The digital multimeter market size was valued at $617.54 million in 2021, and is projected to reach $1,186.94 million by 2031, registering a CAGR of 6.7%. Digital multimeters, or DMM, measure and verify several electrical stimuli such as resistance, current, voltage, and wattage in a variety of equipment such as semiconductor, printed circuit boards, transistors, fuse, integrated circuits, and air-conditioners. Typically, a digital multimeter consists of leads, probes, and clamps, which are inserted in the inputs given on the instrument and then attached to the device which is to be tested, in order to gain the required measurement.
The scope of the report discusses the potential opportunities for the key players to enter the digital multimeter market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The key factors driving the growth of the digital multimeter market include its higher precision as compared to analog testers, expanding use of technology in different endues industries, and the versatile nature of digital multimeters. Meanwhile, competition from small players selling at cheap prices is expected to restrict the market.
The key players operating in the digital multimeter market are Keysight Technologies, Gossen Metrawatt GmbH, National Instruments Corporation, Tektronix, Inc., Yokogawa Electric Corporation, Fluke Corporation, FLIR Systems, Inc., Rohde & Schwarz GmbH & Co KG, Sanwa Electric Instrument Co., Ltd., and Hioki E.E. Corporation. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global digital multimeter market during the forecast period.
The scope of the report discusses the potential opportunities for the key players to enter the digital multimeter market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The key factors driving the growth of the digital multimeter market include its higher precision as compared to analog testers, expanding use of technology in different endues industries, and the versatile nature of digital multimeters. Meanwhile, competition from small players selling at cheap prices is expected to restrict the market.
The key players operating in the digital multimeter market are Keysight Technologies, Gossen Metrawatt GmbH, National Instruments Corporation, Tektronix, Inc., Yokogawa Electric Corporation, Fluke Corporation, FLIR Systems, Inc., Rohde & Schwarz GmbH & Co KG, Sanwa Electric Instrument Co., Ltd., and Hioki E.E. Corporation. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global digital multimeter market during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital multimeter market analysis from 2021 to 2031 to identify the prevailing digital multimeter market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the digital multimeter market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global digital multimeter market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product Type
- Handheld
- Desktop
- Mounted
By Ranging Type
- Auto-ranging
- Manual
By Industry Vertical
- Consumer Electronics
- Automotive
- Power Generation
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Fluke Corporation
- Rohde & Schwarz GmbH & Co KG
- Sanwa Electric Instrument Co., Ltd.
- Yokogawa Electric Corporation
- Gossen Metrawatt GmbH
- TEKTRONIX, INC.
- Keysight Technologies
- FLIR Systems, Inc.
- HIOKI E.E. CORPORATION
- National Instruments Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: DIGITAL MULTIMETER MARKET, BY PRODUCT TYPE
CHAPTER 5: DIGITAL MULTIMETER MARKET, BY RANGING TYPE
CHAPTER 6: DIGITAL MULTIMETER MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: DIGITAL MULTIMETER MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Digital Multimeter Market," the digital multimeter market was valued at $617.54 million in 2021, and is estimated to reach $1.2 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.The digital multimeter market is likely to experience a significant growth rate of 6.7% from 2021-2031 owing to increasing sales in several end-use industries.
A digital multimeter is a test and measurement equipment widely used in electrical and electronics industry to check whether these devices are working properly, as well as in their repair and maintenance. Such devices range from integrated circuits, transistors and resistors, to HVAC units, air-conditioners and automotive batteries. Digital multimeters are used to measure quantities such as current, voltage, resistance, wattage and capacitance in these devices.
Key factors driving the growth of digital multimeter market include their higher precision in comparison to analog multimeters and analog testers. This high precision refers to the ability of the instrument to accommodate high resolutions as their digital display can show more digits. Increasing adoption of technology in different industries is also driving the digital multimeter market. Specifically, automation equipment and process control equipment are making rapid strides in industries. The use of existing electronics such as electromechanical components and passive components is also expanding rapidly as more electronic devices are incorporated into existing products. Lastly, the versatile nature of digital multimeters is also important. Among the many useful qualities of digital multimeters include their capability to provide the readings outside of the equipment for further analysis. In the meantime, the increasing adoption of Industry 4.0 and Internet of Things (IoT) is expected to create significant opportunities for players in the global digital multimeter market.
The digital multimeter market is segmented on the basis of product type, ranging type, industry vertical and region. On the basis of product type, it is segmented into handheld, desktop and mounted. They are most commonly used when mobility is a key factor in the use of the digital multimeter. Handheld digital multimeters are used to make measurements and potentially troubleshoot hazardous systems in field operations. This has been the primary driver of its significant sales and dominant position in the market. On the basis of ranging type, the market is segmented into auto-ranging and manual. A person using a manual digital multimeter needs to know which range does the required value falls under, and adjust the dials and knobs accordingly. A manual digital multimeter is generally used by professionals, rather than amateurs. This is the case because its usage requires considerable knowledge about various electrical components and their ranges. As a result, their sales are driven by professionals. In terms of industry vertical, the market is segmented into consumer electronics, automotive, power generation, healthcare, and others. The use of consumer electronics is increasing rapidly in today’s world. Rapid urbanization in various parts of the world as well as improvement in living standards of population has resulted in increased sales of consumer electronics. In terms of region, the market is divided into North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, Spain and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific comprises of some of the world’s largest and fastest-growing economies, such as China, Japan, Australia, and India. It also has the presence of some of the world’s largest semiconductor and electronics companies such as Samsung Electronics, LG Electronics, Sony Corporation, and Taiwan Semiconductor Manufacturing Company. This major combination of factors has led to the region acquiring a major share in the global digital multimeter market.
The digital multimeter market players profiled in the report include National Instruments Corporation, Keysight Technologies, Gossen Metrawatt GmbH, Fluke Corporation, FLIR Systems, Inc., Tektronix, Inc., Yokogawa Electric Corporation, Rohde & Schwarz GmbH & Co KG, Hioki E.E. Corporation, and Sanwa Electric Instrument Co., Ltd. Market players have adopted various strategies, such as product launches, collaborations & partnerships, joint ventures, and acquisitions to expand their foothold in the digital multimeter market.
Key Market Insights
- In 2021, the handheld segment in the product type segmentation accounted for highest revenue and is expected to reach $636.35 million by 2031 at a CAGR of 6.1%, while the mounted segment is projected to expand at a faster CAGR of 7.9% during the forecast period.
- In 2021, the manual segment in the ranging type segmentation accounted for maximum revenue and is likely to touch $766.1 million at 6.1% CAGR by 2031, while the auto-ranging segment is estimated to grow at a faster 7.9% CAGR during the forecast period.
- In 2021, the consumer electronics segment in the industry vertical segmentation garnered the largest market share and is estimated to be at $447.44 million by 2031 at 5.4% CAGR, while the automotive segment is likely to witness the higher expansion rate of 8.6% during the forecast period.
- In 2021, Asia-Pacific contributed for a significant share of the digital multimeter market and is expected to touch $478.46 million at 8.1% CAGR, and it is also expected to expand at the fastest rate during the forecast years.
Companies Mentioned
- Fluke Corporation
- Rohde & Schwarz GmbH & Co KG
- Sanwa Electric Instrument Co., Ltd.
- Yokogawa Electric Corporation
- Gossen Metrawatt GmbH
- TEKTRONIX, INC.
- Keysight Technologies
- FLIR Systems, Inc.
- HIOKI E.E. CORPORATION
- National Instruments Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 213 |
| Published | February 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 617.54 million |
| Forecasted Market Value ( USD | $ 1186.94 million |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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