U.S.: Measuring Instrument Market 2024

Measuring Instrument Market Size in the U.S.

In 2023, the U.S. measuring instrument market increased by X% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of X% over the period from 2013 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the market attained the maximum level in 2023 and is expected to retain growth in the immediate term.

Measuring Instrument Production in the U.S.

In value terms, measuring instrument production declined to $X in 2023. In general, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, production attained the peak level of $X. From 2019 to 2023, production growth failed to regain momentum.

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Measuring Instrument Exports

Exports from the U.S.

After three years of growth, shipments abroad of instruments and related products for measuring, displaying, and controlling industrial process variables decreased by less than X% to X units in 2023. Overall, exports, however, posted strong growth. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked at X units in 2022, and then shrank slightly in the following year.

In value terms, measuring instrument exports expanded rapidly to $X in 2023. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 when exports increased by X%. The exports peaked in 2023 and are likely to see steady growth in the immediate term.

Exports by Country

Canada (X units), Mexico (X units) and Germany (X units) were the main destinations of measuring instrument exports from the United States, with a combined X% share of total exports. China, Japan, the UK, Greece, Brazil, South Korea, Hong Kong SAR, France and Singapore lagged somewhat behind, together accounting for a further X%.

From 2013 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Greece (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), Canada ($X) and China ($X) constituted the largest markets for measuring instrument exported from the United States worldwide, with a combined X% share of total exports. Germany, Japan, the UK, Singapore, Brazil, South Korea, France, Greece and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

Greece, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination 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 unit, rising by X% against the previous year. Over the period under review, the export price, however, saw a abrupt shrinkage. The pace of growth was the most pronounced in 2019 an increase of X%. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to Canada ($X per unit) was amongst the lowest.

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

Measuring Instrument Imports

Imports into the U.S.

After three years of growth, overseas purchases of instruments and related products for measuring, displaying, and controlling industrial process variables decreased by X% to X units in 2023. In general, imports, however, enjoyed a prominent increase. The growth pace was the most rapid in 2020 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2022, and then fell in the following year.

In value terms, measuring instrument imports totaled $X in 2023. The total import value increased at an average annual rate of X% from 2013 to 2023; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the maximum in 2023 and are expected to retain growth in the immediate term.

Imports by Country

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

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

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

Vietnam, 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 unit in 2023, with an increase of X% against the previous year. Over the period under review, the import price, however, recorded a deep slump. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Canada ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform