PUBLISHER: The Business Research Company | PRODUCT CODE: 1435446
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435446
The measuring and control instruments encompasses the production of various devices such as navigational tools, measurement instruments, electromedical devices, and control systems. These establishments create a wide array of products, including aeronautical instruments, laboratory analytical tools, navigation systems, and physical properties testing equipment.
Primary categories of measuring and control instruments include electrical equipment, electronic products, components, navigational tools, electromedical devices, and control instruments. Navigational instruments aid nautical navigators and pilots in determining location, speed, and direction. Sales channels encompass OEM and aftermarket, catering to industries such as medical, electronics, oil and gas, consumer goods, chemicals, among others.
The measuring and control instruments market research report is one of a series of new reports from The Business Research Company that provides measuring and control instruments market statistics, including measuring and control instruments industry global market size, regional shares, competitors with a measuring and control instruments market share, detailed measuring and control instruments market segments, market trends and opportunities, and any further data you may need to thrive in the measuring and control instruments industry. This measuring and control instruments market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The measuring and control instruments market size has grown strongly in recent years. It will grow from $831.23 billion in 2023 to $891.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth observed in the historical period is linked to the expansion of the energy sector, increased automotive manufacturing, the burgeoning telecommunications industry, rising emphasis on environmental monitoring, and the notable growth in the mining and minerals industry. These factors collectively contributed to the growth of the measuring and control instruments sector during that period.
The measuring and control instruments market size is expected to see strong growth in the next few years. It will grow to $1158.54 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period is attributed to the expansion of renewable energy, smart cities development, precision agriculture, space exploration, and climate change monitoring. Major trends expected during this period involve smart sensors, automation, robotics, digitalization, connectivity, data analytics, artificial intelligence (AI), and remote monitoring and control.
Governments worldwide are channeling investments into the development of smart cities, creating an increased demand for measuring and control instruments across diverse applications. Smart cities utilize search, detection, and navigation devices to enhance citizen safety, employing technologies such as GPS, machine-to-machine (M2M) communication, Wi-Fi, and radio frequency identification (RFID) for effective communication. This interconnected infrastructure, incorporating local, wide, and wireless networks, is gaining traction globally, with initiatives in both developing nations such as China and India, and developed regions such as the EU. The proliferation of smart city initiatives, including nearly 300 pilots in China and India and active EU promotion, is expected to drive demand for navigational, measuring, electromedical, and control instruments, thereby boosting the measuring and control instruments market.
The rising demand for the Internet of Things (IoT) is poised to drive growth in the measuring and control measurements market. IoT entails a network of interconnected physical entities embedded with sensors, software, and other technologies to collect and share data over the internet. IoT-enabled instruments, allowing remote monitoring and real-time control, enhance efficiency, accuracy, and flexibility while reducing operational costs and improving decision-making processes. For instance, as of March 2023, Ericsson reported 13.2 billion IoT connections in 2022, expected to rise to 34.7 billion. Consequently, the surging demand for IoT is a significant driver for the growth of the measuring and control measurements market.
Global interest rates are anticipated to increase in both developing and developed economies during the forecast period, potentially limiting new investments in the measuring and control instruments market. Many countries are raising interest rates to manage inflation and control capital outflows. This development may hinder new investments, affecting expansion initiatives and research and development of new products. For example, in 2021, the US interest rates rose to 3.5%, signifying a trend that may impact the electrical and electronics manufacturing market negatively. The increased cost of borrowing money is expected to restrain the growth of the measuring and control instruments market.
Companies within the measuring and control instruments market are strategically investing in the development of advanced 3D microscopes to enhance productivity and bolster diagnostic and research capabilities. These cutting-edge 3D microscopes possess the capability to capture images from multiple positions, generating detailed three-dimensional images. Notably, they eliminate the need to cut specimens into pieces, preserving them for further study. A notable example is the research conducted in January 2023 by the Center for Vision, Automation, and Control at the Austrian Institute of Technology (AIT), where a 3D microscope utilizing High-Performance Vision Systems and high-resolution inline computational imaging (ICI) technology was developed. This innovative microscope achieves impressive performance metrics, employing lateral scanning of 700nm/pixel, achieving up to 60 million 3D points/s, and boasting scanning rates of up to 12mm per second with a depth noise of 1m.
Major players in the measuring and control instruments sector are prioritizing innovation to deliver reliable services to their clientele. A notable innovation is the introduction of a surface texture and contour measuring instrument, a precision measurement tool designed to assess surface characteristics such as texture, roughness, and contour. For instance, Tokyo Seimitsu Co. Ltd., a Japan-based company specializing in precision measuring instruments, launched Surfcom NEX (DX2/SD2) in July 2021. This instrument, catering to high efficiency, adaptability, and dependability, utilizes a newly developed hybrid detector to simultaneously measure surface texture and contours. With an impressive measuring range of up to 26 mm in the Z direction, this device enables rapid and accurate assessments of various workpieces.
Major companies operating in the measuring and control instruments market report are Apple Inc., Yokogawa Electric Corporation, Siemens AG, Thermo Fisher Scientific Inc., Schneider Electric SE, Honeywell International Inc., Jabil Circuit Inc., Compagnie Financiere Richemont SA, Emerson Electric Co., Agilent Technologies Inc., AMETEK Inc., Fortive Corporation, Hexagon AB, Keysight Technologies Inc., Advantest Corporation, Rohde & Schwarz GmbH & Co. KG, National Instruments Corporation, Teledyne Technologies Incorporated, VIAVI Solutions Inc., EXFO Inc., Anritsu Corporation, Malvern Panalytical GmbH, TSI Incorporated, GW Instek Co. Ltd., Analysis and Measurement Services Corporation (AMS), Liquid Instruments GmbH, Innovative Scientific Solutions Inc., Sequoia Scientific Inc., Teraview AG, Vista Clara Inc., Pessl Instruments GmbH, Casella Measurement Inc., OWON Instrument Co. Ltd., ADLINK Technology Inc.
Asia-Pacific was the largest region in the measuring and control instruments market in 2023. North America was the second largest region in the measuring and control instruments market. The regions covered in the measuring and control instruments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the measuring and control instruments market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The measuring and control instruments market consists of sales of superconductors, photoelectric sensors, automotive dc-dc converters, photoresist and photoresist ancillaries, surface inspection, temperature sensors, and other measuring and control instruments. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Measuring and Control Instruments Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on measuring and control instruments market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for measuring and control instruments ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The measuring and control instruments market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.