Global Hour Meter Market

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The Global Hour Meter Market holds the potential to reach USD XX Mn. by 2027. The report covers the detailed analysis of the Global Hour Meter industry with the classifications of the market on the basis of hour meter type, application, display, type, end-use industry, and region. Analysis of past market dynamics from 2016 to 2019 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.

The hour meter is a mechanical measurement device primarily used to measure and record elapsed time. This track of time and record is displayed in terms of hours or tenths of hours. Hour meters are mainly installed in machines and systems to log the running time of the equipment in order to assure proper maintenance. The increasing requirement of scheduled maintenance of expensive machinery and equipment is expected to create lucrative opportunities for the market.

The report has profiled fifteen key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in APAC region. Major country’s policies about manufacturing and its impact on motor demand are covered in the report.
Global Hour Meter Market Dynamics

Increasing demand for warranty tracking of an expensive equipment and machinery is driving the market
Demand for hour meter in warranty tracking programs of expensive machinery like engines and products with electric motors is expected to drive the market over the forecast period. Hour meters are highly effective to assure the time-to-time scheduled maintenance of the system. These meters are often installed in rental basis products for the measurement of a machine running time. Having an accurate record of elapsed time assist in the estimation of the price while reselling the old machinery and equipment. These meters are also used to predict the replacement time of machinery. Hour meters are highly preferred in the industries thanks to their high accuracy and ruggedness. Increasing demand for hour meters in large industrial and agricultural machinery like cranes, bulldozers, tractors, forklifts, and others is expected to propel the market growth over the forecast period. The growing need for efficient and noiseless hour meters is expected to drive the market demand during the forecast period. The increasing popularity of the digital hour meter is also expected to accelerate the market growth over the forecast period.

High cost of digital hour meter is expected to hinder the market growth.

Digital hour meters are costly as compared to analog hour meters, which is the restraining factor for the market. In addition to this, the requirement of an external power source for the hour meter is expected to hamper the market growth over the forecast period.

Advancement in metering technology is expected to create new opportunities.

Growing Advancement in metering technology with the assistance of IoT, WI-FI, and others are expected to create lucrative opportunities for the market over the forecast period. Moreover, awareness and adoption of hour meters in a wide range of industries are anticipated to generate new possibilities for market growth over the forecast period.
Scope of Global Hour Meter Market: Inquire before buying

The market is divided into six main segments and further into sub-segments to forecast the market size by value.
Global Hour Meter Market, By Hour Meter Type.

• AC Hour Meter
• DC Hour Meter
• Hybrid Hour Meter

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DC hour meter segment is expected to command largest market share of XX% by 2027.

Hour meters are mainly powered by external (AC) Alternating Current or (DC) Direct Current supply. Equipment like Trucks, Tractors, Bulldozers, and others use DC power supply from the battery to operate the hour meters whereas machinery like generators, compressors, and others use AC supply to operate the hour meter. Increasing use of battery-powered DC supply in mobile equipment is expected to drive the segment growth over the forecast period. AC hour meter segment is also expected to experience significant growth during the forecast period, thanks to the increasing adoption of hour meters in industrial machinery and systems.
Global Hour Meter Market, By Application.

• Industrial
• Commercial
• Residential

Industrial segment is expected to command the largest market share of XX% by 2027.

Increasing demand for regular maintenance in industrial equipment is one of the major factors behind the growth of the segment. Hour meters are installed in industrial equipment like Electric motors, generators, engines, and other industrial equipment. Their high accuracy, compact size, and ruggedness further accelerate their demand in the industrial sector. The increasing requirement of warranty programs for industrial machinery is expected to fuel the industrial segment growth during the forecast period. The commercial segment is also expected to experience significant growth over the forecast period, thanks to the use of hour meters in commercial vehicles and equipment.
Global Hour Meter Market, By Display.

