Allied Market Research published a report on the Digital Multimeter Market by Product Type (Handheld, Desktop, Mounted), by Ranging Type (Auto-ranging, Manual), by Industry Vertical (Consumer Electronics, Automotive, Power Generation, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.
The global digital multimeter market was valued at $0.61 billion in 2021, and is projected to reach $1.1 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.
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Digital multimeters have provided consistent sales in the market for a very long time and this is expected to continue in the foreseeable future as well. The demand is expected to be driven by several factors such as the versatility of the device, its availability in various forms such as handheld, mounted, auto-ranging and manual, and its rapidly increasing usage in several industries on account-of their ongoing transformation driven by technological adoption.
A digital multimeter is a test and measurement tool which measures two or more electrical values, such as resistance, current and voltage. It is a standard diagnostic tool used by technicians in the electrical/electronic industries. Digital multimeters such as mini digital multimeter and automotive multimeter are known for their ability to measure with high accuracy and reliability. They typically combine the testing capabilities of ohmmeter (ohms), ammeter (amps), and voltmeter, and some of them also include advanced options or specialized features. There are several types of digital multimeters such as handheld, desktop, mounted, manual and auto-ranging.
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Businesses can evaluate the Porter’s Five Forces Analysis to determine the structure, level of competition, and industry’s strengths and weaknesses. The report also contains information and statistics, tables and figures that are used in strategic planning for the company’s success. The report will be remarkable in its ability to provide worldwide investors with the information they need to make informed judgments about the market. Also, these research report provides accurate economic, global, and country-level predictions and analysis.
Competitive Analysis:
The digital multimeter industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market’s strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global digital multimeter market 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
- Sanwa Electric Instrument Co., Ltd.
Top Impacting Factors
Some of the significant factors impacting the global digital multimeter market include that they provide more precision as compared to analog testers, have an expanding use in different end-user industries, are versatile in nature, and face competition from small manufacturers selling cheap versions of the product. The increasing demand from various industries for incorporation of technology is a major influencer of the demand for digital multimeters. However, the sale of low quality and cheap digital multimeters by local manufacturers is expected to restrain growth of the market. Meanwhile, increasing number of applications due to the adoption of Internet of Things (IoT) and Industry 4.0 provide an opportunity to market players during the forecast period.
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Key Benefits for Stakeholders:
- 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.
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