New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Inclinometers Market” published by Consegic Business Intelligence, the market was worth USD 3,271.81 Million in 2022, projected to grow by USD 3,292.31 Million in 2023, and is anticipated to reach over USD 4,042.46 Million by the year 2031, growing at a CAGR of 2.60%.
Inclinometer is a type of instrument designed to measure inclination of an object and angles of slope with respect to its gravity by generating an artificial horizon. The characteristics of inclinometers including high stability, high accuracy, precise measurements, extremely stable output over wide range of temperature and vibrations, and others make it ideal for utilization in construction, automotive, marine, robotics, and other industries.
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The increasing utilization of inclinometers in the construction sector is among the key factors driving the market growth. Additionally, rising investments in infrastructure development projects, increasing building and construction activities, and growing demand for reliable structural health monitoring instruments are key factors fostering the adoption of inclinometers. For instance, according to the UK Office for National Statistics, the new private commercial construction orders in the United Kingdom were valued at USD 4,295.1 million during the fourth quarter of 2022, witnessing an increase of 5.5% in comparison to the fourth quarter of 2019. Thus, the rising construction activities are driving the adoption of inclinometers for inclination measurement, monitoring ground movements, and monitoring of building structure during construction, thereby driving the growth of the market.
Additionally, the rising adoption of industrial automation fueled by Industry 4.0 is projected to promote potential opportunities for the growth of the inclinometers market. Inclinometers integrate various characteristics including high stability, repeatability, low noise, and ultra-low power consumption with support for artificial intelligence to facilitate automation in Industry 4.0 applications. However, certain limitations and operational challenges associated with inclinometers are constraining the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2031 | USD 4,042.46 Million |
| Forecast Period | 2023-2031 |
| CAGR (2023-2031) | 2.60% |
| Base Year | 2022 |
| Study Timeline | 2017-2031 |
| Key Players | Murata Manufacturing Co. Ltd., STMicroelectronics, TE Connectivity, Durham Geo-Enterprises Inc., Sherborne Sensors, GEOKON, Tokyo Measuring Instruments Laboratory Co. Ltd, Rieker Inc., Analog Devices Inc., Automation Sensorik Messtechnik GmbH, The Fredericks Company, RST Instruments Ltd. |
| By Type | Single-Axis Inclinometer and Multi-Axis Inclinometer |
| By End-User | Construction, Automotive, Marine, Robotics, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Inclinometers Market Growth Drivers:
- Rising construction activities is driving the market growth.
- Growing automotive industry is spurring the market growth.
Restraints
- Limitations and operational challenges associated with inclinometers are restraining the market growth.
Opportunities
- Rising adoption of industrial automation fueled by Industry 4.0 is expected to promote potential opportunities for market growth.
Global Inclinometers Market Segmentation Details:
Based on type, the multi-axis inclinometer segment contributed the largest shares to the market growth in 2022. The benefits of multi-axis inclinometers include faster response time, high level of precision, higher accuracy, and others are key aspects driving the growth of the segment. Further, the increasing utilization of multi-axis inclinometers in construction, automotive, industrial automation & robotics applications is driving the growth of the multi-axis inclinometer segment.
Based on end-user, the construction segment accounted for the maximum revenue share in the year 2022. Inclinometers are primarily used in the construction sector for inclination measurement, monitoring ground movements, and monitoring of building structure during construction activities. Factors including the rising investments in infrastructure development projects and increasing building and construction activities are among the primary determinants for fostering the growth of the construction segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including construction, robotics, automotive, and other sectors is driving the growth of inclinometers market in North America. Further, rising investments in the field of electric vehicles and robotics are projected to boost the market growth in the North American region during the forecast period.
Key Market Highlights
- Globally, inclinometers market is divided based on the type into single-axis inclinometer and multi-axis inclinometer.
- In the context of end-user, the market is separated into construction, automotive, marine, robotics, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in the inclinometers market.
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List of Major Global Inclinometers Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Murata Manufacturing Co. Ltd.
• STMicroelectronics
• TE Connectivity
• Durham Geo-Enterprises Inc.
• Sherborne Sensors
• GEOKON
• Tokyo Measuring Instruments Laboratory Co. Ltd
• Rieker Inc.
• Analog Devices Inc.
• Automation Sensorik Messtechnik GmbH
• The Fredericks Company
• RST Instruments Ltd.
Global Inclinometers Market Segmentation:
- By Type
- Single-Axis Inclinometer
- Multi-Axis Inclinometer
- By End-User
- Construction
- Automotive
- Marine
- Robotics
- Others
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Key Questions Covered in the Inclinometers Market Report
- What is inclinometers?
- Inclinometers refer to instruments that are designed for measuring the angles of tilt/slope and depression/ elevation of an object with respect to gravity.
- What is the dominating segment in the inclinometers market by type?
- In 2022, the multi-axis inclinometer segment accounted for the highest market share in the overall inclinometers market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the inclinometers growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing demand for inclinometers from construction, automotive, robotics, and other sectors is driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization growth of multiple industries such as automotive, construction, and others along with rising adoption of industrial automation.
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