Overview and Scope
A digital multimeter is a device that can measure two or more electrical quantities simultaneously using a single instrument. It measures and validates a variety of electrical quantities such as voltage, current, and resistance.
Sizing and Forecast
The digital multimeter market size has grown steadily in recent years. It will grow from $1.11 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increased automation, electronics industry growth, telecommunications expansion, increasing number of educational and training institutions.
The digital multimeter market size is expected to see steady growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to renewable energy sector growth, green technology initiatives, globalization and standardization, safety and compliance. Major trends in the forecast period include smart and connected multimeters, advanced measurement capabilities, remote and cloud-based data storage, rapid technological advancements.
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The digital multimeter market covered in this report is segmented –
1) By Product Type: Handheld; Bench-Top; Mounted; Other Product Types
2) By Ranging Type: Auto-ranging; Manual
3) By Industry Vertical: Consumer Electronics; Automotive; Power Generation; Healthcare; Other Industries
Asia-Pacific was the largest region in the digital multimeter market in 2023. The regions covered in digital multimeter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
An increase in industrial automation is expected to propel the growth of the digital multimeter market going forward. Industrial automation refers to using robots, machines, and control systems to do tasks that humans traditionally carried out. Digital multimeters (DMMs) are used for measuring and validating electrical quantities such as voltage, current, and resistance. They are utilized in industrial automation operations to troubleshoot electrical systems and malfunctions. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 3 million industrial robots are already in use in industries around the world, a 10% increase from 2021. Therefore, the increasing adoption of technology and automation in various industries is driving the growth of the digital multimeter market.
Key Industry Players
Major players in the digital multimeter market are Danaher Corporation, Agilent Technologies Inc., Tektronix Inc., Keysight Technologies Inc., Yokogawa Electric Corporation, Milwaukee Tool, Rohde and Schwarz GmbH and Co. KG, National Instruments Corporation, Fluke Corporation, Craftsman, Adlink Technology Inc., HIOKI E.E. Corporation, Mastech Digital Inc., Greenlee Tools, Ideal Industries Inc., Teledyne LeCroy Inc., TPI Corporation, Etekcity, Giga-Tronics Incorporated, Rigol Technologies Inc., GW Instek, Amprobe, AEMC Instruments, Simpson Electric Company, Sanwa Electric Instrument Co. Ltd., B&K Precision Corporation, Extech Instruments Corporation, Chauvin Arnoux Group, Gossen Metrawatt GmbH, AstroAI Corporation, Innova Corporation.
The digital multimeter market report table of contents includes:
1. Executive Summary
2. Digital Multimeter Market Characteristics
3. Digital Multimeter Market Trends And Strategies
4. Digital Multimeter Market – Macro Economic Scenario
…
32. Global Digital Multimeter Market Competitive Benchmarking
33. Global Digital Multimeter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Multimeter Market
35. Digital Multimeter Market Future Outlook and Potential Analysis
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