DIAL THERMOMETER MARKET ANALYSIS

Regional Analysis

Global Dial Thermometer Market: Regional Insights

On the basis of geography, the global dial thermometer market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America held the dominant position in the market in 2016 and is projected to retain its dominance throughout the forecast period. Increasing consumption of oil in this particular region is one of the factor that has led to high number of plants for oil manufacturing. For instance, according to the U.S. Energy Information Association’s (EIA) analysis, the U.S. total consumption of oil in 2015 was 767 metric tons, which had grown to 771 metric tons in 2016. Therefore, as number of manufacturing plants of oil and refineries increases, it will proportionally increase demand for dial thermometer.

However, Asia Pacific is expected to be the most lucrative market for dial thermometers in the near future. Some of the key driving factors for growth of this market in the region include increasing number of research and development activities, and increase number of manufacturing industries in this particular  region. For instance, according to the UNESCO’s analysis, in 2017, China’s total spending on research and development activities increased by 70.9 % from 2012. Thus, increase in spending on research and development activities will proportionally increase demand for laboratory equipment. Hence, this factor will help in fuelling growth of the dial thermometer in this particular region.