Measuring Instrument Market

The global market for measuring instruments and apparatus for liquids is projected to have a positive trend in both consumption and market value over the next eight years. Consumption of these instruments increased in 2022, following a period of decline, with notable growth in countries like China, the United States, and Germany. Production and import volumes also saw increases, with fluctuating patterns over the years. The top importing and exporting countries include the United States, China, Germany, and Mexico, showing varied growth rates. The average import and export prices have fluctuated, with Germany having the highest price per unit in 2022. Overall, the market is expected to see continued growth in the near future.

Market Forecast

Driven by increasing demand for instruments and apparatus for measuring or checking the flow or level of liquids worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market volume to 433M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.8% for the period from 2022 to 2030, which is projected to bring the market value to $39.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Instruments And Apparatus For Measuring Or Checking The Flow Or Level Of Liquids

In 2022, consumption of instruments and apparatus for measuring or checking the flow or level of liquids increased by 5% to 347M units, rising for the second consecutive year after three years of decline. The total consumption volume increased at an average annual rate of +2.2% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, consumption attained the peak volume of 349M units. From 2018 to 2022, the growth of the global consumption failed to regain momentum.

The global measuring instrument market value contracted to $29.5B in 2022, standing approx. at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $29.8B in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (74M units), the United States (58M units) and Germany (28M units), with a combined 46% share of global consumption. India, the Czech Republic, Mexico, Hong Kong SAR, the UK, Brazil, France, Poland, Japan and Romania lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +27.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($15B) led the market, alone. The second position in the ranking was held by Japan ($1.7B). It was followed by Mexico.

From 2012 to 2022, the average annual growth rate of value in China stood at +8.3%. The remaining consuming countries recorded the following average annual rates of market growth: Japan (-5.0% per year) and Mexico (+12.9% per year).

The countries with the highest levels of measuring instrument per capita consumption in 2022 were Hong Kong SAR (1,915 units per 1000 persons), the Czech Republic (1,616 units per 1000 persons) and Germany (341 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +26.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Instruments And Apparatus For Measuring Or Checking The Flow Or Level Of Liquids

In 2022, production of instruments and apparatus for measuring or checking the flow or level of liquids increased by 7.8% to 246M units, rising for the second year in a row after three years of decline. Over the period under review, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 14% against the previous year. As a result, production attained the peak volume of 277M units. From 2018 to 2022, global production growth failed to regain momentum.

In value terms, measuring instrument production shrank to $24.5B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 39% against the previous year. As a result, production reached the peak level of $28.6B. From 2018 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (43M units), Mexico (31M units) and Germany (29M units), together accounting for 42% of global production. India, Switzerland, the Czech Republic, the UK, France, the United States, Brazil, Japan and Canada lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by the Czech Republic (with a CAGR of +47.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Instruments And Apparatus For Measuring Or Checking The Flow Or Level Of Liquids

In 2022, supplies from abroad of instruments and apparatus for measuring or checking the flow or level of liquids increased by 7.7% to 189M units, rising for the second year in a row after two years of decline. In general, total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +43.4% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 33% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, measuring instrument imports fell slightly to $6.2B in 2022. The total import value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 14% against the previous year. As a result, imports attained the peak of $6.4B, and then reduced slightly in the following year.

Imports By Country

In 2022, the United States (52M units), distantly followed by China (32M units), Hong Kong SAR (18M units) and Mexico (9.4M units) represented the largest importers of instruments and apparatus for measuring or checking the flow or level of liquids, together creating 59% of total imports. The following importers - Poland (7.1M units), Romania (5.8M units), the UK (5M units), Brazil (5M units), India (4.6M units), Thailand (4.4M units), the Czech Republic (4.2M units), Turkey (4.1M units) and Germany (2.9M units) - together made up 23% of total imports.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +24.6%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($832M), China ($616M) and Germany ($509M) were the countries with the highest levels of imports in 2022, with a combined 31% share of global imports. The UK, Brazil, Mexico, India, Poland, Turkey, the Czech Republic, Thailand, Romania and Hong Kong SAR lagged somewhat behind, together comprising a further 17%.

Romania, with a CAGR of +10.4%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average measuring instrument import price stood at $33 per unit in 2022, which is down by -9% against the previous year. Over the period under review, the import price showed a pronounced shrinkage. The growth pace was the most rapid in 2019 when the average import price increased by 8.5% against the previous year. Over the period under review, average import prices reached the peak figure at $53 per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($175 per unit), while Hong Kong SAR ($1.8 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+10.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Instruments And Apparatus For Measuring Or Checking The Flow Or Level Of Liquids

In 2022, overseas shipments of instruments and apparatus for measuring or checking the flow or level of liquids increased by 20% to 88M units, rising for the second consecutive year after two years of decline. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +81.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 50%. The global exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, measuring instrument exports reached $6.1B in 2022. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when exports increased by 15% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

Exports By Country

In 2022, Mexico (25M units), distantly followed by Switzerland (16M units), Canada (4.5M units) and Germany (4.1M units) were the major exporters of instruments and apparatus for measuring or checking the flow or level of liquids, together creating 56% of total exports. Hong Kong SAR (3.5M units), India (3.5M units), the United States (3.3M units), the Philippines (3.3M units), France (3.1M units), Thailand (2.7M units), China (2.2M units), the Netherlands (2.2M units) and the UK (2.1M units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Philippines (with a CAGR of +110.1%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest measuring instrument supplying countries worldwide were Germany ($1.2B), the United States ($947M) and China ($512M), with a combined 44% share of global exports. The Netherlands, France, the UK, Mexico, Switzerland, India, Canada, Thailand, Hong Kong SAR and the Philippines lagged somewhat behind, together accounting for a further 30%.

Among the main exporting countries, the Philippines, with a CAGR of +87.7%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average measuring instrument export price amounted to $69 per unit, dropping by -16.1% against the previous year. In general, the export price recorded a perceptible reduction. The pace of growth appeared the most rapid in 2019 an increase of 15% against the previous year. The global export price peaked at $109 per unit in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($294 per unit), while Hong Kong SAR ($7.9 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+23.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform