Industrial Temperature Controller Market

Introduction

Temperature controllers precisely control temperatures in industrial settings and aid in improving the quality of products. They also reduce dependence on staffs for controlling complex processes from a central location. As a result, temperature controllers are extensively installed across diverse industries such as oil and gas, petrochemicals, food and beverages, general manufacturing, power plants, and others as they seek out technologies to reduce expenses incurred. According to Future Market Insights (FMI), this is a chief driver of the global industrial temperature controllers market.

FMI has forecast the demand to be further fueled by factors such as their ability to enhance process productivity, reduce waste, offer manageable communication options, and the entry of hybrid temperature controllers as an alternative to programmable logic controller (PLC) device. The market for temperature controllers is projected to rise at a CAGR of 4.6% between 2020 and 2030.

Laboratory Safety Policies Creating Growth Opportunities

The increasing implementation of supportive government policies concerning laboratory safety is augmenting the demand for temperature controllers. This is expected to boost the market in the coming years.

International organizations around the world have been implementing stringent regulations to ensure the safety of workers across industries, besides mandating proper inspection of workplaces. For instance, the Occupational Safety and Health Administration (OSHA), which is a prominent supervisory agency of the United States Department of Labor, has published rules and supervisory policies to make laboratories safer for employees.

With such stringent regulations in place, the market is likely to gain momentum in the coming years

Demand for Miniaturization to Increase

Industrial temperature controller manufacturers are focusing on the miniaturization of their products to cater to various end-use industries. Smaller devices occupy lesser space and are beneficial for diverse end users. As a result, industries such as food and beverage and plastics are increasingly adopting miniaturized temperature controllers.

Besides this, the installation of temperature controllers in space remote sensors is gaining popularity. This is fuelling the demand for high-precision and miniaturized temperature controllers. 

COVID-19 Restricts Growth of the Market

The outbreak of the COVID-19 pandemic has generated an unprecedented health emergency across the globe. The pandemic brought many opportunities that were accompanied by many challenges for the industrial temperature controller market.

Owing to transportation restrictions imposed by governments, manufacturers of temperature controllers, particularly those who depend on other countries for sourcing raw materials, faced a shortage of supply. This posed a negative impact on operation of manufacturing activities during the initial phases of the pandemic.

On the other hand, researches are being carried out across the globe on effective medicines and vaccines against the coronavirus disease. Consequently, high-precision temperature controllers have become the key requirement at present.

As a result, leading players operating in the market are taking action to fight and sustain in the pandemic crisis. For instance, Peter Huber Kältemaschinenbau AG, in April 2020 launched a high precision 'temperature control technology', amid the COVID-19 pandemic.

After analyzing the overall scenario, FMI estimates the speedy recovery of the market during the forecast period. 

Key Challenges

Players operating in the market are exhibiting an increasing adoption of PLC controllers. Owing to this, the demand for temperature controllers is getting affected which is posing challenge for the market. However, with advancements and the low cost of proportional–integral–derivative (PID) controllers, the market is forecast to recover all losses.

Region-wise Analysis

Asia Pacific Industrial Temperature Controller Market

Asia Pacific accounts for the lions' share of the market. Growth witnessed in the region is mainly due to government investments and initiatives towards industrial expansion. For instance, the government of India is intending to invest US$ 9.97 billion to extend the gas pipeline network across the country. In September 2018, the government of India passed fiscal incentives to draw investors and technology to enhance the recovery of oil fields.

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Such initiatives are aiding expansion of the oil and gas sector. This is in turn creating prospects for industrial temperature controllers in the region.

Furthermore, owing to the rising demand and increased production of temperature controllers, particularly for PID controllers, the market in Asia Pacific is forecast to continue its lead through the assessment period.

North America Industrial Temperature Controller Market

North America is one of the attractive markets for industrial temperature controllers. Exponential growth in intelligent temperature control technologies is the major factor driving the growth of the market in North America.

Besides this, rising research and development (R&D) spending in the region is favoring the growth of the market. According to the U.S. National Science Foundation's (NSF) biennial Science and Engineering Indicators report, the US accounted for nearly 25% of global R&D total and spent US$ 549 Bn in 2017.

For energy R&D, the US budget increased by more than ~12% in 2018. Thus, increasing investment in research and developments across the energy sector will create opportunities for industrial temperature controller sales.  This also is impelling the growth of the market in North America.

Europe Industrial Temperature Controller Market

Europe is a lucrative market for industrial temperature controllers. Growth witnessed by the region is primarily attributable to the rising demand for temperature controllers from the food and beverage industry.

Stringent regulations and increasing focus on workplace inspection in Europe are the key factors supporting the growth of the market. For instance, EU Strategic Framework on health and safety at work 2014-2020 outlines important goals with an objective of decreasing occupational accidents and diseases in Europe.

Such frameworks compel enterprises to ensure the safety of both products and employees. As a result, cost-effective temperature controllers are becoming an imperative part of every industry in Europe.

Category-wise Insights

Oil and Gas Leads by End Use

Based on end use, the oil and gas segment is forecast to lead the market in terms of market value. Growth witnessed in this segment is attributable to the growing focus of both high potential and developed markets towards the expansion of the oil and gas sector.

