Hour Meter Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

Hour meter is an important instrument, which is used in many industries. It keeps the record of overtime or extended running time of the machine through a circuit. It generally displays the extended running time of the machine in hours. When the machine is working continuously for a specific period of time, then the maintenance of the machine becomes very important so that more damage to the parts could be avoided. Hour machine is an effective way of reducing the damage to the machine by doing timely maintenance.

COVID-19 scenario analysis:

• The demand for hour meter is expected to decrease in 2020 due to low demand from different industries, such as manufacturing and oil & gas, owing to the lockdown imposed by governments of many countries.
• COVID-19 pandemic has shut-down the production of various products in the hour meter industry, owing to the prolonged lockdown in major global countries. This has hampered the growth of the hour meter market significantly from the last few months, and is likely to continue during 2020.
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year. 
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries, including the U.S., Germany, Italy, the UK, and China, which have been badly affected by the spread of the coronavirus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus to protect their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Proper maintenance of heavy machines is very important to avoid the high repairing cost of machines. This maintenance generally includes checking of various parts, such as filter, bearings, and belts, of the machine. In addition, parts should be replaced in case of any damage or failure while components, such as motors, fans, and engines, which are subjected to more friction should be lubricated. 

There are various types of hour meters available in the market. Hour meters can be differentiated on the basis of various parameters such as data, shape, display, and power. They are generally powered by using alternating current (AC) or direct current (DC). Equipment, such as airplanes, tractors, and trucks, which are operated with the help of battery use direct current (DC)-powered hour meter. The hour meters, which are powered by alternating current (AC) are generally used on equipment such as compressor, generators, and rug shampooers. Therefore, due to the wide range of applications, the demand for hour meter is expected to rise during the forecast period. Hour meter with electromechanical display consists of rotating numbered wheels to give the time reading. The hour meters available in the market are not very costly and show accurate timings. They are selected according to the requirement of the customer, design, and display. Other than these, some other factors are also taken into consideration before selecting the hour meter. If there is electronic hour meter fitted on the machine, the operator will not be able to see the reading in case of power shortage. This problem can be overcome by using electromechanical analog hour meter. Moreover, the price of digital hour meter is more than the analog hour meter.

Hour meter is used in many industries for accurate indication of the total working time of different types of machines during the specific period. As per the indication, maintenance of the machines is done so that the machine will work properly and the replacement of the component could be avoided. Therefore, this is the key driving factor for the growth of the hour meter market. In addition, different product range allows the user to select the hour meter as per the requirement and function.

New product launch to boost the market

Many companies in the hour meter market develop and introduce new products in the market. These products are technologically more advanced than the previous products. In May 2019, Linor Technology launched advanced version of an hour meter known as IoT meter. This device is Wi-Fi enabled and comes with specially designed software. It collects the information such as hours, voltage, and temperature. 

Key benefits of the report:

• This study presents the analytical depiction of the hour meter market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the hour meter market share.
• The current market is quantitatively analyzed to highlight the market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed hour meter market analysis based on competitive intensity and how the competition will take shape in coming years. 

 Hour Meter Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 Report Highlights