The global infrared thermometer market is anticipated to secure a valuation of USD 1,658.5 million in 2023 and reach up to USD 3,681.3 million by 2033. The global market is estimated to capture a CAGR of 8.3% during the forecast period.
Key Areas to Diversify for Infrared Thermometer Market Players
Innovative measures of infrared thermometer manufacturers open new avenues for product diversification:
Healthcare Applications: Healthcare has become more accessible in developing countries. As a result, opportunities are likely to be created in developed and emerging countries. Key settings to target are hospitals, clinics, and medical facilities.
Industrial and Manufacturing Applications: Demand for infrared thermometers finds new expansion opportunities in electronics, food processing, and automotive industries to ensure product safety. Based on the rapid adoption rate, sales forecasts for infrared thermometers seem positive, particularly in the food processing industry.
Environmental Monitoring: Sales opportunities from environmental monitoring applications can also be classified as lucrative for infrared thermometer manufacturers. Advancements in infrared thermometers are likely to offer new revenue streams, particularly from applications such as measuring land temperature, climate change, and specifics of water bodies.
Manufacturers Offer Improved Products with Advanced Technologies
Technological Advancements: The increasingly advanced technologies to develop user-friendly, accurate, and reliable infrared thermometers. These technologies update better versions of products with smooth and easy-to-use by consumers.
Cost-effectiveness: Manufacturers are developing affordable and accessible infrared thermometers for various industries and customers. These thermometers are improving the manufacturing process and reducing additional costs, attracting consumers' desires.
Energy Efficiency: The demand for infrared thermometers is increasing heavily in the automobile sector to monitor HVAC (heating, ventilation, and air conditioning). It is widely used to enhance energy by optimizing vehicle cooling and heating systems.
| Attributes | Details |
|---|---|
| Infrared Thermometer Market Size, 2023 | USD 1,658.5 million |
| Infrared Thermometer Market Size, 2033 | USD 3,681.3 million |
| Value-based CAGR from 2023 to 2033 | 8.3% |
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Accuracy and Measurement Challenges: Despite innovative measures, sensitivity to ambient conditions and emissivity leads to inaccuracy and dim bright sales prospects.
Price-sensitive Markets: More precision increases the cost of specialized infrared thermometer models, which narrows demand, especially in price-sensitive markets of Asia Pacific, the Middle East and Africa.
Health Safety Concerns: The improper usage of infrared thermometers leads to health concerns such as eye damage. The lack of skilled trainers and safety precautions, especially in developing countries, is another factor limiting the market's true potential.
Irregular Demand and Supply Scenario: Improper distribution of opportunities at a global level makes it difficult for global manufacturers to target lucrative markets. Besides this, emerging players strive to strengthen their position with innovative capabilities, which limits global players in their dens.
The global market recorded steady historical growth, with a valuation of USD 1,152 million in 2018 and USD 1,532 million in 2022. The ongoing smart technologies replacing outdated technology methods with innovations and practical solutions. Changing consumer behavior, focus on eco-friendly products, and digital services are shaping global market growth.
The rising key companies focus on social and environmental factors to grow awareness and adopt sustainable practices. However, rising uncertainty and political events majorly impacted the supply chains in the historical period. On the other hand, outbreaks of deadly viruses like COVID-19 disturb global economies and the market's vulnerability.
| Countries | Forecast CAGR from 2023 to 2033 |
|---|---|
| United States | 4.4% |
| Germany | 3.9% |
| United Kingdom | 4.5% |
| China | 9.5% |
| India | 10.0% |
| Japan | 5.1% |
eCommerce Boom Brings Lucrative Growth in India
During the forecast period, India is likely to secure a maximum CAGR of 10.0% in the global market. India's infrared thermometer market is influenced by various leading and crucial factors. A few of these are as follows:
Manufacturing Hub: India is significantly driving the global market reach by manufacturing customized and improved infrared thermometers. Highly skilled workforce and key companies are advancing production to attract consumers. Manufacturers contribute a significant role by offering affordable infrared thermometers.
Healthcare Industry: India's healthcare industry is broad! The rising hygiene awareness and health consciousness increase the demand for infrared thermometers. Manufacturers provide customized infrared thermometers that seek end users' attention in public spaces, hospitals, and clinics.
eCommerce: The eCommerce sector offers a variety of products online to access relevant consumers. Consumers can quickly check competitive prices and enhance their experiences online with free-delivery services, driving the market growth.
Government Initiatives: Government initiatives and programs to enhance public health fuel market growth. These initiatives bring patients awareness and distribution of advanced healthcare equipment.
China is significantly driving the global market by securing a CAGR of 9.5% during the forecast period. A few of the essential factors in China's infrared thermometer market are as follows:
Export Market: China is a significant exporter! The country offers cost-effective production solutions with large quantities of materials available. China exports affordable infrared thermometer devices to the international market, driving market growth.
