Global Temperature Controller Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
A temperature controller is a device that is used to control the temperature of a system or process by comparing a sensor signal with a set point and adjusting the output accordingly. It is an instrument that maintains a desired temperature by regulating heaters, cooling systems, or other equipment.

Sizing and Forecast
The temperature controller market size has grown steadily in recent years. It will grow from $1.21 billion in 2023 to $1.24 billion in 2024 at a compound annual growth rate (CAGR) of 2.9%. The growth in the historic period can be attributed to increasing use of packaged and processed food and beverages, increasing adoption of automation in various industries, expansion of the pharmaceutical industry, growing usage of temperature-sensitive medical devices and equipment, demand for temperature controllers in environmental control systems.

The temperature controller market size is expected to see steady growth in the next few years. It will grow to $1.37 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to development of communication capacity in temperature controllers, growing demand for heating ventilation and air conditioning (HVAC) systems, increasing demand for temperature-controlled storage and transportation, rising demand for temperature controllers in automotive manufacturing processes, adoption of temperature control systems in agriculture and horticulture. Major trends in the forecast period include integration of IoT (internet of things) technology, wireless connectivity, compact designs, cloud-based solutions, integration with supervisory control and data acquisition (SCADA) systems.

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Segmentation & Regional Insights
The temperature controller market covered in this report is segmented –

1) By Type: Analog, Digital, Hybrid
2) By Application: Temperature Controlling, Temperature Monitoring
3) By End-User: Oil And Gas, Plastics, Food And Beverage, Automotive, Chemicals, Energy And Power, Other End-Users

Asia-Pacific was the largest region in the temperature controller market in 2023. The regions covered in the temperature controller market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
Increasing demand for packaged food and beverages is expected to propel the growth of the temperature controller market going forward. Packaged foods and beverages are products that have undergone manufacturing and packaging for convenient consumption. Temperature control in packaging and processing of food and beverages ensures product safety, quality, and extended shelf life by minimizing microbial growth, enzymatic reactions, and deterioration, thereby preserving the integrity of packaged and processed food and beverages. For instance, in October 2023, according to Agriculture and Agri-Food Canada (AAFC), a Canada-based government department, in 2022, the exports of processed food and beverage products reached a historic high of $54.3 billion, marking a 14.1% surge from the previous year and constituting 34.7% of the total production value. Therefore, increasing demand for packaged and processed food and beverages is driving the growth of the temperature controller market.

Key Industry Players
Major companies operating in the temperature controller market are Siemens AG, Panasonic Corporation, Schneider Electric SE, Honeywell International Inc., ABB Ltd., Control Company, Emerson Electric Co., Delta Electronics Inc., Omron Corporation, Mitsubishi Electric Corporation, Yokogawa Electric Corporation, Watlow Electric Manufacturing Company, Banner Engineering, Cole Parmer, Omega Engineering Inc., Autonics Corporation, Selec Controls Pvt. Ltd., Dwyer Instruments Inc., Hammond Manufacturing Co. Ltd., Tempco Electric Heater Corporation, Durex Industries, BriskHeat Corporation, Onset Computer Corporation, RKC Instrument Inc., Elektronika Sales Pvt. Ltd., TEGAM Inc., West Control Solutions, Temperature Controls Pty Ltd., Meitav Tec Ltd., Hanyoung Nux Co. Ltd.

The temperature controller market report table of contents includes:

1. Executive Summary

2. Temperature Controller Market Characteristics

3. Temperature Controller Market Trends And Strategies

4. Temperature Controller Market – Macro Economic Scenario

5. Global Temperature Controller Market Size and Growth
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32. Global Temperature Controller Market Competitive Benchmarking

33. Global Temperature Controller Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Temperature Controller Market

35. Temperature Controller Market Future Outlook and Potential Analysis

36. Appendix

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