Precision meters are advanced measuring devices that are used to precisely measure dimensional characteristics of components like thickness, diameter, bore width etc. Their ability to record accurate readings help manufacturers ensure consistency and quality of manufactured parts. Used across industries like automotive, aerospace, medical and electronics, precision meters aid in producing precision components with tight tolerances. 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 Opportunity:
Rising demand from automotive and aerospace industries presents a major market opportunity for precision meter manufacturers. Components used in automobiles and aircrafts require extremely tight tolerances and accuracy to ensure safety, reliability and performance. Precision meters enable automotive and aerospace manufacturers to inspect dimensional specifications of critical components like engines, transmission systems, landing gear and aircraft frames. Growing vehicle and aircraft production globally will consequently drive the need for quality inspection equipment like precision meters. Additionally, stringent quality control norms established by regulatory bodies mandate the use of advanced measuring equipment. This growing regulatory emphasis on quality is anticipated to boost demand for precision meters from automotive and aerospace industries over the forecast period.
Porter's Analysis
Threat of new entrants: Low- Moderate capital requirements and existing patents pose barriers for new entrants. However, established distribution channels can be utilized.
Bargaining power of buyers: Moderate - Buyers have choices between multiple precision meter manufacturers. However, switching costs are minimal.
Bargaining power of suppliers: Moderate - Key raw materials include glass fibers, epoxy and other polymers. Suppliers have some bargaining power due to differentiated inputs.
Threat of new substitutes: Low - Few viable alternatives to glass-based precision meter exist for temperature and other environmental measurements.
Competitive rivalry: High - Established players compete on specs, technology, pricing leading to industry consolidation.
SWOT Analysis
Strengths: Established brand names, global supply chain networks, proprietary technologies for durable and precise measurements.
Weaknesses: Heavy R&D investments required to develop new products, vulnerability to raw material price volatility.
Opportunities: Growth in industries like oil & gas, healthcare where precision measurement is critical. Expanding into emerging markets.
Threats: Intense competition, stringent regulations particularly in healthcare vertical. Trade disputes can disrupt supply chains.
Key Takeaways
The global Precision Meter Market Growth is expected to witness high growth over the forecast period aided by expanding end-use industries. The market size is projected to grow from US$ 8.68 Bn in 2023 to US$ 15.08 Bn by 2030 at a CAGR of 7.3%.
Regional analysis indicates North America will continue dominating the precision meter market backed by mature industries and strict quality controls. Europe and Asia Pacific are fastest growing regional markets driven by manufacturing growth in countries like China, India, Vietnam and Germany.
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. Leading players are investing in automation, digital technologies and customized solutions to strengthen their market position.
The global High Precision Liquid Density Meter Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the high precision liquid density meter market include Anton Paar, KEM, Emerson, Mettler Toledo, Thermo Scientific, Alfa Mirage, Kruess, Bopp & Reuther, ISSYS, Rudolph, Daho Meter, Quarrz, Kebeida.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global High Precision Liquid Density Meter Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/high-precision-liquid-density-meter-market/download-sampleMarket DynamicsRobust research activities and quality testing across pharmaceuticals, chemistry, medicine, biotechnology, petroleum, beverage labs, and others drive the global high precision liquid density meter market.
Players within the market are developing new technologies for a broad range of sectors to achieve the most accurate results, automate analysis, and simplify daily work.
Influenced by digitalization, recently, a one-click digital highly accurate and precise densimeter was launched.
