U.S.: Measuring Instrument Market 2024

Measuring Instrument Market Size in the U.S.

In 2023, after ten years of growth, there was significant decline in the U.S. measuring instrument market, when its value decreased by X% to $X. Over the period under review, consumption, however, continues to indicate a remarkable increase. Measuring instrument consumption peaked at $X in 2022, and then contracted in the following year.

Measuring Instrument Production in the U.S.

In value terms, measuring instrument production shrank modestly to $X in 2023. The total output value increased at an average annual rate of X% over the period from 2013 to 2023; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Measuring instrument production peaked at $X in 2022, and then fell slightly in the following year.

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Measuring Instrument Exports

Exports from the U.S.

In 2023, measuring instrument exports from the United States was estimated at X tons, remaining constant against the previous year's figure. In general, exports recorded a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by X%. The exports peaked at X tons in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, measuring instrument exports reached $X in 2023. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2023, the exports failed to regain momentum.

Exports by Country

Mexico (X tons) was the main destination for measuring instrument exports from the United States, with a X% share of total exports. Moreover, measuring instrument exports to Mexico exceeded the volume sent to the second major destination, Canada (X tons), sixfold. China (X tons) ranked third in terms of total exports with a X% share.

From 2013 to 2023, the average annual growth rate of volume to Mexico totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and China (X% per year).

In value terms, the largest markets for measuring instrument exported from the United States were China ($X), Mexico ($X) and Canada ($X), together accounting for X% of total exports. Taiwan (Chinese), Japan, Germany, South Korea, Malaysia, India, the UK, Australia, Brazil and Thailand lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Taiwan (Chinese), with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average measuring instrument export price amounted to $X per kg, picking up by X% against the previous year. Overall, the export price, however, faced a deep reduction. The pace of growth appeared the most rapid in 2014 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per kg in 2015; however, from 2016 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was South Korea ($X per kg), while the average price for exports to Mexico ($X per kg) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Brazil (X%), while the prices for the other major destinations experienced a decline.

Measuring Instrument Imports

Imports into the U.S.

In 2023, after ten years of growth, there was decline in overseas purchases of instrument for measuring and testing electricity and electrical signals, when their volume decreased by X% to X tons. Over the period under review, imports, however, showed a significant increase. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Imports peaked at X tons in 2022, and then fell slightly in the following year.

In value terms, measuring instrument imports expanded rapidly to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked in 2023 and are expected to retain growth in the near future.

Imports by Country

Mexico (X tons), China (X tons) and Germany (X tons) were the main suppliers of measuring instrument imports to the United States, together accounting for X% of total imports. Canada, Japan, South Korea, Spain, Taiwan (Chinese), Malaysia, the UK, France, India and Hungary lagged somewhat behind, together comprising a further X%.

From 2013 to 2023, the biggest increases were recorded for India (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest measuring instrument suppliers to the United States were Mexico ($X), Malaysia ($X) and Germany ($X), together comprising X% of total imports. Japan, China, Taiwan (Chinese), Canada, the UK, South Korea, France, India, Hungary and Spain lagged somewhat behind, together accounting for a further X%.

Taiwan (Chinese), with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average measuring instrument import price stood at $X per ton in 2023, rising by X% against the previous year. In general, the import price, however, recorded a deep setback. The import price peaked at $X per ton in 2013; however, from 2014 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Malaysia ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform