by The global precision meter market offers a wide range of precision measuring gauges and instruments that are designed to deliver highly accurate measurements for industrial quality control and production processes. Precision meters are used across automated industrial machineries and production lines to closely monitor critical parameters like temperature, pressure, flow and level during manufacturing. They help improve process efficiency and productivity by ensuring conformity to strict quality standards. Some commonly used precision meters include pressure gauges, temperature gauges, level gauges, and flow meters. 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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the precision meter market has been the growing adoption of smart precision meters integrated with IoT connectivity. These smart meters can seamlessly interface with wireless networking protocols to transmit real-time meter readings to cloud-based interfaces for remote monitoring and analytics. This allows industrial operators to access critical production data from any location, enabling predictive maintenance through autonomous anomaly detection. The IoT-enabled smart meters also support integration with advanced control systems for remote configuration and programming of meter parameters as per changing process needs. This two-way communication helps enhance visibility, flexibility and overall equipment effectiveness of industrial operations.
Porter’s Analysis
Threat of new entrants: Low economies of scale in production and established brands pose barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price comparison options.
Bargaining power of suppliers: A few large players control supply, giving them significant influence on pricing.
Threat of new substitutes: Alternatives like plastics and concrete offer substitution potential.
Competitive rivalry: Intense competition among established brands keeps pricing and profitability in check.
Key Takeaways
The global Precision Meter Market is expected to witness high growth.
Regional analysis
The Asia Pacific region dominates the precision meter market and is expected to continue its dominance over the forecast period. China is anticipated to lead market growth in the region owing to expanding manufacturing sector. Further, growing electronics and automotive industries in China, India, Japan, and South Korea are propelling regional demand. North America is another major market for precision meters driven by well-established end-use industries.
Key players
Key players operating in the Precision Meter Market Growth are Saint-Gobain S.A., Momentive Performance Materials, Inc., Kineco Limited, Veplas Group, China Jushi Group Co., Ltd., Braj Binani Group, Guardian Fibre Glass. These players are focusing on new product launches and expansions to gain higher market share. For instance, in 2022, Saint-Gobain S.A. launched new high-performance thermoplastics under the designation THV for sealing and bearings applications in precision meter industry.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