Implementation of government programs towards ensuring public and employee safety is further augmenting the demand for temperature controllers in this sector. For instance, in the US, the Natural Gas Technologies (NGT) R&D program is proposed with the President's intentions to increase natural gas pipeline reliability and ensure infrastructure security. It further aims on researching advanced materials and sensor technology to assure public safety and operational efficiency.

PID Controller Emerged Dominant

Based on product type, the PID controller segment is projected to observe a surge in demand during the forecast period. PID controllers are extensively used in inertial systems with a relatively low noise level of the measuring channel. Furthermore, owing to their numerous advantages such as accurate set-point temperature control, fast warm-up time, and fast reaction to disturbances, this segment is showcasing remarkable growth. The low cost and higher efficiency of PID controllers are other factors making them more popular.

Analogy Remains Lead by Category

Based on the category, the analog segment is expected to remain lead through the forecast period. Higher preference for these industrial temperature controllers, due to their low cost, from both small-scale to large-scale companies is driving their adoption over digital ones.

Competitive Landscape

The industrial temperature controllers market is extremely competitive. Established players of the market are increasingly focusing on frequent product launches to show their active presence in the market.

For instance, in April 2017, Gefran launched a new series of PID controllers. This series includes three models: 850/1650/1850. This new series gives numerous integrated functions that reduce the number of devices installed on a machine. It also simplifies the configuration, hence, saves time and funds.

Besides this, players are engaging in market strategies such as mergers and acquisitions, collaborations, and R&D investments to enhance their product portfolios and expand their footprints globally.

For instance, in September 2020, Watlow Inc. acquired Component Re-engineering Company, Inc. (CRC). From this acquisition, Watlow will expand its product portfolio with the help of CRC's high-temperature bonding and refurbishment technologies.

Some of the leading players operating in the industrial temperature controller market include

• Omron
• Eurotherm (Schneider Electric)
• Delta Electronics
• Panasonic
• Watlow Electric Manufacturing Company
• Durex industries
• HANYOUNGNUX
• RKC Instruments
• Yokogawa Electric Corporation
• Honeywell International
• ABB

The list is only indicative – a full list of industrial temperature controller market key players is available upon request

Industrial Temperature Controller Market Report: Scope

Key Questions Answered by the Report

• At what rate the industrial temperature controller market is forecast to grow?

  According to FMI, the market is expected to rise at 4.6% CAGR between 2020 and 2030.

• Which is the largest market for industrial temperature controller?

  East Asia is the leading market. Growth registered in the region is driven by rising government initiatives and investments towards industrial expansion.

• Which are the top companies in the industrial temperature controller market?

  Some of the leading companies operating in the industrial temperature controller market are Omron, Eurotherm (Schneider Electric), Delta Electronics, Panasonic, Watlow Electric Manufacturing Company, Durex industries, HANYOUNGNUX, RKC Instruments, Yokogawa Electric Corporation, Honeywell International, and ABB among others.

• What is the outlook on the industrial temperature controller market?

  Apart from some challenges, the industrial temperature controller market is forecast to have a mixed impact of the COVID-19 pandemic. The market is expected to gain from the increasing researches that are being carried out to manufacture effective medicines and vaccines to prevent the spread of the coronavirus disease.

• What are the key challenges witnessed in the industrial temperature controller market?

  Rising replacements of temperature controllers by PLC controllers is the major challenge for the market.

• Which is the most lucrative category of products available in the industrial temperature controller market?

  The demand for proportional–integral–derivative (PID) is poised to surge significantly. Growth witnessed in the segment is attributable to widespread use of PID controllers mainly due to their low cost. Owing to their numerous advantages such as accurate set point temperature control, fast warm-up time, and fast reaction to disturbances, this segment is showcasing remarkable growth.

• What are key trends driving the industrial temperature controller market?

  The market will be driven by the rising adoption of hybrid temperature controllers. The increasing implementation of supportive government policies in order to ensure laboratory safety is augmenting the demand for temperature controllers.

Enquiry before Buying

• Is this research conducted by Future Market Insights?

  Yes, the report on the industrial temperature controllermarket has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

• What research methodology is followed by FMI?

  FMI follows a methodology that encompasses demand-side assessment of the market and triangulates the same through supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions. Request detailed methodology.

• Who are the respondents for primary research?

  FMI speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, industry experts. For a full list of primary respondents, please reach out to us.

• What are the sources of secondary research?

  FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

• Is a sample of this report available for evaluation?

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Industrial Temperature Controller Market Segmentation

Product Type

• On/Off Control
• Proportional Control
• PID Control

Category

• Analog
• Digital

End Use

• Metals, Mining and Metallurgy
• Chemicals
• Oil and Gas
• Food and Beverages
• Energy and Power
• General Manufacturing
• Research Laboratories
• Others

Regional Outlook

• North America - U.S., Canada
• Latin America - Mexico, Brazil, Rest of Latin America
• Europe – Germany, Italy, France, U.K., Spain, Russia,
• Rest of Europe
• Middle East and Africa -Turkey, Northern Africa, South Africa, Rest of MEA
• East Asia - China, Japan, South Korea
• South Asia - India, Thailand, Malaysia, Indonesia, Oceania, Rest of South
• Asia and Pacific