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Smart Temperature Transmitters Market | Covid-19 Impact Analysis
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
Stratview Research continues its voyage towards publishing extremely niche market subjects containing disruptive growth potential. This time, we have come up with another such report on the SMART TEMPERATURE TRANSMITTERS, a relatively new technology with greater performance than their transmitter counterparts. Despite an extremely niche market, the report addresses most of the industry stakeholders’ concerns regarding market competition, future market directions, low-hanging fruits, key emerging trends, the Pandemic’s possible impact, key strategies of market participants, and high-growth regions. The team has conducted more than 15 detailed primary interviews across the supply chain including component manufacturers, transmitter companies, tier players, OEMs, end users, as well as industry experts, to portray a 360-degree view of the market. Also, 1,000+ reliable secondary sources were exhaustively leveraged to comprehend the market insights to the next level. This 200-page lucid study comprises over 200 tables and figures providing different market angles and insights.
Smart Temperature Transmitters Market: Highlights
A smart temperature transmitter is a type of temperature transmitter which provides several benefits including wireless data transmission, maintenance indicator, device health indicator, increased safety, dual input facility, along with the conversion of temperature signals received from various temperature sensors. The temperature transmitter amplifies and converts the temperature signals received from thermocouples, resistance temperature detectors (RTD), negative temperature coefficient (NTC) thermistors, or from any other temperature sensors.
Smart temperature transmitters currently account for <20% of the overall temperature transmitter market but have been efficacious in registering a greater market growth than the other temperature transmitters. The key market stakeholders are leveraging their eons of industry experience and R&D capabilities in order to develop cost-effective smart temperature transmitters for wider adoption in various end-use industries.
Impact of COVID-19 on Smart Temperature Transmitters Market
The outbreak of the pandemic has severely impacted all major markets of smart temperature transmitters, crushing the overall market to below its 2014-market value. The impact of the COVID-19 pandemic is anticipated to be severer than the one registered during the Great Recession during 2008-2009. However, contemplating past recovery trends coupled with the combined results of more than 15 detailed primary interviews, Stratview Research anticipates that the demand for smart temperature transmitters is estimated to start its recovery from the year 2021 onwards. Several market fundamentals including a growing acceptance of smart temperature transmitters with end-users acknowledging the paramount importance of operational excellence and adoption of advanced manufacturing technologies (automation, implementation of IOTs, etc.) may aid the industry stakeholders to bring back the market sparkles, ultimately driving the smart temperature transmitters market to cross US$ 0.5-billion-mark by 2025, a feat that has never touched before by the market.
While the pandemic remains on its spread phase, it has become paramount importance for market participants to target the right products, end-use industries, and regions to pass over this depressing environment by logging minimal loss. In this rapidly changing environment, the market players have to align themselves as per the varying market demands and needs to remain at the lower-risk side. The crucial market insights covered in the report may prove to decisive in building short- as well as long-term growth strategies to sustain in this crucial time.
Smart Temperature Transmitters Market Share Analysis
Based on the product type, the smart temperature transmitters market is segmented as low-tier, mid-performance, and premium. The mid-performance segment is likely to remain the growth engine of the market during the forecast period, mainly driven by rising demand for transmitters which will provide more functionality at an excellent price vs performance ratio.
Based on the mount type, the market is segmented as field mount, head mount, and panel mount. The field mount segment is likely to maintain its dominance in the market during the forecast period. Field mount transmitters usually deliver greater accuracy and offer excellent performance. In addition to that, the field mount transmitters also provide real-time monitoring of temperature in applications through a LED screen attached to it.
Based on the end-use industry type, the market is segmented as chemical, energy & power, metal & mining, pharmaceuticals, food & beverages, and others. Energy & power is projected to remain the dominant as well as the fastest-growing segment of the smart temperature transmitters market during the forecast period. A continuous shift from conventional sources to renewable sources of energy to generate electricity is likely to remain the major factor for its highest growth in the market during the forecast period.
In terms of region, North America is projected to remain the largest market for smart temperature transmitters during the forecast period, mainly driven by the USA. The USA holds irrefutable leads not only in North America but also in the world. A strong supply chain with the presence of a large number customers from various end-use industries as well as the presence of various smart temperature transmitter manufacturers, such as Emerson Electric Co., Honeywell International Inc., and Omega Engineering Inc., is the key why and wherefore behind the country’s dominance in the world.
The USA’s market has ruthlessly been impacted by the pandemic, with having the highest number of COVID-19 cases in the world. Various governmental measures to contain the pandemic is triggering a massive decline in the country’s market in 2020. The country’s market is expected to bounce back from 2021, ones the headwinds of the pandemic turns into tailwinds.
In the post-pandemic scenario, Asia-Pacific, a relatively small market in front of humongous North America, is expected to heal up with the fastest pace from 2021 onwards, with China depicting early signs of recovery from the pandemic. China is the leading metal & mining and chemical producer in the world. Most of the major players, both local as well as international players, prefer to have their manufacturing plants in Asia, more preferably in China, to take the advantage of low cost as well as to tap the growth potential.
There are a handful of players in the market manufacturing smart temperature transmitters. All players have similar products with marginal differences in their specifications including different material coverings such as plastic, aluminum, or stainless steel. The major players are focusing on product developments, R&Ds, and advancements in technologies to address the emerging market requirements, such as the development of cost-effective and high-performance smart temperature transmitters.
The supply chain of this market comprises of raw material suppliers, smart temperature transmitter manufacturers, distributors, and end-users. Some of the key players in the smart temperature transmitters market are ABB Group, Emerson Electric Co., Endress+Hauser Group Services AG, Honeywell International Inc., Krohne Ltd., OMEGA Engineering Inc., Siemens AG, and Yokogawa Electric Corporation. The key end-users of the market include companies from chemical manufacturers, oil & gas producers and refineries, metal manufacturers, pharmaceutical companies, food & beverage companies, and many more.
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. We have conducted more than 15 detailed primary interviews with the market players across the value chain in all five regions and industry experts to obtain both qualitative and quantitative insights.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
The smart temperature transmitters market is segmented into the following categories.
Smart Temperature Transmitters Market, by Product Type
Smart Temperature Transmitters Market, by Mount Type
Smart Temperature Transmitters Market, by End-Use Industry Type
Smart Temperature Transmitters Market, By Region
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