April 20, 2024
Precision Meter Market

Precision Meter Market Is Expected To Be Flourished By Growth In Automotive Industry

Precision meters are used to measure physical quantities with high precision. They are used extensively in automotive, industrial, and electronics industries to measure pressure, flow, temperature, and other process variables. Key types of precision meters include manometers, pressure gauges, temperature meters, and flow meters. In the automotive industry, precision meters play a vital role to monitor critical parameters like boost pressure, coolant temperature, transmission fluid pressure, and more. They help detect malfunctions and ensure optimum vehicle performance. With the growing automotive production worldwide, demand for precision metering devices is increasing considerably.

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 7.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growth in Automotive Industry

The growing automotive industry worldwide is a key driver fueling demand for precision meters. As automakers focus on improving engine efficiency and vehicle performance, integration of precision meters to monitor critical parameters is increasing. Additionally, stringent emission regulations mandate automakers to closely monitor vehicle operations, thus propelling adoption of precision flow meters, pressure gauges, and temperature meters.

Adoption in Process Industries

Precision meters find widespread adoption in process industries like chemicals, oil & gas, food and beverages, and power generation to monitor critical process parameters. Their ability to deliver highly accurate readings is important for quality control and ensuring plant safety. Growing investments in process automation and industry 4.0 is supporting demand.
Segment Analysis
The precision meter market is dominated by the hardware & instruments sub segment. This sub segment accounts for over 40% of the total market share as precision meters find wide application in various industries such as manufacturing, medical equipment, aerospace etc. for measuring pressure, flow, temperature with high accuracy. The other prominent sub segments include software and services.

PEST Analysis

Political: The precision meter market is not directly impacted by political changes. However, policies and regulations related to manufacturing process, emission control etc. indirectly influence the demand for precision meters from end use industries.
Economic: A strong global economy favors high investments in industrial automation, medical devices manufacturing etc. driving the precision meter market. On the other hand, economic slowdowns may negatively impact the market.
Social: Growing population and rising standards of living increase the demand for advanced consumer and medical devices requiring precision meters for product development and manufacturing.
Technological: Advancements in sensor technology, miniaturization and integration of electronics have enabled development of smart precision meters with wireless connectivity features. This is expanding applications of precision meters.

Key Takeaways

The global Precision Meter Market Is expected to witness high growth over the forecast period supported by increasing investments in industrial automation and a rebound in production activities post pandemic across key economies. Regional analysis -Asia Pacific dominates the global precision meter market and is expected to maintain its lead through 2030 owing to rapid industrialization and presence of prominent manufacturing hubs in China, India, Japan and South Korea. Precision meters find widespread usage in industries such as electronics, automotive, oil & gas, food & beverages etc. in Asia Pacific region.

Key players operating in the precision meter market 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 development, geographic and application sector expansions to garner higher revenues. For instance, Kineco launched its new series of magnetic flow meters with enhanced performance parameters in 2020 tapping into new application areas in food & beverage industries.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it