Continuous Thermal Monitoring Market worth $1.49 billion by 2030 | MarketsandMarkets™
DELRAY BEACH, Fla., Jan. 31, 2025 /PRNewswire/ -- The global Continuous Thermal Monitoring Market is anticipated to grow from estimated USD 1.00 billion in 2024 to USD 1.49 billion by 2030, at a CAGR of 6.8% during the forecast period. The market is growing due to predictive maintenance and equipment reliability within industry trends worldwide. With relatively emerging thermal sensors and infrared cameras, coupled with analytics powered by artificial intelligence, the temperature of enclosures and equipment is now monitored in real time to stave off any costly breakdowns in equipment. The thriving multi-dimensional application of monitoring safety regulations, such as data centers, oil & gas, utility companies, and production industries, is fostering market growth. Forward thinking on energy generation and on operational optimization is additionally helping reciprocate demand for CTM operations around the globe.
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Hardware Segment by Offering
The hardware segment is expected to dominate Continuous Thermal Monitoring Market as this is backbone for monitoring systems that include various thermal sensors or infrared cameras and such other important devices. These components basically translate into the necessity for accurate live data-capture for temperature outlier causes and hence for reliable system running without jeopardizing any hazards. In this sense, hardware seems just vital for the introduction of CTM solutions across the industries; its role would be extremely instrumental and effective in monitoring. Moreover, in energy-intensive sectors like oil & gas, manufacturing, and utilities, the growing need for robust and less breakable types of equipment that make thermal management efficient and seamless is of great importance in relation to the need for hardware.
Utilities Segment by End User
This segment is largely the largest consumer of end user, given its inevitable need for a service unhindered by power cuts, for nullifying equipment failure occurrences like transformers, switchgears, and power lines. Utilities generally hold and operate sophisticated and high-current infrastructure that is generally under stress due to thermal effect, therefore it has become mandatory on these utilities for real-time monitoring to identify hot spots and quickly intercept problems like outages and fail-safe operation. The ongoing transition to greater reliance upon renewable energy and smart grids further necessitates the need of CTM, to manage fluctuations of loads and to develop overall system efficiency, thus incorporating works of CTM within the utilities sector.
Regional Analysis
The reason for the fast growth of the Continuous Thermal Monitoring Market due to rapid industrialization and urbanization and the projects of infrastructure are underway. The need for reliable power distribution has also occupied improving industrial and utilities across different renewable-energy sectors so that this actually increases the consumption of CTM solutions. Furthermore, government initiatives toward smart grid and lots of investments in the revitalization of old infrastructures are fueling the quest for advanced thermal monitoring technologies in that market.
Key Players
The report profiles key players such as Schneider Electric (France), Siemens (Germany), ABB (Switzerland), Honeywell International Inc. (US), and Teledyne Technologies (US).
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Siemens (Germany)
Siemens (Germany) is a technology company that supplies technology products and services for infrastructure, healthcare, and transportation. Siemens functions for different sectors like- automotive, battery manufacturing, cranes, commercial buildings, data centers, mining, food and beverages, power utilities wind, oil and gas and the list goes on. Siemens operates six different business lines: digital industries, smart infrastructure, mobility, portfolio companies, healthineers, and financial services. Siemens specializes in continuous thermal monitoring solutions through its Digital Industries division.
Siemens is an international company known to be operating in more than 190 countries. Its headquarters are located in Munich, Germany. Siemens is active in Europe, South America, North America, the Middle East & Africa, and Asia Pacific. Sixteen technology centers operate in research and development, production, and quality assurance worldwide. Its research activities increase efficiencies and business processes.
ABB (Switzerland)
ABB (Switzerland) is an engineering and industrial automation multinational that customizes and supplies a diverse range of products, systems, solutions, and services that contribute to enhance productivity, energy efficiency, and power quality. The product and service portfolio include thermal monitoring, drivers, industrial software, measurement and analytics, PLC automation, robotics, power converters and inverters, and others. ABB engages in activities based on four main business divisions: Electrification, Motion, Process Automation, and Robotics & Discrete Automation. The thermal monitoring-related products, in the form of continuous monitoring systems, are provided through the Electrification Business Division.
ABB's geographical presence covers more than 100 countries with manufacturing links in Europe, the Middle East & Africa, South America, Asia Pacific, and North America. It has 476 offices in about 85 countries on this planet, while its production facilities are planted in Switzerland, Sweden, China, Italy, Austria, America, India, Malaysia, and Spain and ~320 consolidated subsidiary entities and several production and R&D centers built across the globe.
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