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.
The global High Precision Liquid Density Meter Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the high precision liquid density meter market include Anton Paar, KEM, Emerson, Mettler Toledo, Thermo Scientific, Alfa Mirage, Kruess, Bopp & Reuther, ISSYS, Rudolph, Daho Meter, Quarrz, Kebeida.
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Players within the market are developing new technologies for a broad range of sectors to achieve the most accurate results, automate analysis, and simplify daily work.
Influenced by digitalization, recently, a one-click digital highly accurate and precise densimeter was launched.
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