INFRARED THERMOMETER MARKET ANALYSIS

Infrared Thermometer MarketSize and Trends

The global infrared thermometer market market is estimated to be valued at US$ 14 billion in 2023 and is expected to exhibit a CAGR of 7.1% during the forecast period (2023-2030).

Figure 1. Global Infrared Thermometer Market Share (%), by Technology, 2023

Global Infrared Thermometer Market– Driver

Increasing product launches by key market players

Increasing organic growth strategies such as product launches to expand its product portfolio is expected to boost the growth of the market over the forecast period. For instance, in May 2020, Neptune Wellness Solutions Inc., a leader in natural health and wellness products, announced  the launch of Neptune Air, a non-contact infrared thermometer (NCIT) optimized for measuring a person's temperature while reducing cross-contamination risk and minimizing the risk of spreading disease.

Increasing partnership by the market players

Increasing inorganic growth strategies such as partnership & acquisition by the market players to expand its product portfolio is expected to foster the market growth over the forecast period. For instance, in January 2020, LumaSense Technologies, provides gas and temperature sensing solutions, announced the distribution partnership with  LIMAB U.K., a leading distributor of non-contact laser, for distribution of its range of infrared thermometers and thermal imagers for industrial markets in the U. K. and Ireland.

Figure 2. Global Infrared Thermometer Market Value (US$ Billion), by Region, 2023

Global Infrared Thermometer Market: Key Trends

Increasing product launch  by the market players

Increasing organic growth strategies such as product launch by the market players is expected to drive the growth of the market over the forecast period. For instance, in March 2020, DeltaTrak Inc., a leading innovator of cold chain management and temperature monitoring solutions, announced the immediate availability of the new Model 15007 Non-Contact Forehead Infrared Thermometer that serves as a valuable solution in the fight against the Coronavirus.