Farmington, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The Digital Multimeter Market was valued at USD 1.0 Billion in 2022 and is expected to reach USD 1.3 Billion by 2030 with a CAGR of 4.47% over the forecast period 2023-2030. When there is an issue with an electronic item, a digital multimeter is used to measure voltage, current, and resistance to determine the source of the issue. It can also be used to determine whether or not there is continuity between two locations in an electric circuit. Digital multimeters were created a long time ago with the expectation that they will eventually replace analog meters due to their greater accuracy and dependability.
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Typical components of a digital multimeter include an LCD display, a knob that allows the user to select between various ranges of electric parameters, a dial, and an input jack. There are three types of digital multimeters, including one that can be held in the hand, one that sits on a bench, and one that is attached to anything.
Digital Multimeter Market Recent Developments:
- In April 2019, Gossen Metrawatt GmbH, a leading manufacturer of electrical measurement and testing instruments, introduces the new Metraline series of digital multimeter. This release aims to include an auto-disconnect socket for safety, and this digital multimeter is safe under the measurement category CAT III (600V) or CAT IV (300V).
- In April 2019, a new Automotive Customer Center in Nagoya, Japan was opened by Keysight Technologies Inc, a leading manufacturer of electronic test and measurement equipment and software. The goal of this new contact center is to serve customers in the local area in support of innovative technology projects.
- In November 2018, Tektronix, a company that makes equipment for testing and measuring, released the Keithley DMM7512, a dual-channel sampling multimeter with 712 digits. The multimeter is an 18-bit digitizer with a current sensitivity of 0.1 nA and a voltage sensitivity of 1 V, 1 Msample/s.
Digital Multimeter Market Segmentation Analysis:
Based on the kind of product, the market is divided into Handheld, Benchtop, Mounted, and Other categories. When something goes wrong with an electronic item, a digital multimeter is used to measure the current, voltage, and resistance. It is also used to provide continuity between two locations in an electrical circuit. Based on its application, the market is segmented into residential, commercial, industrial, consumer electronics, automotive, and manufacturing. The power factor of a digital multimeter reveals the reactance-induced voltage-ampere loss in a system.
Regional Outlook:
In the near future, Asia-Pacific is anticipated to be the largest market for digital multimeters. This is because countries like India and China are automating their electrical and electronic sectors and making technological improvements. Because critical resources such as land and labour are readily available in Asia-Pacific nations, large market participants may choose to establish factories there to stimulate market growth in the region. Due to the expansion of the electronics sector in countries such as the United Kingdom and Germany, it is anticipated that the digital multimeter market in Europe will expand significantly over the next several years. Due to the rapid industrialization of nations such as the United States and Canada, it is anticipated that North America would experience significant growth on the worldwide market in the near future.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 4.47% from 2023 to 2030 |
| Market Size in 2022 | USD 1.0 Billion |
| Revenue Forecast by 2030 | USD 1.3 Billion |
| By Type | Handheld, Mounted, Benchtop, Others |
| By Applications | Residential, Commercial, Industrial, Consumer Electronics, Automotive, Manufacturing |
| By Companies | Fluke Corporation, Keysight, FLIR, Rohde & Schwarz, Victor, UNI-T, HIOKI, Chauvin Arnoux Group, Klein Tools, B&K Precision Corporation, CEM, Gossen Metrawatt, and Others |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Market Drivers and Restraints:
The market for digital multimeters is primarily driven by their versatility and features, such as accuracy, flexible use, portability, dual display resolution, and lifetime warranties. Due to these characteristics and the fact that Digital Multimeters can perform multiple functions, it is anticipated that their popularity will increase. Increasing numbers of enterprises use electronic gadgets each year. This holds true for numerous businesses kinds. Due to this enhancement, electrical professionals measure the voltage, current, and resistance of electronic equipment with digital multimeters more frequently.
Despite the fact that digital multimeters are extremely useful and essential equipment for electricians, they are not without flaws. A digital mustimeter power factor displays the volt-ampere losses caused by reactance in a system. If your power factor is low, you will be fined by the power company. However, you can reduce these expenses by installing a power factor adjustment system.
Market Opportunity:
The majority of growth in the worldwide digital multimeter market is attributable to the increasing demand for these instruments in the automotive industry. In the coming years, the necessity to eliminate parallax errors in testing and measuring applications is anticipated to generate revenue-generating opportunities for industry leaders. This is something that ought to occur within the next several years. In the coming years, modifying currently available devices could increase demand and contribute to the expansion of the digital multimeter industry as a whole.
Digital Multimeter Market Key Segments Covered:
Top Market Players:
Fluke Corporation, Keysight, FLIR, Rohde & Schwarz, Victor, UNI-T, HIOKI, Chauvin Arnoux Group, Klein Tools, B&K Precision Corporation, CEM, Gossen Metrawatt, and Others.
Digital Multimeter Market, By Product Type
- Handheld
- Mounted
- Benchtop
- Others
Digital Multimeter Market, By Application
- Residential
- Commercial
- Industrial
- Consumer Electronics
- Automotive
- Manufacturing
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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