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 to 2030, as highlighted in a new report published by Coherent Market Insights.
The Precision Meter Market is estimated to witness high growth owing to increasing adoption of precision measuring equipment across industries. Precision meters are used for measuring voltage, current, resistance and other electrical parameters with high accuracy. They find applications in R&D, manufacturing, process control, service, and calibration.
Precision meters are devices used to measure voltage, current, resistance, and other electrical parameters with high precision and accuracy. They offer sub-parts-per-million (ppm) or sub-pico-ampere precision level. Precision meters find widespread applications in the manufacturing sector, electronics and semiconductor industry, R&D laboratories, process industries, telecommunications, and service and calibration applications. The key advantages of precision meters include high resolution, precision, accuracy, stability, and ease-of-use.
Market key trends:
Increasing demand for electric vehicles: Precision meters play a crucial role in testing batteries and battery management systems for electric vehicles. With the rising sales of EVs globally, demand for precision testing equipment is surging from automotive OEMs and battery manufacturers.
Miniaturization of precision meters: Manufacturers are developing precision meters and multimeters in compact form factors to meet the demand from portable device manufacturers. The integration of touchscreens and wireless connectivity is further enhancing the portability of precision meters.
Rising focus on calibration: Strict regulations regarding calibration of electrical equipment across industries is propelling the demand for precision calibration meters and systems. This is driving innovations towards traceable and easy-to-use precision calibration tools.
Threat of new entrants: The precision meter market requires huge investments in R&D, which acts as a barrier for new players. Bargaining power of buyers: Buyers have low bargaining power due to lack of product substitutes and differentiated product offerings by precision meter manufacturers.
Bargaining power of suppliers: Precision meter manufacturers source raw materials like electronic components from global suppliers. This gives suppliers moderate bargaining power.
Threat of new substitutes: There exists moderate threat from new substitutes like digital multimeters and data loggers. However, precision meters offer unmatched accuracy.
Competitive rivalry: The precision meter market is highly fragmented with the presence of global as well as regional players. Intense competition exists based on product innovation andpricing.
Strengths: Precision meter manufacturers invest heavily in R&D to develop innovative products with cutting-edge technologies. This helps them gain first-mover advantage.
Weaknesses: High dependence on a limited customer base and global shortage of electronic components can restrictrevenue growth. Significant capital is required to install large-scale manufacturing facilities.
Opportunities: Growing demand for testing solutions from healthcare, automotive, semiconductor sectors offers lucrative opportunities. Innovation in IoT-enabled precision meters will further drive the market.
Threats: Economic slowdowns impact related industries and reduce demand. Currency fluctuations affect export-focused players. Trade wars and policy changes pose regulatory threats.
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 from diverse end-use industries for testing equipment with high measurement accuracy.
Regionally, Asia Pacific dominates the global precision meter market and is expected to maintain its lead position over 2023-2030. This is attributed to growing manufacturing activity and government investments in countries like China, India, Japan and South Korea.
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). These players are focused on new product launches and strategic collaborations to strengthen their market position.