April 20, 2024
Precision Meter Market

Precision Meter Market is Anticipated to Witness High Growth Owing to Rising Infrastructure Construction Projects

The precision meter market involves products that are used to precisely monitor and measure the amount and flow of construction materials such as concrete, mortar, and grout. Precision meters help determine accurate dosing and ensure consistency in mix designs during infrastructure construction projects. These meters allow efficient use of materials and uniformity in quality. rising infrastructure projects across the globe is the major factor driving the demand for precision meters. The Global precision meter market is estimated to be valued at US$ 10 Mn in 2024 and is expected to exhibit a CAGR of 7.0% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the Global Precision Meter Market Demand are Sika AG, BASF SE, Abadgaran Group, Arkema SA, Mapei S.P.A., Sakshi Chem Sciences Private Ltd., and Fosroc International Limited. These players are focusing on expanding their production facilities and geographical presence across major markets to gain higher shares.
The growing infrastructure construction projects ranging from roads & highways to commercial buildings offer significant opportunities for precision meter manufacturers to increase their sales. governments across Asia Pacific and Middle East countries are increasingly investing in infrastructure development which will drive market growth.
Global expansion is one of the key strategies adopted by the leading players. For instance, Sika AG acquired Concrete Poland and Construction Systems LLC to strengthen its presence in Central and Eastern Europe. Similarly, BASF SE has manufacturing sites across 30 countries to serve the globally growing demand.

Market drivers:
Rising infrastructure construction projects globally- Infrastructure development projects ranging from roads & highways to bridges, dams, airports, railways etc. need continuous and precise supply of construction materials. This drives the demand for precision meters.
Market restraints:
High initial costs – Precision meters have relatively high initial costs which may restrict widespread adoption, especially in price-sensitive developing markets. This can hamper the market growth.

Key Takeaways
– Key players operating in the precision meter market are Sika AG, BASF SE, Abadgaran Group, Arkema SA, Mapei S.P.A., Sakshi Chem Sciences Private Ltd., and Fosroc International Limited.
– The growing infrastructure construction projects ranging from roads & highways to commercial buildings offer significant opportunities for precision meter manufacturers to increase their sales.
– Global expansion is one of the key strategies adopted by the leading players to strengthen their presence across major markets and serve the rising global demand.

Market drivers and restraints
– Rising infrastructure construction projects globally is a major factor driving the demand for precision meters that ensure efficient use of construction materials.
– However, the relatively high initial costs of precision meters can restrict their widespread adoption, especially in price-sensitive developing markets, thereby hampering the market growth.

Segment Analysis
The precision meter market is segmented into level, flow, temperature, humidity and other types. Within these segments, the level sub-segment dominates the market and is expected to continue its dominance in the forecast period. Level meters help in measuring and monitoring liquid levels, volumes and flow rates in storage tanks, vessels and other applications. They are highly suitable for applications across industries like oil and gas, food & beverage, chemicals, power generation among others. This wide applicability and necessity across core industries is driving higher demand for level meters.

Global Analysis
On the basis of region, the Asia Pacific precision meter market is forecasted to witness the highest growth during the forecast period. This growth can be attributed to rapid industrialization and infrastructural development activities in emerging countries of the region such as China, India. The region has witnessed significant investments in process industries like oil & gas, petrochemicals, power generation where precision meter instruments find applications. North America and Europe will also see sizable demand for precision meters led by process industry upgrades in major economies and demand from water & wastewater management applications. Key players are focusing expansion efforts to leverage growth opportunities in developing regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it