June 16, 2024
Precision Meter Market

Precision Meter Market to witness robust growth on account of rising industrial automation

The precision meter market is a diverse industry that includes various types of meters such as flow meters, temperature meters, pressure meters and level meters used across industries for measuring critical process parameters. Precision meters are known for their high accuracy and repeatability which makes them ideal for process industries where consistent measurement is crucial. Key advantages of precision meters are their durability, wide measurement range and ability to integrate with automation systems. The growing need for measurement instrumentation in industries such as oil & gas, chemical, food & beverage, power generation and pharmaceuticals is driving the demand for precision meters worldwide.

The global precision meter market is estimated to be valued at US$ 10 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Global Precision Meter Market Demand are Sika AG, BASF SE, Abadgaran Group, Arkema SA, Mapei S.P.A., Sakshi Chem Sciences Private Ltd., and Fosroc International Limited. These players are focusing on developing innovative metering technologies and solutions to gain a competitive edge.

The industrial automation trend across process industries is a major factor contributing to the growing demand for precision meters. Precision meters help automate critical process parameters and optimize productivity. Various industries are increasingly relying on precision meter readings for real-time process monitoring and quality control.

Technological advancements such as integration of IoT capabilities and advanced flow measurement technologies are enhancing the functionality of precision meters. Smart precision meters enable remote monitoring of process data over cloud platforms for predictive maintenance and performance monitoring.

Market Trends and Opportunities

Two major market trends include growing adoption of smart precision meters and multi-parameter precision meters. Smart precision meters with integration of IoT, wireless connectivity and cloud computing are gaining traction. They facilitate remote monitoring and predictive analytics. Multi-parameter precision meters that can measure parameters like flow, pressure and temperature from a single device are gaining popularity to reduce instrumentation costs.

Key opportunities in the market include expanding into emerging economies and focus on the food & beverage and pharmaceutical industries. Emerging economies in Asia Pacific and Latin America are witnessing rapid industrialization which is expected to drive the demand for precision process measurement. The stringent quality regulations in food & pharma industries also present lucrative growth prospects.

Impact of COVID-19 on Precision Meter Market Growth

The COVID-19 pandemic has severely impacted the growth of the precision meter market. During the initial lockdown phases in 2020, the production and supply chain activities were disrupted globally. This led to a considerable decline in the demand for precision meters from end-use industries such as construction, automotive, and manufacturing. The shutdown of various manufacturing facilities and projects hampered the market growth. However, with the gradual reopening of economies and industries post lockdowns, the market has started rebounding. The infrastructure and construction activities are recovering in 2021, thereby positively impacting the precision meter consumption.

To cope with the pandemic challenges, market players have adopted strategic initiatives like new product launches, partnerships, and digital transformation of sales and distribution channels. This is aiding them to gain momentum and meet the increasing requirements. Going forward, rising government spending on infrastructure development is expected to drive the adoption of precision metering solutions. Furthermore, accelerating industrial automation trend will augment the demand. Nonetheless, volatility in raw material prices and supply chain issues remain major restraining factors.

Europe accounts for the largest share in the precision meter market, both in terms of value and volume. Majority of key participants are present in this region. Additionally, the rising construction activities are boosting meter usage. Asia Pacific exhibits the fastest growth on account of rapid industrialization and infrastructure building projects underway in China, India, and Southeast Asian nations. North America also holds significant market share owing to strong presence of meter manufacturers and end-use industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it