Continuous Thermal Monitoring Market

Continuous Thermal Monitoring Market Size

The global continuous thermal monitoring market size was valued at USD 1.12 billion in 2024. The market is expected to grow from USD 1.15 billion in 2025 to USD 1.51 billion in 2034, at a CAGR of 3%, according to Global Market Insights Inc.

• One of the primary drivers of this market is the growing emphasis on predictive maintenance. Industries such as manufacturing, energy, and data centers are increasingly relying on CTM systems to detect anomalies before they lead to costly failures. Additionally, regulatory compliance and safety standards are pushing companies to adopt continuous monitoring solutions. Real-time thermal data helps organizations meet safety norms, reduce fire risks, and maintain consistent operational performance.
  
• The integration of IoT, AI, and edge computing has significantly enhanced the capabilities of CTM systems. These technologies allow for smarter, more accurate monitoring, with AI algorithms capable of identifying patterns and predicting failures. Edge computing enables faster data processing at the source, reducing latency and improving response times. These innovations are making CTM systems more attractive and accessible, especially in high-risk or remote environments.
  
• A major factor fueling this growth is the rising demand for predictive maintenance. CTM systems help detect overheating or abnormal thermal patterns in equipment, allowing for early intervention and reduced downtime. Industries such as manufacturing, energy, and data centers are adopting these systems to enhance safety and reliability. In fact, over 60% of industrial facilities are now integrating thermal monitoring into their maintenance strategies to comply with safety regulations and avoid costly breakdowns.
  
• The growth of continuous thermal monitoring is significantly influenced by government regulations, particularly from the U.S. Environmental Protection Agency (EPA). Under Title 40 of the Code of Federal Regulations (CFR), industries operating thermal process equipment—such as incinerators, kilns, and dryers—are required to install continuous temperature monitoring systems. These systems must meet strict accuracy standards (±1.7°C or ±3°F) and operate continuously to ensure compliance with air quality and safety standards. This regulatory framework has led to widespread adoption of CTM systems in sectors like cement, power generation, and waste management.
  
• To ensure reliability, the EPA has issued detailed performance specifications and quality assurance procedures for thermal and emissions monitoring systems. For example, performance specification 16 outlines the criteria for Predictive Emissions Monitoring Systems (PEMS), which often rely on thermal data. These standards require regular calibration, drift checks, and data validation, reinforcing the need for robust and accurate CTM infrastructure. This has driven industries to invest in high-quality monitoring systems that meet federal compliance benchmarks.
  
  

Continuous Thermal Monitoring Market Trends

• According to the International Renewable Energy Agency (IRENA), global photovoltaic (PV) capacity reached 1,865GW by the end of 2024, making up 42% of the total renewable power capacity (4,448GW). The IEA PVPS reports a 29% year-on-year increase, with 553-601GW installed in 2024, pushing cumulative capacity to approximately 2,260GW.
  
• This massive scale-up, predominantly in utility-scale and distributed solar, intensifies the need for continuous thermal monitoring not only to oversee solar module temperatures and inverter performance but also to ensure the safe management of thermal energy storage systems (e.g., molten salt in CSP plants).
  
• Wind energy also experienced significant growth in 2024. As per the REN21 and Global Wind Energy Council data, net wind additions total approx. 121GW, bringing global capacity to around 1,133GW. Offshore and onshore turbines face thermal stress in gearboxes, bearings, and power electronics vulnerabilities that CTM systems help identify early. With wind's expansion into harsher offshore environments, deploying fiber-optic or infrared thermal sensors becomes critical for preventing failures and optimizing maintenance.
  
• The CTM landscape is evolving rapidly with the integration of IoT-enabled sensors and connected devices. Companies are now deploying thermal sensors that feed continuous data through secure networks to centralized dashboards, enabling real-time monitoring of assets like transformers, switchgear, and bus ducts. This networked infrastructure supports remote accessibility, predictive alerts, and scalable deployment fueling broader CTM adoption across industries such as data centers and power utilities.
  
• Additionally, recent advancements in machine learning are transforming CTM from passive alerts to predictive health systems. AI algorithms analyze thermal patterns to forecast potential failures before they occur. This mirrors the shift seen in emissions where Predictive Emission Monitoring Systems (PEMS) using LSTM or TCN models have reduced operational costs by up to 90% and halved hardware reliance.
  
• On the hardware front, CTM systems are benefiting from advanced sensor technologies originally used in emissions monitoring. For instance, quantum cascade laser (QCL) analyzers, capable of measuring multiple gas components with rapid response times, are influencing the design of thermal monitoring devices. Coupled with miniaturized, rugged IR cameras and fiber-optic probes, these systems now offer higher sensitivity and reliability, ideal for thermal gradients in harsh environments like power plants and oil & gas facilities.
  
