Market Research

Digital Multimeter Market Forecast Report 2027

Apr 30, 2020 5:15 PM ET
iCrowd Newswire – Apr 30, 2020

Digital Multimeter Market: Introduction

  • A digital multimeter is an electronic instrument employed to measure multiple electric parameters such as current, voltage, and resistance when fault occurs in an electronic device. It is also used to test continuity between two points in an electric circuit.
  • Digital multimeters were introduced long ago in order to replace analog meters, as digital multimeters provide reliable measurements with high accuracy
  • A digital multimeter is equipped with an LCD display, a knob to select various ranges of electric parameters, a dial, and an input jack
  • Digital multimeters are categorized into handheld, bench-top, and mounted digital multimeters
  • Handheld digital multimeters are more popular among end-users, as they are light in weight, small in size, and easy to carry
  • Digital multimeters are used in various end-use sectors such as automotive, manufacturing, residential, commercial, and industrial

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Rise in Demand for Digital Multimeters in Test and Measurement Applications

  • Digital multimeters are largely used in test and measurement applications, as people across the globe are increasingly using electronic devices for residential, commercial, or industrial purpose
  • Additionally, use of digital multimeters decreases the possibility for misreading the measurement, as it displays exact numbers on a digital screen and it does not require zero adjustment, which is beneficial to save time
  • Furthermore, digital multimeters are enabled with auto polarity function, which helps the user establish perfect connection by selecting correct polarity
  • Use of digital multimeters helps the user avoid making parallax errors. A parallax error occurs when the user views the reading from another angle and misinterprets the measurement. As a result of these advantages, the demand for digital multimeters in test and measurement applications is increasing. This factor is expected to drive the global digital multimeter market at a rapid pace during the forecast period.

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Automotive Segment to Witness Lucrative Opportunities

  • Based on end-use industry, the global digital multimeter market can be segmented into automotive, manufacturing, residential, commercial, and industrial
  • Among end-use industries, the automotive industry has emerged as an attractive sector for investments for organizations across the globe. In the automotive sector, digital multimeters are significantly used for accurate measurement of electric parameters such as voltage, current, resistance, and capacitance.
  • Additionally, digital multimeters are useful to test vehicle batteries and diagnose issues related to engines and sound systems, owing to which digital multimeters are largely used in the automotive industry
  • Thus, rise in the demand for digital multimeters in the automotive industry is anticipated to drive the global digital multimeter market during the forecast period

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Asia Pacific to Lead Global Market

  • In terms of region, the global digital multimeter market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
  • Asia Pacific is anticipated to dominate the global digital multimeter market throughout the forecast period, owing to increase in automation and ongoing technological advancements in the electrical & electronics (E&E) industry in the region
  • The digital multimeter market in North America and Europe is expected to expand at a substantial rate during the forecast period. However, the market in South America and Middle East & Africa is estimated to expand at a moderate rate during the forecast period.

Key Players Operating in Global Market

The global digital multimeter market was highly fragmented in 2018. Prominent players operating in the global market are focusing on technological advancements and expansions to meet the risen demand for digital multimeters. Moreover, manufacturers are entering into partnerships for the development of innovative products.

Key players operating in the global digital multimeter market are:

  • Fluke Corporation
  • Klein Tools, Inc.
  • Masttech Group Limited
  • Amprobe
  • Rohde & Schwarz GmbH Co. KG
  • TEKTRONIX INC.
  • AMETEK, Inc.
  • Giga-tronics Incorporated
  • National Instruments
  • RIGOL Technologies Inc.
  • Teledyne LeCroy
  • Yokogawa Test & Measurement Corporation

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Keywords:    Digital Multimeter Market Forecast Report