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.
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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.)
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