• One prominent trend is the diversification of storage technologies. Traditionally dominated by pumped hydro and thermal storage, the market now sees significant growth in battery technologies like flow batteries such as vanadium and zinc-based systems that offer scalability, durability, and cost-effectiveness for multi-day storage. Additionally, emerging technologies like liquid air energy storage (LAES), cryogenic storage, and compressed air energy storage (CAES) are gaining momentum due to their ability to store large amounts of energy.
  
• Edge computing is becoming a critical enabler for CTM, allowing real-time data processing at the source, reducing latency, and enhancing alert responsiveness. Additionally, there’s increasing demand for CTM in environmental compliance contexts, such as monitoring thermal emissions and facility temperature profiles to support green building standards and carbon reduction targets. Governments and regulatory bodies are also encouraging the deployment of CTM as part of sustainable infrastructure, giving it a dual role in reliability and environmental stewardship.
  

Continuous Thermal Monitoring Market Analysis

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• The continuous thermal monitoring industry was valued at USD 1.06 billion, USD 1.09 billion and USD 1.12 billion in 2022, 2023 and 2024 respectively. Technological advancements have played a crucial role, with improvements in sensor accuracy, miniaturization, and wireless connectivity making thermal monitoring devices more accessible, reliable, and user-friendly. These innovations have expanded their applications across healthcare, wellness, and industrial sectors, fueling market expansion.
  
• The hardware segment is anticipated to cross USD 760 million by 2034 since hardware components such as thermal sensors, wearable devices, and monitoring equipment are essential for real-time data collection, making them indispensable for continuous monitoring applications in healthcare, industrial, and security sectors. The segment holds the highest market share in the continuous thermal monitoring market due to its fundamental role in capturing and detecting temperature changes accurately and reliably.
  
• In sectors like power generation and manufacturing, government regulations such as those from the U.S. Environmental Protection Agency (EPA) under 40 CFR Part 60 mandate the use of continuous temperature monitoring devices for emissions control and safety. Without reliable hardware, accurate and compliant thermal monitoring would not be possible.
  
• While hardware collects data, software interprets it since CTM software platforms process thermal data, visualize trends, and trigger alerts when anomalies are detected. Increasingly, these platforms integrate artificial intelligence (AI) and machine learning (ML) to enable predictive maintenance. For example, AI can detect subtle thermal deviations that precede equipment failure.
• Government-funded research, such as that by the U.S. Department of Energy (DOE), supports the development of advanced analytics for monitoring high-temperature systems like molten salt storage in solar thermal plants. Software is thus essential for transforming raw thermal data into decisions that improve safety, efficiency, and compliance.
  
• In 2025, the DOE’s Solar Energy Technologies Office awarded USD 2.5 million to Sandia National Laboratories to recommit the Molten Salt Test Loop (MSTL) at the National Solar Thermal Test Facility. This facility will enable industrial-scale validation of molten salt components, such as heat exchangers and pumps, under continuous high-temperature conditions for CTM development
  
• Services in the CTM market include installation, calibration, maintenance, and compliance reporting. These services ensure that both hardware and software function optimally over time. For instance, EPA guidelines require annual calibration and performance verification of thermal monitoring systems to maintain regulatory compliance.
  
• Service providers also help industries adapt to evolving standards and integrate CTM into broader asset management systems. In high-risk environments like oil refineries or nuclear plants, professional services are critical for ensuring that monitoring systems meet safety and operational standards.
  

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• Based on application, the bus duct monitors segment is expected to grow at a 2.5% CAGR through 2034. Bus ducts (or busways) are essential components in electrical distribution systems, especially in large-scale industrial, commercial, and utility environments. They carry high-voltage current between switchgear, transformers, and distribution panels.
  
• Because they handle large electrical loads, any overheating or insulation failure can lead to catastrophic faults, fires, or prolonged outages. Continuous thermal monitoring of bus ducts helps detect abnormal temperature rises at joints, connections, or conductors, making it a vital preventive tool in modern power systems.
  
• Many industrial facilities and substations operate with aging electrical infrastructure. According to the U.S. Department of Energy, over 70% of transformers and switchgear in the U.S. grid are more than 25 years old, increasing the risk of thermal stress and failure. Thermal monitoring systems can detect early signs of degradation, such as loose connections or insulation breakdown, which are leading causes of electrical fires. This growing awareness is driving demand for dedicated bus duct monitoring solutions.
  
• Government regulations and safety codes are increasingly emphasizing the need for continuous monitoring of high-voltage components. For example, the National Fire Protection Association (NFPA) 70B recommends thermal imaging and continuous monitoring for critical electrical assets, including bus ducts, to prevent arc flash incidents and ensure workplace safety. Compliance with such standards is pushing industries to adopt CTM systems specifically designed for bus duct applications, especially in mission-critical environments like data centers, hospitals, and manufacturing plants.
  

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• The U.S. continuous thermal monitoring market in 2022, 2023 and 2024 was valued at USD 243.95 million, USD 251.28 million and USD 258.84 million respectively. Technological innovations have significantly enhanced the accuracy, affordability, and usability of thermal monitoring devices. Improvements in sensor technology, miniaturization, and wireless connectivity have made continuous thermal monitoring more viable for both clinical and at-home settings.
  
