The Precision Meter Market is estimated to be valued at US$ 8.68 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Precision meter refers to an instrument which can measure an electrical or non-electrical quantity with a high degree of accuracy. These meters are used to measure various parameters such as voltage, current, resistance, inductance, capacitance, temperature, pressure etc. Key applications of precision meters include their use in telecommunication, industrial automation, test & measurement, defense and aerospace sectors.
Market Dynamics:
The precision meter market is expected to grow at a significant rate owing to rising adoption from the telecommunication sector. With the rising demand for 5G infrastructure and increasing digitization across the world, the demand for precision instruments to monitor the telecom network performance is growing rapidly. This is positively impacting the precision meter market growth. Another major factor stimulating the market growth is increasing adoption of precision meters in the industrial automation sector. Many industries are automating their manufacturing processes which requires installation of precision meters to closely monitor critical process parameters. This ensures minimized downtime and optimized productivity of industrial assets.
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