Pune, India, July 28, 2022 (GLOBE NEWSWIRE) -- The handheld pyrometer market size was valued at USD 130.6 million in 2021. The market is anticipated to surge from USD 135.4 million in 2022 to USD 202.8 million by 2029 at a 5.9% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Handheld Pyrometer Market, 2022-2029.”
According to the analysis, infrared thermometers have become trendier for measuring the temperature of the surface of an opaque object. Handheld pyrometer has become sought-after across the glass, metal processing, and ceramics industries. Prominently, the equipment has received a notable uptick across industrial applications such as iron, steel, chemical petrochemical furnaces, processing operations, and semiconductors.
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Major Players Profiled in the Report:
- AMETEK Land (U.K.)
- Advanced Energy Industries Inc. (U.S.)
- Proxitron GmbH (Germany)
- Fluke Process Instruments (U.S.)
- PCE Instruments (Germany)
- Optris GmbH (Germany)
- AOIP (France)
- Optron GmbH (Germany)
- CHINO Corporation (Japan)
- Calex Electronics Limited (U.K.)
- Micro-Epsilon Measurement Technology (Germany)
- Omega Engineering Inc. (U.S.)
COVID-19 Impact
Manufacturing Disruptions Impeded Growth Prospect
The onslaught of the COVID-19 pandemic did not augur well for the industrial and commercial sectors as they observed considerable disruptions. Leading companies observed a plunge in growth across emerging and advanced economies. The COVID-19 outbreak had a major influence on manufacturing operations, hampering the research and development and supply chain activities. Meanwhile, the next few years will potentially witness profound investments in technological advancements.
Segments
Infrared Pyrometer to Gain Traction with Rising Footfall of Glass Temperature Measurement
On the basis of type, the market is segregated into optical and infrared. The infrared segment will account for a notable share of the global market due to surging demand for glass temperature measurement.
Metal Processing to Remain Dominant Due to Surging Demand from Automotive and Construction Sectors
With respect to application, the market is segregated into ceramics, glass, metal processing, and others. The metal processing segment could observe a significant CAGR during the forecast period, largely due to heightened demand from the automotive and construction sectors. Pyrometer equipment will gain further traction with rising demand for autonomous and strong temperature measuring capabilities.
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Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porter’s Five Force Analysis and SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Drivers and Restraints
Strong Demand from Glass Industry to Trigger Investments
The handheld pyrometer market growth will witness a notable gain on the back of surging demand for fiberglass, float glass, and technical glass. Leading players will boost investments in portable pyrometers to monitor the temperature. Industry participants will potentially expand their footfall across North America, Europe, and Asia Pacific. For instance, Italy has become a favorable investment hub for glass manufacturers. Governments have implemented robust policies. Prominently, the expanding penetration of Industry 4.0 in the manufacturing sector will bode well for major companies gearing to expand their footprint. Stakeholders expect handheld pyrometer to be highly sought-after to simplify processes and bolster efficiency.
However, high manufacturing costs and lack of raw materials could impede the industry growth over the next few years.
Handheld Pyrometer Market: Report Scope & Segmentation:
| Report Attribute | Details |
| Market size value in 2022 | USD 135.4 Million |
| Revenue forecast in 2029 | USD 202.8 Million |
| Growth Rate | CAGR of almost 5.9 % 2022-2029 |
| Base Year | 2021 |
| Historic Years | 2018 – 2020 |
| Forecast Years | 2022- 2029 |
| Segments Covered | By Equipment Type, By Industry, By Region |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2019 to 2026 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Number of Companies Covered | AMETEK Land (U.K.), Advanced Energy Industries Inc. (U.S.), Proxitron GmbH (Germany), Fluke Process Instruments (U.S.), PCE Instruments (Germany), Optris GmbH (Germany), AOIP (France), Optron GmbH (Germany), CHINO Corporation (Japan), Calex Electronics Limited (U.K.), Micro-Epsilon Measurement Technology (Germany), Omega Engineering Inc. (U.S.) |
| Handheld Pyrometer Market Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Regional Insights
North America to Witness Investment Galore in Metal Processing
Stakeholders envisage North America to provide lucrative opportunities as companies spurred their strategies to overcome the COVID-19 challenges. Well-established and emerging players have infused funds into ceramics and metal processing to expand footfall across the U.S. and Canada. Bullish investments in aerospace & defense and automotive sectors will remain pivotal in driving the regional growth.
The Asia Pacific handheld pyrometer market share will observe a significant growth on the heels of bullish demand for steel across Australia, India, Japan, and China. Besides, ceramic products and glassware have become trendier across emerging economies. An uptick in steel production and glass manufacturing will reshape the industry dynamics in the ensuing period.
The Europe market outlook will be robust in the wake of strong investments in food & beverage, automotive, and building industries. Major players will continue to infuse funds into glass, ceramics, and metal processing to boost penetration across the U.K., France, Germany, and Italy. Besides, the rising footprint of gas turbine engines will encourage leading companies to inject funds into the landscape.
Competitive Landscape
Major Players Prioritize Mergers & Acquisitions to Boost Footprint
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, major companies could invest in innovations and product offerings in the ensuing period.
Key Industry Development
- January 2021 - Advanced Energy announced the acquisition of Versatile Power Inc. and has reportedly added RF and programmable power supplies to boost its presence in medical and industrial applications.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Handheld Pyrometer Key Players Market Share Insights and Analysis, 2021
- Global Handheld Pyrometer Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Type (USD Mn)
- Infrared
- Optical
- By Application (USD Mn)
- Glass
- Ceramics
- Metal Processing
- Others
- By Region (USD Mn)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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- North America Handheld Pyrometer Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
-
- Key Findings
- By Type (USD Mn)
- Infrared
- Optical
- By Application (USD Mn)
- Glass
- Ceramics
- Metal Processing
- Others
- By Country (USD Mn)
- U.S.
- By Application
- Glass
- Ceramics
- Metal Processing
- Others
- By Application
- Canada
- By Application
- Glass
- Ceramics
- Metal Processing
- Others
- By Application
- U.S.
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