Precision Meters Market Growth Accelerated By Increased Demand From Construction And Energy Industries
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| Precision Meters Market |
Precision meters are utilized across various end-use industries, such as construction, energy, automotive, chemical and manufacturing to monitor and measure variables, such as temperature, pressure, flow and level. Precision meters help industries improve efficiencies, ensure compliance, reduce waste and enhance productivity. The rising expenditure on industrial infrastructure expansion and revamping of old plants across developing regions has augmented the demand for precision meters from the construction and energy industries. 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 key trends:
The increased demand from the construction and energy industries has
accelerated the growth of the precision meter market over the forecast period.
Various ongoing infrastructure projects as well as rising investments towards
expanding and upgrading the energy grid across developing nations have fuelled
the adoption of precision meters. Moreover, precise measurement and monitoring
of critical industrial parameters through advanced meters help optimize
operations and reduce wastages. This has propelled the penetration of precision
meters in process industries like chemicals, oil & gas, manufacturing etc,
thereby driving the market growth.
Segment Analysis
The global precision meter market is dominated by the industrial segment.
Within industrial, the manufacturing sub-segment accounts for over 30% share of
the global market. This is because precision meters are extensively used in
various manufacturing industries like automotive, electronics, food processing
etc. for quality control and testing requirements. Other major segments include
commercial and residential.
Key Takeaways
The global precision meter market is expected to witness high growth over the
forecast period of 2023 to 2030.
Regional
analysis indicates that Asia Pacific region currently dominates the market with
over 35% share. Rising industrialization and manufacturing activities in China,
India, Japan and South Korea are major growth drivers in the region. Europe is
second largest region and is expected to grow at a CAGR of around 6.5% during
the forecast period. Strong presence of automotive OEMs and focus on digital
transformation across industries offer promising growth opportunities.
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, and Guardian Fibre Glass.
Saint-Gobain S.A is the market leader with over 15% share. It enjoys global
leadership in high performance materials with operations across over 70
countries. Momentive Performance Materials, Inc. specializes in silicones,
quartz and ceramics and focuses on high growth applications in specialty
electronics and healthcare.
The global Precision
Meter Market Growth is expected to witness high growth over the
forecast period. Regional analysis indicates that Asia Pacific region currently
dominates the market with over 35% share. Rising industrialization and
manufacturing activities in China, India, Japan and South Korea are major
growth drivers in the region. Europe is second largest region and is expected
to grow at a CAGR of around 6.5% during the forecast period. Strong presence of
automotive OEMs and focus on digital transformation across industries offer
promising growth opportunities.
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