Thermometer Market Size, Share, Growth Analysis, By Product(Mercury-based Thermometers, Mercury-free Thermometers), By Application(Medical, Industrial, Food, Laboratory), By Region - Industry Forecast 2024-2031

Global Thermometer Market size was valued at USD 1.3 billion in 2019 and is poised to grow from USD 1.43 billion in 2023 to USD 2.8 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).

One of the main factors propelling this market expansion is the rise in infectious diseases, technical improvements, and increased use of non-contact infrared thermometers in various sectors.

The NCBI estimates that 7% of all respiratory infections that result in fever are caused by viral infections. In addition, 25% of adenovirus patients need to be hospitalized because of a high fever. Thus, it is predicted that the market will expand during the forecast period as a result of the rising incidence of infectious disorders.

Another element driving the market forward is the expansion of the food business. For instance, the Food & Drink Federation U.K. estimates that the U.K. food & beverage business generated about USD 38.14 billion in 2019, which is 2.3% greater than in 2019. Similar to this, the food and beverage sector in India contributes about 3% of the GDP, according to the India Brand Equity Foundation.

Non-contact infrared thermometers are needed in the food and beverage industry to measure the temperature of manufactured goods during production and storage. These goods must be produced and kept at a specific temperature because they are temperature-sensitive.

In addition, the growth of numerous industries, including healthcare, hospitality, and food & beverages, as well as an increase in the prevalence of infectious diseases worldwide, are anticipated to boost market expansion. The COVID-19 outbreak also contributed to the market's growth; however, with the release of the COVID-19 vaccine and a drop in COVID-19 cases, the expansion is anticipated to halt.

On the other hand, the hotel industry is anticipated to have significant development throughout the projection period since the lockdown has been lifted by practically all of the countries. As a result, it is anticipated that more fixed-mount non-contact infrared thermometers will be used in hotels, dining establishments, and other hospitality-related businesses, helping to drive the market's expansion to some extent.

US Thermometer Market is poised to grow at a sustainable CAGR for the next forecast year.