• Electromechanical
• Liquid Crystal Display (LCD)
• Light-emitting Diode (LED)

Liquid Crystal Display (LCD) is expected to command the largest market share of XX% by 2027

The increasing popularity and adoption of digital hour meters are expected to fuel the LCD segment growth. LCD displays are mainly used in digital hour meters. If the application involves continuous on and off-cycle then instant start LCD meters are preferred. LCD displays can be used for indoor as well as outdoor applications. The LED segment is also expected to register significant growth thanks to the growing use of digital hour meters in indoor applications. However, LED display is not preferred for outdoor application as the sunlight wash out the display. Both LCD and LED segments require a continuous supply of power for the display to be visible, hence electromechanical display is preferred in applications where the power to the meter is cut off or the equipment is not running.
Global Hour Meter Market, By Type

• Digital
• Analog
Global Hour Meter Market, By End Use Industry

• Oil & Gas
• Food & Beverages
• Energy
• IT & Telecommunication
• Agricultural
• Aerospace & Defense
• Electronics & Consumer Goods
• Chemicals
• Automotive
• Healthcare
• Others (Aviation, Power Generation Systems, Construction, etc.)
Global Hour Meter Market, By Region.

• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• South America

Asia Pacific is expected to register the highest growth at XX% CAGR over the forecast period.

North America has commanded the largest market share of XX% in 2019. Technological advancement and the presence of key players in the region are the supporting factors for market growth. Increasing demand for equipment rental services is expected to propel the market growth over the forecast period. Asia Pacific is expected to register the highest growth at XX% CAGR over the forecast period. Increasing industrialization in the region is fueling the market growth. Increasing demand for hour meters in warranty programs is expected to boost the market growth. Growing awareness of these meters in a wide range of industries including the agricultural, heavy machinery, and manufacturing industry is expected to propel the market demand during the forecast period. A growing trend of reselling the old equipment and machinery in the region is further anticipated to accelerate the market growth over the forecast period. Increasing demand for scheduled regular maintenance is further expected to boost the demand of the global hour meter market over the forecast period.

Global Hour Meter Market2
Covid-19 Impact on the Global Hour Meter Market:

• The coronavirus pandemic has placed tremendous pressure on businesses and sectors across the globe. Governments from all countries have introduced a lock-up to detect the transmission of infectious diseases. The contribution of these regulations has created a negative impact on global hour meter market.
• The coronavirus adversely impacted the Hour Meter market. Restriction on public transportation and the disruption caused by the lockdown would harm the market. Most of the sectors are not functioning properly due to the influence of Covid-19 which has caused an adverse impact on the Global Hour Meter Market.

The objective of the report is to present a comprehensive analysis of the Global Hour Meter Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Hour Meter Market dynamics, structure by analyzing the market segments and project the Global Hour Meter Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Hour Meter Market make the report investor’s guide.
Global Hour Meter Market Competitive Insight

The global hour meter market is highly fragmented with the presence of domestic and international players in the market. Manufacturers are launching new technologically advanced products to expand their product portfolio and strengthen their position in the market. For an instance Linor Technology, inc. recently launched a new advanced hour meter in 2019 known as IoT meter, which is a wireless hour meter with runtime monitoring and alert features. The report also covers the list of all the key players, their business strategies, and financial details.
Global Hour Meter Market, by Hour Meter Type

• AC Hour Meter
• DC Hour Meter
• Hybrid Hour Meter
Global Hour Meter Market, by Application

• Industrial
• Commercial
• Residential
Global Hour Meter Market, by Display

• Electromechanical
• Liquid Crystal Display (LCD)
• Light-emitting Diode (LED)
Global Hour Meter Market, by Type

• Digital
• Analog
Global Hour Meter Market, by End Use Industry

• Oil & Gas
• Food & Beverages
• Energy
• IT & Telecommunication
• Agricultural
• Aerospace & Defense
• Electronics & Consumer Goods
• Chemicals
• Automotive
• Healthcare
• Others (Aviation, Power Generation Systems, Construction, etc.)
Global Hour Meter Market, by Region

• Asia Pacific
• North America
• Europe
• South America
• Middle East & Africa
Key players operating in Global Hour Meter Market

• EATON Corporation Inc.
• Fuji Electric Co., Ltd.
• SIMEX
• ENM Company, Inc.
• Honeywell International Inc.
• Omron Corporation
• Kubler Group
• Trumeter Technologies Ltd.
• ABB
• Schneider Electric SE
• Panasonic Corporation
• Intermatic Incorporated.
• Texas Instruments Incorporated
• Linor Technology, Inc.
• Robert Bosch GmbH.

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