As per the latest report by IMARC Group, titled “Digital Multimeter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global digital multimeter market size is expanding at a steady rate. Digital multimeters (DMMs) are testing tools used for measuring two or more electrical values such as voltage (volts), current (amperes) and resistance (ohms). They perform tests on the operation of diodes, transistors, or electrical continuity. In addition to this, they are portable, and their digital or liquid crystal display (LCD) have no moving parts, thereby making them free from wear and shock failures. DMMs are rapidly replacing analog meters due to their ability to measure different parameters with greater accuracy, reliability and improved impedance. As a result, they are widely utilized for troubleshooting various electrical issues in industrial as well as domestic devices, such as motor controls, power supplies and wiring systems.
Global Digital Multimeter Market Trends:
Rapid industrialization, in confluence with the burgeoning electronics industry, represents one of the significant factors propelling the growth of the digital multimeter market. The boosting sales of electronic devices across different industry verticals has positively influenced the demand for these devices among professionals. Apart from this, owing to the various technological advancements in the production process, manufacturers are incorporating other measuring instruments, such as insulation testers and infrared thermometers in DMMs. Other features, including dielectric absorption, polarization index and earth-bond resistance are also being included in these devices to offer improved efficiency and user-friendly experience. Furthermore, on account of their cost-effectiveness and multi-functionality, DMMs are increasingly being preferred over voltmeters and ohmmeters. Besides this, the increasing trend of digitalization is also strengthening the market growth. Looking forward, the market is anticipated to grow at a CAGR of around 4% during 2019-2024.
- Based on the product type, the market has been classified into handheld, bench-top, mounted and others.
- On the basis of the functionality, the market has been segregated into auto ranging, clamp digital, fluke digital and others.
- The market has been analyzed on the basis of the end use industry into automotive, manufacturing, energy, utility and others.
- Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined with some of the key players being Agilent Technologies, Inc., Anritsu Electric Corporation, Danaher Corporation, Rohde & Schwarz GmbH Co. KG, Tektronix Inc., Adlink Technology Inc., Aeroflex Industries Limited, AMTEK, Inc., Giga-tronics Incorporated (GIGA), National Instruments Corporation, RIGOL Technologies, Teledyne LeCroy, Teradyne Inc. and Yokogawa Electric Corporation.
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