The global digital multimeter market size reached US$ 1.1 Billion in 2023. Looking forward, the market is projected to reach US$ 1.5 Billion by 2032, exhibiting a growth rate (CAGR) of 3.51% during 2023-2032.
A digital multimeter is a standard diagnostic tool that is used to test electrical values such as the voltage, current and resistance in an electrical appliance. It consists of a display with buttons, a dial or a rotary switch and various input jacks in which the test leads are inserted. Also, as compared to traditionally used needle-based analog meters, the digital-variants have higher accuracy, reliability and impedance. As a result, they are extensively used for troubleshooting various electrical issues in industrial and domestic devices such as home appliances, motor controls, power supplies and wiring systems.
A thriving electronics industry, along with rapid industrialization, is the key factors driving the global market. Increasing adoption of electronic devices by consumers around the globe have augmented the demand for these devices among electrical professionals. Furthermore, technological advancements in product manufacturing have enabled the manufacturers to integrate other measuring instruments such as insulation testers and infrared thermometers with multimeters. Also, certain features such as polarization index, dielectric absorption and earth-bond resistance are being added in these devices.
These features provide enhanced efficiency and user-friendly experience, thus resulting in an increasing demand for the product. Additionally, owing to their cost-effectiveness and the multi-functionality, along with their portability and dual display resolution, these devices are increasingly being preferred over ohmmeters or voltmeters. Other factors such as the rising trend of digitization are also contributing to the market growth.
This report provides a deep insight into the global digital multimeter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global digital multimeter market in any manner.
A digital multimeter is a standard diagnostic tool that is used to test electrical values such as the voltage, current and resistance in an electrical appliance. It consists of a display with buttons, a dial or a rotary switch and various input jacks in which the test leads are inserted. Also, as compared to traditionally used needle-based analog meters, the digital-variants have higher accuracy, reliability and impedance. As a result, they are extensively used for troubleshooting various electrical issues in industrial and domestic devices such as home appliances, motor controls, power supplies and wiring systems.
A thriving electronics industry, along with rapid industrialization, is the key factors driving the global market. Increasing adoption of electronic devices by consumers around the globe have augmented the demand for these devices among electrical professionals. Furthermore, technological advancements in product manufacturing have enabled the manufacturers to integrate other measuring instruments such as insulation testers and infrared thermometers with multimeters. Also, certain features such as polarization index, dielectric absorption and earth-bond resistance are being added in these devices.
These features provide enhanced efficiency and user-friendly experience, thus resulting in an increasing demand for the product. Additionally, owing to their cost-effectiveness and the multi-functionality, along with their portability and dual display resolution, these devices are increasingly being preferred over ohmmeters or voltmeters. Other factors such as the rising trend of digitization are also contributing to the market growth.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the global digital multimeter market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on product type, functionality and end use industry.Breakup by Product Type:
- Handheld
- Bench-Top
- Mounted
- Others
Breakup by Functionality:
- Auto Ranging
- Clamp Digital
- Fluke Digital
- Others
Breakup by End Use Industry:
- Automotive
- Manufacturing
- Energy
- Utility
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Competitive Landscape
The report has also analysed the competitive landscape of the market with some of the key players being Agilent Technologies, Anritsu, Danaher, Rohde & Schwarz, Tektronix, Adlink Technology, Aeroflex, Ametek, Giga-tronics, National Instruments, Rigol Technologies, Teledyne LeCroy, Teradyne and Yokagawa Electric, etc.This report provides a deep insight into the global digital multimeter market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the global digital multimeter market in any manner.
Key Questions Answered in This Report
- How has the global digital multimeter market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global digital multimeter industry?
- What has been the impact of COVID-19 on the global digital multimeter industry?
- What is the breakup of the market based on the product type?
- What is the breakup of the market based on the functionality?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the global digital multimeter industry?
- What are the key driving factors and challenges in the global digital multimeter industry?
- What is the structure of the global digital multimeter industry and who are the key players?
- What is the degree of competition in the global digital multimeter industry?
- What are the profit margins in the digital multimeter industry?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Digital Multimeter Market
6 Market Breakup by Product Type
7 Market Breakup by Functionality
8 Market Breakup by End Use Industry
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- Agilent Technologies
- Anritsu
- Danaher
- Rohde & Schwarz
- Tektronix
- Adlink Technology
- Aeroflex
- Ametek
- Giga-tronics
- National Instruments
- Rigol Technologies
- Teledyne LeCroy
- Teradyne
- Yokagawa Electric
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 1.1 Billion |
| Forecasted Market Value ( USD | $ 1.5 Billion |
| Compound Annual Growth Rate | 3.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
