Global Hour Meter Market – Introduction
An hour meter is a mechanical device or instrument that records and tracks elapsed time or overtime flowing through a circuit, which is normally displayed in terms of hours. In addition to this, hour meters can record the running time of gauges to ensure accurate maintenance of costly systems and machines. The maintenance generally involves changing, replacing, and checking of parts, belts, filters, oil, lubrication in engines, fans, motors, and blowers. Hour meters are basically of two shapes i.e. round and rectangular. Basically, hour meters are employed for equipment service, equipment warranty, equipment resale, and equipment rental. Equipment service includes tracking of running time between two scheduled services. Equipment warranty refers to monitoring of elapsed hours, whereas equipment resale involves recording of actual running hours. Equipment rental services track elapsed time. Hour meter applications include off-highway equipment with products or engines with electric motors.
Global Hour Meter Market – Competition Landscape
The global hour meter market is highly fragmented, with the proliferation of various start-ups, especially in developing economies. Leading market players are focusing on the development of innovative hour meters to overcome the existing limits and enhance the operational efficiency.
- In May 2019, Linortek or Linor Technology, Inc. launched ‘IoTMeter,’ a wireless equipment hour meter. It is a self-contained Wi-Fi-enabled device with relay outputs, analog inputs, digital inputs, and a specially designed software, which is customized as per solutions. It collects data about the usage of temperature, voltage, hours, etc. The device is employed to collect real-time data about offline-powered equipment and industrial vehicles.
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Honeywell International Inc.
Incorporated in 1906, Honeywell is a multinational conglomerate headquartered in New Jersey, the U.S. The company is specialized in consumer and commercial products, aerospace systems, and engineering services. Furthermore, Honeywell International Inc. operates through four key strategic business units that include home & building technologies (HBT), Honeywell Aerospace, Honeywell Performance Materials & Technologies, and safety & productivity solutions (SPS). The company has its operations across the globe and it serves clients in various industries including aerospace, commercial constructions, automotive, field service, healthcare, manufacturing, oil & gas, power & utilities, logistics, retail, test & measurement, and transportation.
EATON Corporation Inc.
Incorporated in 1911, Eaton is a U.S.-based multinational conglomerate and a power management company with around 99,000 employees. The company operates its business through two key segments: industrial and electrical. The industrial segment includes hydraulics group, aerospace group, and vehicle group. The electrical segment of the company comprises Electrical Americas & Rest of World sub-segments, which include customers from institutional, industrial, government, information technology, commercial, utilities, residential, and original equipment manufacturer (OEM) sectors. Eaton’s operational headquarters is in Beachwood, Ohio (the U.S.). The company operates in almost 175 countries.
Some of the key players operating in the global hour meter market are 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., and Robert Bosch GmbH.
Global Hour Meter Market – Dynamics
Growing awareness about energy conservation across the globe
Continuously growing awareness about energy conservation across the globe, led by rising power consumption and decreasing efficiency of products is a major factor likely to drive the global hour meter market in the next few years. Due to rapid increase in population and dependency on electricity in various applications such as industrial, residential, and commercial, the demand for electricity has increased. This is causing deficit of electric energy during peak hours due to which cost of electricity has increased worldwide. This, in turn, has augmented the demand for hour meters across the globe. This, in turn, is projected to drive the global hour meter market during the forecast period.
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Global Hour Meter Market – Segmentation
The global hour meter market can be segmented based on:
- Hour Meter Type
- End-use Industry
Global Hour Meter Market, by Hour Meter Type
Based on hour meter type, the global hour meter market can be divided into:
- AC Hour Meter
- DC Hour Meter
- Hybrid Hour Meter
Global Hour Meter Market, by Application
In terms of application, the global hour meter market can be segmented into:
Global Hour Meter Market, by Display
Based on display, the global hour meter market can be classified into:
- Liquid Crystal Display (LCD)
- Light-emitting Diode (LED)
Global Hour Meter Market, by Type
Based on type, the global hour meter market can be segregated into:
Global Hour Meter Market, by End-use Industry
In terms of end-use industry, the global hour meter market can be categorized into:
- Oil & Gas
- Food & Beverages
- IT & Telecommunication
- Aerospace & Defense
- Electronics & Consumer Goods
- Others (Aviation, Power Generation Systems, Construction, etc.)
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