PRECISION METER MARKET ANALYSIS

Global precision meter market size is estimated to be valued at US$ 8.68 Bn in 2023 and is expected to reach US$ 14.1 Bn by 2030, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030.

The precision meter market refers to the market for devices that are used to measure and monitor various parameters with a high level of accuracy and precision. Precision meters are utilized in a wide range of industries and applications, including electrical power, manufacturing, healthcare, environmental monitoring, and research laboratories.

These meters are designed to provide precise measurements of parameters such as voltage, current, temperature, pressure, flow rate, and more. They often incorporate advanced sensing technologies, digital displays, data logging capabilities, and connectivity options for data transmission and analysis.

The precision meter market is driven by factors such as increasing automation and digitization across industries, the need for accurate measurements in critical processes, regulatory requirements for precision monitoring, and advancements in sensor and measurement technologies.

Global Precision Meter Market Regional Insights

• North America: North America is the largest market for precision meter, accounting for a market share of over 44.40% in 2023. North America is expected to be a significant market for precision meters, driven by the presence of established industries and advanced technological infrastructure. The region has a strong focus on automation, quality control, and measurement accuracy across various sectors, including manufacturing, energy, healthcare, and research. The demand for precision meters is fueled by the need for precise monitoring and measurement in critical processes and compliance with regulatory standards.
• Europe: Europe is the second-largest market for precision meter, accounting for a market share of over 24.6% in 2023. Europe is another important region for the precision meter market. Countries such as Germany, France, and the U.K. have well-developed industrial sectors and a strong emphasis on precision engineering and quality control. The region's focus on energy efficiency, environmental monitoring, and advanced manufacturing technologies contributes to the demand for precision meters. The presence of leading manufacturers and suppliers of precision measurement equipment drives market growth in Europe.
• Asia Pacific: Asia Pacific is the fastest-growing market for precision meter, accounting for a market share of over 20.0% in 2023. The Asia Pacific region is experiencing rapid industrialization and technological advancements, thus making it a significant market for precision meters. Countries like China, Japan, South Korea, and India have thriving manufacturing sectors and increasing investments in infrastructure and industrial automation. The demand for precision meters in Asia Pacific is driven by the need for accurate measurements in diverse industries, including electronics, automotive, energy, and healthcare. The region's growing focus on quality control, process optimization, and regulatory compliance supports market growth.

Figure 1. Global Precision Meter Market Share (%), By Region, 2023

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Analyst Viewpoint:

Global precision meter market is expected to witness steady growth over the forecast period driven by increasing demand from industrial sectors such as manufacturing, healthcare, and energy & power. The need for accuracy in various industrial processes is a major factor fueling adoption of precision meters globally. Moreover, stringent quality control standards mandated by regulatory bodies are further propelling the precision meter market.

Global Precision Meter Market Drivers:

• Advancements in sensor and measurement technologies: Technological advancements in sensors, electronics, and data processing have enabled the development of more accurate and sophisticated precision meters. These advancements include the use of advanced sensing technologies, such as optical, electromagnetic, and ultrasonic sensors, as well as improved signal processing algorithms. Availability of high-performance components has led to the development of precision meters with enhanced measurement accuracy and stability
• For instance, according to the World Trade Statistical Review, in 2022, by the World Trade Organization, the average global purchasing managers' index for manufacturing in 2021 stood at 54.1, signaling robust growth in the sector.

• Increasing automation and digitization: The trend towards automation and digitization in industries such as manufacturing and energy has created a greater demand for precision meters. As processes become more automated and integrated, accurate measurement data becomes crucial for controlling and optimizing operations. Precision meters enable real-time monitoring, data logging, and analysis, thus supporting automation and data-driven decision-making
• For instance, in 2021, the World Bank estimated that smart water meters capable of detecting even minor leakages play a crucial role in assisting municipal bodies in mitigating non-revenue water losses. These losses were reported to range from 16% to 34% in developing countries.

Global Precision Meter Market Opportunities:

• Expansion in emerging industries: Emerging industries such as renewable energy, electric vehicles, smart cities, and advanced healthcare technologies present significant opportunities for precision meter manufacturers. These industries require precise measurement and monitoring solutions for parameters such as solar energy production, battery performance, smart grid management, and healthcare diagnostics. By targeting these emerging sectors, precision meter companies can tap into new and expanding markets.
• For instance, the United Nations predicts a global rise of around 25% in electronics production from 2020 to 2023.

• Integration with smart grid and energy management systems: Increasing adoption of smart grid technologies and energy management systems creates opportunities for precision meter manufacturers. Precision meters can be integrated with these systems to provide accurate measurement data for energy consumption, load monitoring, and demand response. By offering compatible precision meters and data communication solutions, companies can support the development of smart grid infrastructure and energy-efficient practices.
• For instance, according to the U.S. Department of Energy, a target for smart meters is set to be installed in at least 75% of U.S.  households by 2023.

