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 used for accurately measuring voltage, current, resistance and other electrical parameters. They offer high accuracy, precision and resolution. Precision meters find applications in research and development, quality control testing, troubleshooting and calibration across various industries such as electronics, healthcare, automotive and manufacturing.
Market key trends:
Rising demand for energy efficient electronic devices is positively impacting the precision meter market. Precision meters play a vital role in the design and manufacturing of energy efficient electronic products by ensuring exact power specifications are met during production testing. Stringent regulatory standards regarding energy efficiency and growing focus on reducing carbon footprint is propelling the demand for precision meters from electronics manufacturers. Furthermore, increasing investments in research and development activities across various industries require sophisticated testing equipment such as precision meters for accurate measurement of electrical parameters during prototyping and experimentation. This is anticipated to drive the precision meter market during the forecast period.
Market key trends:
One of the key trends in the precision meter market is the rising adoption of smartphones and wearable devices. With the growing popularity of smartphones and wireless devices, there is an increasing demand for precision electronic components to ensure operational accuracy and enhance overall user experience. Precision meters are extensively utilized for monitoring current, voltage and resistance during the manufacturing and testing of smartphones, smartwatches and other wearable devices. In the coming years, the market is poised for strong growth with the proliferation of IoT and connected devices which require precise measurement at a component level.
SWOT Analysis
Strength: Precision meters offer high accuracy and reliability. They provide accurate voltage, current and resistance measurement capabilities which are critical for R&D, quality control and production activities.
Weakness: High cost of advanced precision meters limits their adoption in price sensitive applications. Dependence on semiconductor industry cycles makes the market volatile.
Opportunity: Growing need for compliance with industry standards and regulations across various industries will drive new opportunities. Rising 5G deployments and focus on connected infrastructure also opens new avenues.
Threats: Intense competition from low-cost players impacting margins of established brands. Technology obsolescence is another challenge due to continuous advancement in measurement technologies.
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 from semiconductor and electronics verticals.
The Asia Pacific region dominated the global market in 2023 with largest revenue share of over 35%, led by presence of electronics manufacturing hubs in China, Taiwan, South Korea and Singapore. China exhibits fastest growth rate owing to government impetus on indigenous precision manufacturing.
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).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it