The Multimeter Market is estimated to grow at a CAGR of 5.20% during the forecast period.
A multimeter is an electronic tool used to measure electric properties such as voltage, current, and resistance when a failure develops in an electrical device. Additionally, it is used to check the continuity of two points in an electrical circuit. Multimeters offer accurate & reliable measurements owing to which they hold high industrial applicability. The multifunctionality features of the multimeter coupled with the growing number of end-users are the main growth drivers for the multimeter industry.Market Drivers:
- Rising use of multimeters in aircraft
- Rising technological development with industrialization
- Growing applicability in EV
High demand for analog multimeters
To diagnose electrical and electronic issues, analog multimeters are utilized. The measurement of resistivity in ohms, current in amps, and potential in volts are fundamental functions. Advanced analog multimeters have capabilities such as modes for checking capacitors, diodes, and integrated circuits. The measurement of DC and AC voltage are a few of the precise measurements carried out with the assistance of analog multimeters. The two main types of analog multimeters are benchtop and hand-held. The design of handheld analog multimeters makes it possible to use them while holding them in one hand. Wheels and handles can be used to move benchtop analog multimeters around.Asia Pacific is projected to dominate the multimeter market
During the projected period, the Asia Pacific is anticipated to account for a considerable market share due to its well-established electronic manufacturing and growing EV applications. Additionally, government initiatives aimed at promoting electric vehicle (EV) adoption and developing EV charging infrastructure have further propelled the demand for multimeters. For instance, in December 2022, under the second phase of the FAME-India Scheme, a budget allocation of Rs. 1000 Cr. was dedicated to the development of charging infrastructure by the Ministry of Heavy Industries. Also, the ministry further approved the establishment of 2,877 electric vehicle charging stations in 68 cities across 25 states/union territories.Market Challenge:
- Low battery and voltage limitation
Major developments
- In August 2021,HIOKI introduced the “Digital Multimeter DT4261” which features Bluetooth wireless communication through wireless adapter Z3210. The multimeter can be used for recording harmonic measurements of power conditioners for solar systems.
- In September 2020,A device for the automobile industry was added to the DAkkS-calibrated multimeter generation by Gossen Metrawatt. An all-in-one tool for repairing, maintaining, and repairing electric devices, drives, and systems is the new METRAHIT IM E DRIVE. It combines every test and measurement procedure required.
Company Products
- Digital Multimeter – 101:The Fluke 101 digital multimeter, provided by the Fluke Corporation, is a purpose-built tool for conducting fundamental electrical tests. It is specifically designed to cater to the needs of residential and commercial electricians, as well as heating and air conditioning technicians. Despite its compact and lightweight form factor, this multimeter is highly durable and can withstand rigorous daily use over an extended period.
- 34460A:Keysight Technologies provides the 34460A, a basic digital multimeter that offers additional features such as a histogram and bar chart. This versatile instrument allows users to gain deeper insights, especially when working with low current resolutions. With a remarkable basic DC voltage (DCV) accuracy of 75 ppm, it ensures precise measurements. Moreover, it can measure DC accurately even in the 100 µArange.
Segmentation:
By Product Type
- Digital
- Analog
By Probe Type
- Pointed Probes
- Crocodile Clips
- Retractable Hook Clips
By End-User
- Automotive
- Aerospace
- Defense & Government
- Power & Energy
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Thailand
- Others
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. MULTIMETER MARKET BY PRODUCT TYPE
6. MULTIMETER MARKET BY PROBE TYPE
7. MULTIMETER MARKET BY END-USER
8. MULTIMETER MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
- Fluke Corporation
- Mastech Group (MGL International Group Limited)
- Keysight Technologies
- Yokogawa Test & Measurement Corporation (Yokogawa Electric Corporation)
- GMC-Instruments.
- Emerson Electric Co.
- HIOKI E.E. CORPORATION
Methodology
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