The Precision Meter Market is estimated to be valued at US$ 8.68 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision meter refers to an instrument which can measure an electrical or non-electrical quantity with a high degree of accuracy. These meters are used to measure various parameters such as voltage, current, resistance, inductance, capacitance, temperature, pressure etc. Key applications of precision meters include their use in telecommunication, industrial automation, test & measurement, defense and aerospace sectors.
Market Dynamics:
The precision meter market is expected to grow at a significant rate owing to rising adoption from the telecommunication sector. With the rising demand for 5G infrastructure and increasing digitization across the world, the demand for precision instruments to monitor the telecom network performance is growing rapidly. This is positively impacting the precision meter market growth. Another major factor stimulating the market growth is increasing adoption of precision meters in the industrial automation sector. Many industries are automating their manufacturing processes which requires installation of precision meters to closely monitor critical process parameters. This ensures minimized downtime and optimized productivity of industrial assets.
SWOT Analysis
Strength: The precision meter provides high accuracy and precision measurement. It offers rich features such as data logging and memory storage. Most precision meters are compact in size and portable which increases their adoption. Advance technology used in precision meters improves measurement capabilities.
Weakness: Precision meters are expensive compared to conventional meters which increases the initial investment cost. Training is required to operate advanced precision meters which adds to the cost. Regular calibration is essential for precision meters to maintain accuracy over time.
Opportunity: Growing demand for testing and measurement across industries such as manufacturing, telecommunication, electronics is creating growth opportunity. Adoption of precision meters is increasing in quality control inspection and R&D applications. Rise of Industry 4.0 and IoT is augmenting the use of precision meters for monitoring and analytics.
Threats: Uncertainty in global economic conditions poses threat to capital expenditure on testing equipment. Availability of inexpensive substitutes can impact the sales of high-end precision meters. Trade restriction and geopolitics poses challenges.
Key Takeaways
The Global Precision Meter Market Size is expected to witness high growth, exhibiting CAGR of 6.0% over the forecast period, due to increasing demand for quality control and product reliability from manufacturing industries. Growth in semiconductor, automotive and electronic industries are driving the adoption of precision testing instruments including meters.
Regional analysis
Asia Pacific dominates the precision meter market attributed to strong presence of manufacturing industries in China, Japan, South Korea and automation adoption. Growing electronics and semiconductor sectors in the region accelerates the demand. North America and Europe are other major markets for precision meters due to emphasis on quality standards in developed markets of US, Germany, UK.
Key players
Key players operating in the Precision Meter Market are Keysight Technologies, Fluke Corporation (Fortive Corporation),Rohde & Schwarz, Yokogawa Electric Corporation, Agilent Technologies, Anritsu Corporation,Tektronix (Fortive Corporation),EXFO Inc., B&K Precision Corporation, Hioki E.E. Corporation,Chauvin Arnoux Group, AMETEK, Inc., National Instruments Corporation, Gossen Metrawatt, Keithley Instruments (Tektronix).
