SAN FRANCISCO, April 23, 2019 /PRNewswire/ -- The global reference thermometer market size is expected to reach USD 12.91 million by 2025 at a 5.4% CAGR during the forecast period, according to a new report by Grand View Research, Inc.Increasing manufacturing activities in developing and developed nations such as China and India are expected to bolster market growth over the forecast period.
Key suggestions from the report:
The global reference thermometer market was valued at USD 8.59 million in 2017 and is expected to reach USD 12.91 million by 2025, expanding at a CAGR of 5.4% over the forecast period
Increasing manufacturing activities in developing and developed nations is a prominent factor anticipated to drive the market through 2025
By device, the desk-top segment is anticipated to witness considerable growth, registering a CAGR of more than 4.5% over the forecast period. This growth can be attributed to their precise calibration capability and provision of detailed analytical reports, which is a primary requirement in research processes
The handheld segment is driven by the feature of portability offered by these high-tech devices. This is anticipated to boost demand for the same over the forecast period
On the basis of application, the industrial segment generated the highest revenue in 2017 and is expected to register a CAGR of over 6.0% over the forecast period. Rise in manufacturing activities due to increased foreign investments in this sector, especially in Asia Pacific, has primarily fueled this segment
North America accounted for over 35.0% of the market in 2017 and is expected to register a CAGR of over 5.0% over the forecast period. This is owing to extensive manufacturing, power generation, and construction projects in the region and anticipated penetration of reference thermometers in these applications
Key players such as Wika Instruments Ltd., Fluke Corporation, and Dostmann Electronic GmbH dominated the market in 2017 owing to their emphasis on expanding their market presence through mergers and acquisitions.
A reference thermometer can be used as a temperature sensor as its resistance value changes with variations in temperature. These thermometers have been in use for a long period and find application in a host of industrial and laboratory temperature measurement processes such as petroleum lab, pharmaceutical lab, test facility, calibration lab, and pipeline flowmeter calibration. They are able to efficiently meet the need for accuracy, stability, repeatability, and reliability of measurement. Owing to the aforementioned features, the reference thermometer market is expected to witness high growth over the forecast period.
By device type, the handheld segment is expected to register the fastest growth owing to benefits such as portability. Furthermore, these devices are less expensive as compared to desktop devices, which are primarily used in the field of scientific research and development due to their enhanced accuracy.
Grand View Research has segmented the global reference thermometer market based on device type, application, and region:
Reference Thermometer Device Type Outlook (Revenue, USD Thousand, 2014 - 2025)
Reference Thermometer Application Outlook (Revenue, USD Thousand, 2014 - 2025)
Reference Thermometer Regional Outlook (Revenue, USD Thousand, 2014 - 2025)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.