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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
  • Application
  • Display
  • Type
  • End-use Industry
  • Region

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:

  • Industrial
  • Commercial
  • Residential

Global Hour Meter Market, by Display

Based on display, the global hour meter market can be classified into:

  • Electromechanical
  • 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:

  • Digital
  • Analog

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
  • Energy
  • IT & Telecommunication
  • Agricultural
  • Aerospace & Defense
  • Electronics & Consumer Goods
  • Chemicals
  • Automotive
  • Healthcare
  • Others (Aviation, Power Generation Systems, Construction, etc.)

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Hour Meter Market

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