Global Multichannel Data Logger Market 2023-2030

Global Multichannel Data Logger Market 2023-2030

Global Multichannel Data Logger Market Size, Share & Trends Analysis Report by Type (Wired, and Wireless), and by Industry (Transportation, Environmental Monitoring, Aviation and Defense, Manufacturing, Healthcare, Food Processing, Agriculture, and Other Industries), Forecast Period (2023-2030)

Global multichannel data logger market is anticipated to grow at a CAGR of 5.3% during the forecast period (2023-2030). The demand for multichannel data loggers is growing due to factors such as increasing demand for data collection and analysis, growing adoption of the Internet of Things (IoT), and growing application industries such as aviation. Further, increasing technological advancements and growing research on multichannel data logger is also fueling the growth of the market.For instance, in November 2020 research by the Department of Mechanical Engineering, University of Nigeria researchers developed a twenty-two-point multichannel temperature data logger specially customized and coupled to a 160Wpeak Hybrid Photovoltaic/Thermal (PV/T) flat plate solar air heater.

Segmental Outlook

The global multichannel data logger market is segmented on the product type, industry, and region. Based on type, the market is sub-segmented into wired multichannel data logger, and wireless multichannel data logger. Based on industry, the market is sub-segmented into transportation, environmental monitoring, aviation and defense, manufacturing, healthcare, food processing, agriculture, and other industries.

Healthcare to Witness Considerable Market Share in Multichannel Data Logger Market

In the healthcare industry, the multichannel data logger market is used for monitoring patient data, environmental monitoring of healthcare facilities, and monitoring the performance of medical equipment. Data loggers are used widely in pharmaceutical manufacturing due to stringent regulations and the necessity to maintain product quality, safety, and compliance. In pharmaceuticals, data loggers are widely used in real-time monitoring of temperature, humidity monitoring, and storage stability studies. Also, data loggers generate detailed reports and documentation which are essential for audits and inspections by regulatory authorities and also maintain data integrity.

Global healthcare and pharmaceutical expenditure is growing owing to factors such as the growing aging population, rising prevalence of chronic diseases, increasing government investment, and growing global disposable income among others. According to the 2022, report of global expenditure on healthcare in 2020, global spending on health reached $9 trillion, or 10.8% of the global gross domestic product (GDP). Across countries, health spending in 2020 rose in per capita terms and as a share of GDP across all income groups. Apart from this, increasing investments in pharmaceutical sectors across regions are also driving the growth of the healthcare sector. For instance, according to the 2022 report of the European Federation of Pharmaceuticals Industries and Associations, total pharmaceutical R&D investments grew from $42.2 billion to $44.2 billion. With the growing global healthcare and pharmaceutical sectors, the demand for multichannel data loggers is also growing in this industry.

Regional Outlook

The global multichannel data logger market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to factors such as the growing regional logistics and transportation sector, and growing fast-moving consumer goods market among others.

The Asia-Pacific Region is Expected to Grow Significantly in the Global Multichannel Data Logger Market.

The demand for multichannel data loggers in the pharmaceutical and defense industry is expected to grow significantly in the Asia-Pacific region. Apart from the growing regional economy, the Asia Pacific region holds a significant presence in global pharmaceutical manufacturing and is expected to grow in coming years mainly due to growing population, consumer demand, and regional government initiatives. For instance, in India, Foreign direct investment (FDI) is allowed up to 100% through an automatic route for new pharmaceutical projects (greenfield). For existing pharmaceutical projects (brownfield), FDI is allowed up to 74% through an automatic route and above that through government approval. Apart from this, the major economies in the region are promoting domestic defense manufacturing by introducing multiple incentives and policies and are also witnessing significant investments. For instance, as per the Union Budget 2022-23 of India, 25% of the defense R&D budget has been earmarked for private industry and start-ups which will pave the way for the innovation of new defense technologies in India.

Market Players Outlook

The major companies serving the multichannel data logger market include Hioki E.E. Corp., Omron Corp., FLUKE Corp., Grant Instruments, NOVUS Automation Inc., and Onset Computer Corporation, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, and expanding product portfolios to multiple sectors. For instance, in January 2020, Onset, a manufacturer of field-proven data loggers, announced the release of two new HOBO MX Multi-Channel data loggers: the HOBO Analog/Temperature/Relative Humidity (RH)/Light data logger and the HOBO 4-Channel Analog data logger.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global multichannel data logger market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.