The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The infrared thermometer market is projected to reach USD 3.6 billion by 2025 from USD 2.3 billion in 2020. It is expected to grow at a CAGR of 9.2% from 2020 to 2025. The major factors driving the market’s growth include the increasing number of COVID-19 patients and the rising adoption of infrared thermometers across the manufacturing sector and construction applications. However, accuracy issues in infrared thermometers is restraining market growth
“Based on type, portable to be the fastest-growing segment between 2020 and 2025.”
The infrared thermometer market has been broadly categorized into 2 types?fixed and portable. By type, the portable segment is expected to dominate the infrared thermometer market. One factor for the high adoption of portable infrared thermometers is their use in industrial and commercial end uses. Handheld infrared thermometers are noncontact, inexpensive, easy to use devices that help in rapid temperature measurement. Due to COVID-19, handheld infrared thermometers are being widely used for temperature screening at various commercial places, as high body temperature is one of the symptoms of COVID-19.
“Based on components, optical components to be the fastest-growing type between 2020 and 2025.”
The infrared thermometer market has been broadly categorized by component into optical components, electronics, display & interface unit, and others. By component, the optical components segment is expected to grow at the highest rate in the infrared thermometer market. Optical components, including detectors, are used to detect the reflected infrared energy, focus the radiation energy onto the IR detector, and filter out radiation outside the desired wavelength band. The display & interface unit segment is expected to hold the largest size during the forecast period.
“Based on application, medical to be the fastest-growing segment between 2020 and 2025.”
The infrared thermometer market has been broadly categorized by application into medical and non-medical. The non-medical application is expected to hold a larger market share, in terms of both value and volume, while the medical application is expected to grow at a higher CAGR, in terms of value, during the forecast period. The major factors for the growth of the medical application are the lower cost, higher accuracy, and rising adoption of infrared thermometers for temperature screening due to COVID-19.
“Based on end-use, commercial to be the fastest-growing segment between 2020 and 2025.”
By end use, the industrial segment is expected to hold the largest share, while the commercial segment is expected to grow at the highest rate. The growth of the industrial segment is attributed to the higher adoption of infrared thermometers in industrial manufacturing, industrial processing, and other such industrial segments. The commercial segment is expected to grow primarily due to the significant adoption in commercial segments such as hospitals and healthcare facilities, banks and financial institutions, retail, government, and hospitality sectors.
“APAC infrared thermometer market to record the highest growth rate during the forecast period.”
The market in APAC is expected to grow at the highest CAGR during the forecast period, and the region is expected to dominate the global market by 2025. The growth of the market in APAC is mainly due to the higher adoption of medical thermometers in commercial, industrial, and residential end use segments. Factors such as price-competitive market, availability of low-cost products, presence of local manufacturers, population growth, and investments in healthcare would also boost the market growth in APAC during the forecast period.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the infrared thermometer market place.
- By Company Type: Tier 1 – 45%, Tier 2 – 35%, and Tier 3 – 20%
- By Designation: C-level Executives – 38%, Directors – 32%, and Managers – 30%
- By Region: North America – 35%, Europe – 28%, APAC – 26%, and RoW – 11%
Fluke (US), FLIR (US), Testo (Germany), Omron (Japan), Microlife (Taiwan), Hill-Rom (US), Omega Engineering (US), PCE Instruments (UK), Chino Corporation (Japan), and AMETEK Land (UK) are some of the key players operating in the infrared thermometer market. The study includes an in-depth competitive analysis of these key players in the infrared thermometer market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the infrared thermometer market based on type, component, application, end-user, and region. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the infrared thermometer market. It also analyzes product launches, acquisitions, expansions, and partnerships carried out by the key players to grow in the market.
Key Benefits of Buying the Report
This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall infrared thermometer market and the subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.