Increasing demand from automotive HUDs to bolster the market growth

The global outdoor thermometer market worldwide is expected to grow with a CAGR of 5.4% during the forecast period from 2023 to 2030. An outdoor thermometer provides outdoor temperature measurement. Usually used outside the house, these outdoor thermometers are also used in some installations such as heat & power plants, heat pumps, ventilation heating and air conditioning as well as cooling technology.

Due to the presence of remote sensors, the market for outdoor thermometers will see significant growth. The outdoor thermometer's preliminary purpose is to measure the building temperature during the construction process. Engineers use outdoor thermometers to maintain a building in order to get the inside building's fast air temperature. Usually this is done by swaying the bulb in air and attaching it to an instrument to get a quicker reading as the bulb detects the temperature faster than a sensor built into the instrument.

Digital segment to witness the fastest growth over the projected timeframe

The rising demand for highly efficient digital thermometers is majorly driving the global outdoor thermometers market. Digital thermometers are currently in trend owing to ease of use, high accuracy as well as easy availability. Most of the players are now focusing on developing newer, improved and more accurate digital thermometers to cater to the emerging demand. Analog thermometers, however, dominated the market in 2020 owing to less penetration of digital thermometers. Various organizations are currently using the substantial analog thermometers, although, they are looking to upgrade which is making the digital thermometer segment to be the fastest growing.

Asia Pacific to Register the Fastest Growth

The global outdoor thermometer industry is divided into North America, Europe, Asia Pacific and Rest of the World on a regional basis. The industry is characterized by an increase in the adoption in these regions of different types of temperature monitoring devices for various applications.

Due to the presence of a large number of research and academic institutions using thermometers for laboratory and industrial purposes, the market is dominated by North America. In addition, the increasing use of non-perishable food products in the food industry is expected to help maintain dominance.

Some of the prominent players operating in the outdoor thermometer market include Opto Circuits Limited; A&D Medical; Microlife Corporation; Exergen Corporation; Radiant Innovation Inc.; Omron Healthcare, Inc.; Terumo Corporation; Geratherm Medical AG; Welch Allyn and Citizen Systems among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Outdoor Thermometer market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Outdoor Thermometer market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Outdoor Thermometer market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Outdoor Thermometer market?
• Which is the largest regional market for Outdoor Thermometer market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Outdoor Thermometer market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Outdoor Thermometer market worldwide?