Rapid Urbanization: Rising demand for infrared thermometers due to advanced infrastructure and smart cities in China. Rising energy efficiency, industrial automation, and building management are increasing the adoption of infrared thermometers.
Consumer Electronic Integration: Manufacturers are developing smart integration with electronic products such as home appliances and smartphones. These electronic devices are accessible to monitor temperature.
Japan is anticipated to capture a CAGR of 5.1% in the global market during the forecast period. The growing innovations and high-quality products are driving Japan's infrared thermometer market. A few of the factors boosting the sales are as follows:
Precision and Quality: Japan is a hub of technology, quality, and accuracy in manufacturing its products. Key companies offer high-precision instruments with the adoption of infrared thermometers in various industries, including healthcare.
Innovation and Medical Research: Japanese companies are developing advanced infrared thermometers with their innovations and medical research. These innovations provide easy-to-use and accuracy in measurements.
Industrial Automation: Japan relies on a wide range of manufacturing of robotics and automation. The increasing demand for infrared thermometers to improve temperature monitoring and enhance quality is expanding the market size.
The United States is anticipated to capture a CAGR of 4.4% in the global market during the forecast period. The United States is robust in research and development. Universities, companies, and institutions are adopting cutting-edge technologies with their innovations. The rapidly growing telemedicine and remote monitoring of patient's health are increasing the demand for infrared thermometers for virtual consultation.
Key companies are offering electronic devices in the international market to expand their reach. These companies collaborate with global companies to provide sustainable practices, efficient standards, and safety of products. The United States Food and Drug Administration regulates the framework for these devices, driving the market growth.
The United Kingdom is anticipated to register a CAGR of 4.5% in the global market by 2033. The rising medical and healthcare training programs are educating professionals with proper techniques related to advanced infrared thermometers. These initiatives bring strong emphasis to the healthcare sector.
The United Kingdom is rich in heritage sites, museums, and historic buildings that require temperature control, increasing the demand for infrared thermometers. These thermometers ensure safety, detect humidity levels, and regulate temperature, which are driving the market growth.
These infrared thermometers inspect buildings and construction sites to detect irregularities. Monitoring the safety and quality of marine life relies on checking temperatures and increasing the adoption of infrared thermometers. On the other hand, the aviation sector is increasing the demand for infrared thermometers for ensuring safety and monitoring aircraft components.
Based on product type, the non-contact segment is likely to dominate the global market by securing 79.30% of the share by 2033. The increasing demand for safety, speed, and convenience are increasing the adoption of non-contact infrared thermometer. These thermometers help to reduce cross-contamination risk in the healthcare sector and attract professionals' desires.
The demand for non-contact infrared thermometers is user-friendly and helps consumers to operate specific training. These thermometers are comfortable and suitable for diverse applications, expanding the market growth. Consumers prefer non-contact infrared thermometers for their reliability and advanced features, such as data recording and memory storage.
Based on end users, the healthcare industry is anticipated to lead the global market during the forecast period. The increasing demand for infrared thermometers in clinical settings for measuring body temperature uplifts the healthcare industry. Hospitals offer services that heavily rely on infrared thermometers for patients' regular checkups, emergency room visits, and others.
Medical staff determine patients' temperature with the adoption of point-of-care testing accelerating the demand for infrared thermometers. The rapidly growing nursing and nursing homes are increasing the demand to detect infections, propelling the global market growth.
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The global infrared thermometer market is highly competitive by the prominent vendors present in the globe. These vendors significantly bolster the global market by investing in research and development activities. The key players prioritize their goals to develop unique products to capture consumers' attention.
These players are adopting various marketing strategies to expand their global reach. These marketing tactics are mergers, collaborations, agreements, and partnerships.
Recent Developments in the Global Infrared Thermometer Market
In 2020, FLIR announced its newly launched product FLIR SV87-KIT. This freshly launched offers temperature sensing solutions with remote vibrations.
In 2020, CHINO announced its newly launched IR-CZ radiation thermometer for measuring a variety of temperatures from low to high.
The infrared thermometer market is estimated to secure a valuation of USD 16,58.5 million in 2023.
India is the leading market for infrared thermometers.
The automotive fuel delivery system market is likely to capture a CAGR of 8.3% in 2023.
The growing focus on advanced temperature sensing products.
Fluke Corporation and HORIBA Ltd are the key players in the market.
| Market Estimated Size (2023E) | USD 623.6 million |
|---|---|
| Market Projected Valuation (2033F) | USD 1.1 billion |
| Value-based CAGR (2023 to 2033) | 6.1% |
| Market Share (2023) | USD 88.1 billion |
|---|---|
| Market Share (2033) | USD 153.0 billion |
| Market CAGR (2023 to 2033) | 5.7% |
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