Global Precision Meter Market Trends:

• Adoption of digital precision meters: There is a shift towards digital precision meters that offer advanced features and capabilities as compared to traditional analog meters. Digital meters provide higher measurement accuracy, improved stability, and enhanced data processing capabilities. They also offer features such as data logging, remote monitoring, and connectivity options for seamless integration with data management systems. The adoption of digital precision meters enables more efficient and accurate measurement practices.
• For instance, according to the data released by the United States Department of Commerce in January 2022, process manufacturing industries in the U.S. raised their investment in digital monitoring devices by more than 15% in 2021, thereby marking a significant increase as compared to the preceding year.
• Integration of advanced sensor technologies: Advanced sensor technologies, such as optical sensors, ultrasonic sensors, and Micro-Electro-Mechanical Systems (MEMS) sensors which are being integrated into precision meters. These sensors offer improved accuracy, reliability, and stability in measuring various parameters. For example, optical sensors provide non-contact and high-resolution measurements, while ultrasonic sensors enable precise flow rate measurement. The integration of advanced sensor technologies enhances the performance and capabilities of precision meters.
• For instance, till 2020, the U.S. Department of Energy reports, that smart meters have been adopted by over 65% of U.S. households.

Global Precision Meter Market Restraints:

• Complex installation and maintenance: Precision meters often require specialized installation procedures and regular maintenance to ensure accurate measurements. The complexity of installing and maintaining precision meters can be a challenge for end-users, particularly those without sufficient technical expertise or resources. It may require additional training, skilled personnel, and dedicated maintenance schedules, which can add to the overall operational costs and resource requirements.
• Counterbalance: Implementing a preventive maintenance schedule to regularly check the condition of the precision meters can counterbalance the problem. This can help in identifying potential issues before they become major problems.
• Compatibility and integration challenges: Integrating precision meters into existing infrastructure or systems can pose compatibility challenges. Precision meters may need to interface with other devices, control systems, or data management platforms, and ensuring seamless integration can be a complex task. Compatibility issues, lack of standardized protocols, and data exchange formats can hinder the adoption and interoperability of precision meters in multi-vendor or multi-platform environments.
• Counterbalance: Provide robust technical support to help customers resolve any compatibility and integration issues that the customer may face can help in resolving the problem.

Recent Developments

New product launches

• In March 2023, Keysight Technologies, Inc. launched the Keysight Digital Learning Suite, an innovative unified digital learning platform. This platform is designed to offer university engineering educators and students access to laboratory tools, resources, and courseware seamlessly through a single and secure web interface. The Keysight Digital Learning Suite tackles these obstacles by offering a cohesive, online-based learning platform. It grants secure, centralized access to university engineering lab materials, tools for analyzing measurement data, and educational resources tailored for industry readiness.

Key Strategic Initiatives

Acquisition and partnerships

• In November 2023, Keysight Technologies, Inc. declared the accomplished acquisition of shares equivalent to 50.6% of ESI Group SA (Euronext Paris Symbol: ESI), ESI Group founded in 1973, delivers dependable and tailor-made solutions rooted in predictive physics modeling and virtual prototyping expertise. These offerings enable industries to make well-informed decisions at the right juncture while effectively managing the intricacies inherent in their operations.
• In March 2023, Keysight Technologies, Inc., a prominent technology company specializing in advanced design and validation solutions aimed at accelerating innovation for global connectivity and security, entered into a three-party agreement with NTT DOCOMO, Inc. and NTT. This collaboration is expected to advance the development of key technologies that are crucial for fostering innovation in the realm of 6G.
• In November 2023, TECO 2030, develops and manufactures hydrogen fuel cells, opened in Narvik, Norway, and Yokogawa Electric Corporation, Yokogawa Electric Corporation, a Japanese multinational company specializing in electrical engineering and software. The company's business activities revolve around its expertise in measurement, control, and information technologies, disclosed the signing of a strategic partnership and investment agreement. This collaboration is centered on the joint development of technology aimed at leveraging hydrogen fuel cells in various industrial applications. TECO 2030, a Norwegian clean technology firm, is pioneering zero-emission solutions for maritime and various industries. Our focus lies in creating PEM hydrogen fuel cell stacks and modules, facilitating emissions-free operations for ships and industrial uses.
• In May 2023, Hioki, a company engaged in the development, manufacturing, sale, and servicing of electric measuring instruments, unveiled a self-driving EV (Electric Vehicle) bus initiative. This endeavor is part of collaborative efforts with Macnica, Inc., a comprehensive services and solutions provider specializing in semiconductors, networks, cybersecurity, artificial intelligence (AI), and the Internet of Things (IoT). The initiative aims to contribute to the realization of carbon neutrality.

Figure 2. Global Precision Meter Market Share (%), By Technology, 2023

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Top Companies in Global Precision Meter Market

• 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)

Definition: Precision meters are specialized instruments that are used for accurate and precise measurement of various physical quantities, such as voltage, current, frequency, power, and other parameters.