.
Hence, these aspects can sow the seeds of growth in the reference thermometer market.
The use of good quality sensors in reference thermometers is important for a boost in sales. Key players in the reference thermometer market are focusing on innovative advancements that make their product stand different and efficient from other products. The addition of features such as low battery indication and hold function increase the efficiency of the product, thus bringing great growth opportunities for the reference thermometer market.
A considerable increase in the initiatives and introduction of regulations to decrease the use of mercury in thermometers are the factors than can invite good growth prospects for the reference thermometer market.
Handheld devices may record good growth with portability being the unique selling point. In addition, these devices are less costly than desktop devices. They are used on a large scale by technicians due to the efficiency and benefit of carrying them in inaccessible areas.
Frequent mergers and acquisition activities by key players are expected throughout the forecast period to strengthen their market position. Further, huge investments and the launch of new products and services will have a positive impact on the reference thermometer market. Some of the major players in the reference thermometer market are Dostmann Electronic GmbH, ISOTECH, Fluke Corporation, and AccuMac Corporation.
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Asia Pacific to Offer Hotbed of Opportunities for Growth of Reference Thermometer Market
The reference thermometer market can be regionally segmented into the Middle East and Africa, Europe, Asia Pacific, North America, and Latin America. Asia Pacific expects to record exponential growth during the reference thermometer market owing to the presence of a large number of hazardous places across the region as well as the increasing industrialization due to the increasing foreign direct investments in the region. Japan is also investing heavily in industrial research and development activities, thus giving insight for increased growth in the near future. North America may come second in the race for maximum growth of the reference thermometer market due to the increasing steps by industries to ensure safety. Other regional markets such as Latin America, the Middle East and Africa, and Europe may observe steady growth during the forecast period.