• China’s energy landscape is undergoing a rapid clean-energy transformation. According to the National Energy Administration (NEA), in 2024, China added 373GW of new renewable capacity 86% of the total power capacity added including 278GW of solar and 79.82GW of wind.
  
• With renewables now constituting 56% of total installed capacity (reaching 1.889TW), thermal anomalies in PV inverters, CSP plants, and wind turbine components represent growing risks. Continuous thermal monitoring is crucial in this context to detect and mitigate hotspots, ensuring safe and efficient operation across China's expansive renewable fleet.
  
• In 2024, China’s total installed power capacity climbed to 3,349GW, with zero-emissions sources exceeding 1,693GW, and an 83% increase in added wind and solar capacity totaling 356.5GW underlining the scale of grid expansion. As grid modernization continues, CTM into substations, switchgear assemblies, and bus ducts helps detect thermal inefficiencies at scale. This reduces grid disturbances and improves reliability by allowing utility operators to proactively address potential overloads.
  
• The EU is investing heavily in grid infrastructure, with annual spending on distribution and transmission projected to exceed USD 70billion by 2025, doubling a decade prior. This surge includes upgrades to digital substations and smart grids, which integrate critical electrical assets like switchgear, transformers, and bus ducts. CTM systems complement this infrastructure shift by detecting early-stage overheating in grid components, helping maintain stability and reduce unplanned outages as systems become more complex and interconnected.
  
• The MEA region's electricity demand tripled between 2000 and 2023 and is projected to grow another 50% by 2035, driven by extreme heat, desalination needs, and urbanization. This growth places added thermal stress on power generation and electrical infrastructure. Substations, transformers, and switchgear must handle higher loads, increasing the likelihood of hotspots and failures. Hence, CTM systems play a crucial role in monitoring temperature trends and ensuring grid resilience under peak-demand conditions.
  

Continuous Thermal Monitoring Market Share

Top 5 companies including Siemens, Schneider Electric, ABB, Honeywell International, Inc., and GE Vernova hold more than 30% of the market around the world. The major companies consistently work on new products and solutions which makes them a crucial part of the industry globally. These companies place a high focus on investment, especially on research and development. Besides, these companies apply different methods of market development in order to obtain considerable shares in the industry.

Continuous Thermal Monitoring Market Companies

• ABB: ABB offers advanced thermal monitoring solutions that enhance transformer reliability and safety. Using real-time temperature data and predictive analytics, ABB systems help detect overheating risks early, optimize maintenance schedules, and extend asset life. These solutions integrate seamlessly with digital platforms for efficient asset management and operational transparency.
  
• Siemens: Siemens provides intelligent thermal monitoring systems designed to ensure optimal transformer performance. Leveraging IoT sensors and cloud-based analytics, Siemens solutions deliver continuous temperature insights, enabling proactive maintenance and reducing downtime. Their scalable platforms support grid modernization efforts and align with sustainability and reliability goals across industrial and utility sectors.
  

Major players operating in the continuous thermal monitoring market are:

• ABB
• Advanced Energy
• Calex Electronics Limited
• Drägerwerk AG & Co. KGaA
• Doble Engineering Company
• Dynamic Ratings
• Ellab A/S
• Exertherm
• GE Vernova
• Honeywell International, Inc.
• Microchip Technologies
• OMRON Corporation
• Optris
• Powell Industries
• Schneider Electric
• Siemens
• Teledyne FLIR LLC
• Vaisala
• Vertiv Group Corp.
• WIKA Alexander Wiegand SE & Co. KG
  

Continuous Thermal Monitoring Market News

• In June 2024, ABB launched an enhanced version of its NINVA TSP341-N non-invasive temperature sensor, delivering safer and simpler temperature measurements for applications in the chemical, oil and gas industries. The new NINVA is the first SIL2-certified non-invasive temperature transmitter, making it the safest non-invasive temperature measurement sensor on the market.
  
• In June 2024, Schneider Electric announced the availability of its EcoStruxure Transformer Expert service for businesses across the UK and Ireland. This subscription-based solution is designed to help organizations extend the lifespan of oil-filled transformers while ensuring compliance with regulatory standards. EcoStruxure Transformer Expert combines IoT-enabled sensors with advanced software analytics to monitor transformer health in real time. The cloud-based platform delivers actionable insights into asset aging and risk levels, supported by expert consultation and advice.
  

This continuous thermal monitoring market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, for the following segments:

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Market, By Offering

• Hardware
• Software
• Services

Market, By Application

• Bus duct monitors
• Switchgear monitoring
• Motor control centers
• Dry transformers
• Low voltage transformers
• Others

Market, By End Use

• Data Centers
• Oil & Gas
• Logistics
• Utilities
• Manufacturing
• Healthcare
• Retail
• Telecommunications
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Russia
  • Spain
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Turkey
  • South Africa
  • Egypt
• Latin America
  • Brazil
  • Argentina