Industrial Temperature Controller Market will foresee a Steady CAGR of 4.6% During 2020-2030: Future Market Insights

Market players are engaged in bringing forth advanced technologies to enhance reading accuracies in addition to ascertain a safe working surroundings.

The global industrial temperature controller market is projected to grow at steady CAGR of 4.6% over the projected period, 2020-2030. The temperature controllers are widely installed all over diverse sectors such as power plants, general manufacturing, oil and gas, food and beverages, petrochemicals, and others as they search technologies to limit expenses sustained, this driving the market growth. The market is projected to foresee a mixed impact of the COVID-19 outbreak. The market will attain from the growing researches that are being executed to produce efficient vaccines and medicines to avert the spread of the COVID-19 infection.

“Strict regulations in relation to temperature control all over food & beverage processing, industrial plants, storage and transportation of vaccines are fueling the demand for temperature controllers. Market players are now engaged in integrating and developing new attributes for PID and digital temperature controllers as end users demand more advanced features to improve production,” comments the FMI analyst.

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Industrial Temperature Controller Market – Key Highlights

• East Asia is spearheading the global market due to growing government investments and initiatives towards industrial growth.
• The PID controller product type segment will foresee a demand surge amid the projected period.
• The analog category is likely to remain lucrative over the projected period.
• The oil and gas segment will lead among other end users due to the increasing focus of both developed and high potential markets for the growth of the oil & gas sector.

Industrial Temperature Controller Market – Drivers

• Communication capacity and the framework of a hybrid temperature controller as a preference to a PLC machine is projected to fuel the expansion of the market.
• Growing implementation of supportive government policies in relation to laboratory safety is boosting the demand in the approaching years.
• Growing demand for miniaturization of products to cater to several end-use industries is anticipated to boost the market demand.

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Industrial Temperature Controller Market – Restraints

• Increase in temperature controllers replacements by PLC controllers might act as a key challenge for the market.
• Rising global price rivalry, deceleration in the global economy, as well as competition in technology limits the overall market growth.

COVID-19 Impact on the Market

The outbreak of the COVID-19 has produced an unprecedented health emergency all over the world. The outbreak brought several prospects that were accompanied by several challenges for the market. As a result of transportation restrictions inflicted by governments, producers, mainly those who rely on other nations for sourcing raw materials, witnessed a supply shortage. This acted as a negative affect on operation of production activities amid the initial phases of the crisis.

Competitive Landscape

The global industrial temperature controllers market is highly competitive. Conventional players in the market are progressively focusing on recurrent product launches to reflect their active existence in the market.

Major market players functioning in the market are Omron, Delta Electronics, Eurotherm (Schneider Electric), Watlow Electric Manufacturing Company, Panasonic, HANYOUNGNUX, Durex industries, Yokogawa Electric Corporation, RKC Instruments, ABB and Honeywell International.