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The digital multimeter is test equipment used for electronic measurement in the electronics industry. It measures several functions like the voltage, current, and resistance and has test capabilities like capacitance, temperature, frequency, transistor test, and continuity (buzzer). A digital multimeter is widely used test equipment for measuring various parameters like amps, volts, and ohms of electrical and electronic equipment with high accuracy. It has dual display resolution and has significantly high accuracy.
Digital multimeter reflects the results in numerical form on an LCD or LED display, ranging from 3 millivolt – 4volt digit. It is further used to troubleshoot electrical problems in a wide array of industrial and household devices such as electronic equipment, motor controls, domestic appliances, power supplies, and wiring systems. The increased utilization of these across various industrial verticles and in commercial and residential sectors is driving the market. Therefore the market for a digital multimeter is expected to grow at a healthy rate during the forecast period.
Based on type, the market is segmented as handheld, mounted, benchtop, and others. Handheld multimeters are set to possess significant share due to its portability and low cost and are easy to use. Furthermore, they are available in a wide range of shapes and sizes and are used by technicians and maintenance personnel for the measurement for voltage, current, and resistance from location to location.
Based on the application, the market is segmented as medical equipment, automotive, consumer electronics, energy devices, and others. The automotive segment is set to grow substantially due to an increase in the use of electric vehicles coupled with increasing deployment of advanced transport facilities across various regions.
The key market driver of this market is the operational characteristics of a digital multimeter, which are way better than conventional ones and are user friendly. The features include accuracy, flexibility, portability, dual display resolution, and long working life, which will make multimeter ideal to use in a variety of applications like industrial and commercial. Furthermore, the growing demand for electronic devices for testing and measurement is set to complement the industry demand further.
The key market restraint is the cost sensitivity of the multimeter that may hinder its deployment rate and also decrease its use. Other factors that may hamper the market include a sudden change in the technology in the market, which will be difficult to adjust with the device.
Key Market Driver -
Various operational features with precise operations
Key Market Restraint -
Cost sensitivity of the devices
Some of the major companies in the digital multimeter market include Fluke Corporation, Tektronix, Keysight Technologies, Yokogawa, GOSSEN METRRAWATT, Hioki E.E. Corporation, National Instruments, Amprobe, RIGOL TECHNOLOGIES, Teledyne LeCroy, Giga-tronics, and FLIR Systems.
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The global digital multimeter market is analyzed across various regions, namely North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Countries like the US and Canada are witnessing significant growth owing to the increase in the electrical industries, and advancing the industrial sector is expected to drive the need for these multimeters. Asia Pacific and Europe are expected to account for a substantial share in the global market in the near future due to the easy availability of raw material and low labor costs in countries like India, Japan, China, Malaysia, Singapore, and many others. Besides, countries like Italy, the UK, Germany, and France are set to hold strong positions across Europe, owing to the growing electronics industry. Consequently, Latin America and Middle East Africa regions are favored by the adoption of better technology for precise results along with the technological developments in the electrical industries.
Segmentation of the Global Digital Multimeter Market
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