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Digital Safety Meter Is Fastest Growing Segment Fueling The Growth Of Precision Meter Market

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samruddhicmi123
Digital Safety Meter Is Fastest Growing Segment Fueling The Growth Of Precision Meter Market

The Global 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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Precision meters are electronic test instruments used to measure voltage, current and resistance with high accuracy. They are commonly used in electronics, manufacturing and electrical industries to ensure adherence to specifications. The accurate measurements help in troubleshooting and calibrating equipment.

Market key trends:

One of the key trends in the precision meter market is the adoption of digital safety meters. Traditional analog meters are being replaced with digital safety meters owing to their various advantages such as high accuracy, memory storage capability, auto-ranging features and safety approvals. The digital safety meters comply with international approvals such as UL, CSA, VDE etc. and provide protection against electrical shocks with features like low electrocution risk, protected digital modes and compact ergonomic designs. The accuracy and safety aspect is fueling replacement demand of analog meters with digital safety meters across industries.

Segment Analysis

The global precision meter market is dominated by digital precision meter segment owing to their high accuracy, resolution, and precision. Digital precision meters provide increased flexibility and ease of use compared to analog precision meters. They can store more measurement parameters and come with calibration certificates. The digital segment is expected to continue dominating during the forecast period.

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 measuring instruments with high accuracy in various end-use industries such as electronics, automotive, healthcare, and aerospace and defense.

Regional analysis

Asia Pacific region dominated the global precision meter market in 2023 with a share of over 35%, owing to strong presence of electronics and semiconductor manufacturing industries in China, India, Japan and other South Asian countries. Europe and North America are other major markets for precision meter due to growing emphasis on quality control and quality assurance across various industrial sectors in these regions.

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, and Keithley Instruments (Tektronix). Keysight Technologies and Fluke Corporation cumulatively hold over 30% of the global market share.


Read More - https://www.marketwebjournal.com/rapid-digitalization-and-automation-of-industries-to-boost-the-growth-of-precision-meter-market/


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