Pyrometer Market to Reach $816.6 Million by 2023 and Is Growing at a CAGR of 6.8% During 2018–2023

The global pyrometer market is estimated to be valued at $542.8 million in 2017 and is forecasted to witness a CAGR of 6.8% during 2018–2023 and is expected to reach $816.6 million by 2023. One of the major growth drivers for the market is increasing automation in the industrial sector. In the industrial sector, contactless temperature monitoring devices are overshadowing traditionally used temperature measurement devices, such as thermocouples, thermometers and thermistors. Contactless temperature measuring devices can be used for objects that are physically inaccessible because of extreme conditions or limited space or are in a moving state. Due to this factor, these devices are increasingly being used in industrial automation applications.

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Based on type, the pyrometer market has been categorized into stationary and portable, of which the portable type is projected to witness higher growth during the forecast period. This can be attributed to technological advancements in portable temperature measurement devices and their increasing areas of utility. Also, due to the growing preference of industries for handy and advanced contactless temperature measuring devices, miniaturization of devices has been observed as a major trend in the pyrometer industry in recent years. On the basis of industry, the pyrometer market has been classified into metal processing, glass, ceramics, and others. Glass and metal processing are the two important end user industries for pyrometers. High growth of the market in the glass industry can be attributed to the increasing investments in this industry, especially in China and Germany. In the glass industry, pyrometers are used in a wide range of applications, such as glass production, quality assurance, research and development (R&D), and test and measurement.

Europe continues to generate the largest revenue in the pyrometer market. This is because of the increasing automation in the industrial sector and the presence of a large number of metal, glass, and ceramic producers in the region. Europe is the second-largest steel producing region in the world, due to which the demand for the temperature measuring device in the region is expected to increase manifold in the coming years. The companies operating in the region are increasingly investing in the development of these devices. The growing forging industry in developing economies can be seen as an opportunity for the players in the pyrometer market. According to a report by the Association of Indian Forging Industry (AIFI), during 2016–2018, the forging industry in India is expected to grow at over 9% CAGR. It is mainly because of the increasing number of government reforms such as “Make in India” and “Skill India” for the improvement of the manufacturing sector (which includes forging industry). Similarly, the forging industry in China is also growing at a high pace, owing to the large-scale production and import of steel by the country.

Some of the key players operating in the industry are KELLER HCW GmbH, Fluke Corporation, Optris GmbH, LumaSense Technologies Inc., B+B Thermo-Technik GmbH, Micro-Epsilon, FLIR Systems Inc., Proxitron GmbH, AOIP SAS, AMETEK Land, and Accurate Sensors Technologies Ltd.