July 14, 2024

Rapid Digitalization And Automation Of Industries To Boost The Growth Of Precision Meter Market

The Global Precision Meter Market is estimated to be valued at US$ 8.68 Billion in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Precision meters are used to measure electrical quantities such as voltage, current, resistance, frequency, power, and temperature with high accuracy. They are essential for various industries including semiconductor, automotive, aerospace & defense, electronics, healthcare, energy & utilities, and manufacturing. Precision meters help in development, testing, and maintenance of electronic equipment and provide accurate measurements that helps ensure product quality, efficiency, and safety. They find wide usage in research laboratories, production lines, and maintenance applications.

Market key trends:
One of the key trends in the precision meter market is the rapid digitalization and automation of industries. Industries across the world are increasingly adopting Industry 4.0 technologies such as Internet of Things, big data analytics, digital twin, additive manufacturing etc. to improve production efficiency and enhance product quality. This is driving the demand for precision measurement tools and equipment including precision meters. Furthermore, increasing complexity of electronic devices is propelling the need for advanced testing and measurement equipment with enhanced accuracy and wider measurement ranges. Introduction of innovative multi-parameter handheld meters with touchscreens, data logging capabilities and wireless connectivity is also boosting the precision meter market growth.

Porter’s Analysis
Threat of new entrants:
Precision meter is a matured and competitive market dominated by major players. The threat of new entrants is low due to high R&D costs and established distribution channels of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of identical products from different manufacturers. Buyers can negotiate for better prices and demands.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many component suppliers and the switching cost is also low.
Threat of new substitutes: Existing substitute products like oscilloscopes provide low threat due to preference for precision meters’ accuracy and functionality.
Competitive rivalry: The market is dominated by major global players and competition is intense.

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 precise measurements in industries like electronics, healthcare, and telecom.

Regional analysis: North America dominates the precision meter market followed by Asia Pacific and Europe. Rapid industrialization in developing countries of Asia Pacific offers lucrative opportunities. China dominates the Asia Pacific market.

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). Key players focus on new product launches and partnerships for business expansion to gain a competitive edge in the market.

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