Launch of digitally advanced meters and the rise in the energy requirements are expected to drive the demand of Saudi Arabia Digital Multimeter market through the forecast period.
According to TechSci Research report, “Saudi Arabia Digital Multimeter Market By Type (Handheld, Bench-Top, Mounted) By Functionality (Auto Ranging, Clamp Digital, Fluke Digital) By Application (Automotive, Manufacturing, Consumer Electronics, Industrial, Residential, Commercial), By Region, Company Forecast & Opportunities, 2026”, The Saudi Arabia Digital Multimeter market is expected to grow at a steady rate during the forecast period. A digital multimeter is an electronic device and is used for the measurement and testing process of the electronics and electrical industry. Digital multimeters are also known as the advanced standard diagnostic tool to measure values with high accuracy. Digital multimeters can be used for the measurement of different parameters Digital multimeters can be used for the measurement of the AC and DC quantities which make it preferable among the electricians for measurement purposes. Digital multimeters are highly accurate as they display the results in numeric values which lowers the chances of error and makes it easier to use. Digital multimeters are equipped with an auto polarity function which makes it easier for the user to establish the perfect connection by selecting the correct polarity. The growing demand from the industries to measure with higher accuracy the frequency, resistance, temperature, and others. The growing energy requirements in Saudi Arabia owing to the rapid urbanization and industrialization is influencing the demand for digital multimeters in the next five years. The rise in the demand for dual display resolution and the need to maintain accuracy during measurements and tests is leading to the growth of the digital multimeter market.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Manufacturing units were temporarily suspended which negatively affected the digital multimeter market growth. Workers moved back to their native places which created a shortage of workforce at the manufacturing units. Import and export activities were restricted and disruption in the supply chain was observed which adversely affected the digital multimeter market growth.
However, the digital multimeter is more expensive than the analog multimeters and the lack of compatibility with some devices may restrain the growth of the Digital Multimeter market.
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Saudi Arabia Digital Multimeter market is segmented into type, functionality, application, regional distribution, and company. Based on type, the market can be divided into handheld, bench-top, and mounted. The handheld digital multimeter is expected to account for a major market share in the forecast period, 2022-2026. It is cost-effective and is portable which makes it easier to carry around for measurement of electrical and electronic devices. The growing automotive industry and the surge in the energy requirements owing to the rising population requires the use of digital multimeters for measuring electrical parameters. Based on the application, the market can be divided into automotive, manufacturing, consumer electronics, industrial, residential, and commercial. The automotive industry is expected to account for a major market share in the next five years owing to the high sales of automobiles in the region. Digital multimeters are used for the accurate measurement of electrical parameters such as voltage, resistance, current, and capacitance. Digital multimeters are used for testing and diagnosing purposes in the vehicle batteries and find the issues relating to the engine and sound systems.
Fluke Corporation, Extech Instruments, Yokogawa, Amprobe, AEMC Instruments, Megger Group, Flir Systems, Dwyer Instruments, Transmille, Metrel, among others are some of the leading players operating in Saudi Arabia Digital Multimeter market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“The growing concern regarding the growing pollution levels and to achieve the Saudi Vision 2030 which aims to achieve sustainable developments and adopt cleaner energy solutions is expected to boost the demand for electrical vehicles in the region. The growing demand for autonomous and connected vehicles is anticipated to create lucrative opportunities for the digital multimeter market growth as these vehicles require the use of electronic devices and components. The rise in demand for consumer electronics and the automotive industry along with the strong economic growth of Saudi Arabia is expected to propel the growth of the digital multimeter market through 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Digital Multimeter Market By Type (Handheld, Bench-Top, Mounted) By Functionality (Auto Ranging, Clamp Digital, Fluke Digital) By Application (Automotive, Manufacturing, Consumer Electronics, Industrial, Residential, Commercial), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia Digital Multimeter market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Digital Multimeter market.
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