Outdoor Thermometer Market To Get Boost From Increasing Demand From Researchers And Laboratories
According to a new market research report published by Credence Research “Outdoor Thermometer Market (Type – Analog and Digital; Application – Retail Chains and Online) – Growth, Future Prospects and Competitive Analysis, 2019 - 2027”, the overall Outdoor Thermometer market worldwide was valued at US$ 0.32 Bn in 2018 and is set to grow with a CAGR of 5.4% during the forecast period.
Due to the presence of remote sensors, the market for outdoor thermometers will see significant growth. The outdoor thermometer's preliminary purpose is to measure the building temperature during the construction process. Engineers use outdoor thermometers to maintain a building in order to get the inside building's fast air temperature.
Usually this is done by swinging the bulb in the air and attaching it to an instrument to get a faster reading as the bulb detects the temperature faster than a sensor built into the instrument. Furthermore, thermometers are also used for weather forecast measurement. In addition, in the automotive industry, outdoor thermometers are also used. These are particularly suitable for municipal vehicles involved in ice and snow clearance.
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Technological advances in instrumentation engineering will also support market growth, leading to improvements in temperature measurement accuracy. Other market-driven factors include rising preference for RTD sensors and favorable worldwide government regulations to reduce mercury use in thermometers.
North America captured the largest share in 2018 and is expected to dominate the market by 2027, with a CAGR of more than 6.0%. Regional growth is driven primarily by the petroleum industry boom following recent U.S. shale oil reserves discoveries. In addition, the U.S. is a world leader in the pharmaceutical industry and is expected to continue its dominance despite stunning growth in developing countries like China.
Developing nations like China, India, Singapore, South Korea, and Taiwan characterize the Asia Pacific market. Because of the growth prospects they present in the near future, all these nations are witnessing heavy foreign investment for the development of different industries.
Some of the prominent players in the outdoor thermometer market and profiled in the study include Opto Circuits Limited; A&D Medical; Microlife Corporation; Exergen Corporation; Radiant Innovation Inc.; Omron Healthcare, Inc.; Terumo Corporation; Geratherm Medical AG; Welch Allyn and Citizen Systems among others.