The global pyrometer market is expected to reach $816.6 million by 2023, registering a CAGR of 6.8% during 2018–2023. The major factors driving the growth of the market include the increasing need for device upgradation in the quality check process and rapid automation in the industrial sector.
Insights on market segments
Based on type, the portable category is expected to grow faster in the pyrometer market during the forecast period. This can be attributed to the increasing technological advancements in portable temperature measurement devices. Moreover, with the growing preference of industries toward advanced and handy pyrometers, the demand for portable pyrometers is expected to increase further over the forecast period.
Based on industry, the glass industry is expected to grow the fastest in the pyrometer market during the forecast period, which can be attributed to the increasing applications of pyrometers here, mainly in countries such as Germany and China. Pyrometers are used in this industry for various applications, such as testing and measurement, research and development (R&D), glass production, and quality assurance. Hence, due to the various applications of pyrometers in the glass industry, this category is expected to grow the fastest in the forecast period.
Europe is expected to continue remaining the largest pyrometer market
Geographically, Europe accounted for the largest share in the pyrometer market in 2017. It is expected to be the fastest growing region over the forecast period as well due to the large presence of glass, metal, and ceramic producers in the region, coupled with the increasing automation in the industrial sector. Moreover, Europe is the second-largest steel producing region in the world, due to which the demand for temperature measuring devices in the region is expected to increase in the coming years. In the region, Germany held the largest share in the market in 2017 due to the increasing investments in the country for encouraging smart manufacturing practices in industries.
Automation expansion in the industrial sector is a key growth driver
An accurate and reliable temperature measurement and control system plays an important role in an automated process. Nowadays, industrialists need reliable temperature control for running their manufacturing operations smoothly. A contactless device enables this by providing an accurate and consistent temperature measurement. Hence, due to the increasing demand for smooth manufacturing operations, the sales of contactless temperature measuring devices in industries are increasing, globally.
Growing forging industry in developing countries to offer lucrative opportunities
The growing forging industry in developing countries is a key opportunity for the pyrometer market. The forging industry in countries such as China and India is growing at a rapid pace. For instance, it was recorded that in 2017-18, the forging industry in India grew by about 12.0% from 2016-17. This was primarily due to the various government initiatives, such as “Skill India” and “Make in India”, launched by the national government for promoting the manufacturing sector in the country. Similarly, the forging industry in China is growing at a rapid pace too, due to the large-scale production and import of steel in the country. As pyrometers are used in various applications in the casting and forging industry, the growing forging industry is expected to create ample opportunities for the market players in the coming years.
Browse report overview with 54 tables and 40 figures spread through 116 pages and detailed TOC on "Pyrometer Market by Technology (Infrared, Optical), by Type (Stationary, Portable), by Industry (Metal Processing, Glass, Ceramics), by Geography (U.K., France, Germany, U.S., Canada, China, Japan, India, South Korea, Brazil, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/pyrometer-market
Pyrometer Market Competitiveness
The intensity of rivalry in the pyrometer market is not too much, with a moderate number of regional and international players offering pyrometers across the globe. The key players in the market are focusing on product launches to increase their product portfolio. For instance, in November 2017, Optris GmbH launched two products, Xi 400 and Xi 80. The Xi series is a combination of a compact, robust pyrometer and an advanced IR camera.
Some of the key players operating in the global pyrometer market include KELLER HCW GmbH, Fluke Corporation, Optris GmbH, LumaSense Technologies Inc., B+B Thermo-Technik GmbH, Micro-Epsilon Messtechnik GmbH & Co. KG, FLIR Systems Inc., Proxitron GmbH, AOIP SAS, AMETEK Inc., and Accurate Sensors Technologies Ltd.
Pyrometer Market Segmentation
Market Segmentation by Technology
Market Segmentation by Type
Market Segmentation by Industry
Market Segmentation by Geography