According to the latest report by IMARC Group, titled " Global Digital Multimeter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global digital multimeter market witnessed moderate growth during 2015-2020. The digital multimeter refers to a portable equipment that is generally used for electrical purposes, including measuring electrical values and testing voltage-current resistance. It is equipped with a shunt resistor that helps measure the current, resistance and voltage of several electrical devices. Apart from this, it consists of a display, dial, buttons, and inputs that usually reflect the electrical values in a precise manner. Additionally, it is widely utilized as a preferred alternative to needle-based meters due to its improved accuracy, impedance and reliability. Consequently, it is extensively used to test batteries and diodes, household wirings and power supplies.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Multimeter Market Trends:
The global market is primarily driven by significant growth in the electrical sector. Along with this, continual technological advancements in the industry are positively influencing the market growth. For instance, the widespread integration of infrared thermometers and insulation testers with digital multimeters is creating a positive outlook for the market. Moreover, increasing investments by the governments of numerous countries to upgrade the existing power transmission infrastructures across the globe are contributing to the market growth. The market is further driven by a significant rise in construction activities across the globe. Furthermore, a digital multimeter is extensively utilized across the automotive sector in order to run tests on electronic components of vehicles, which is also positively influencing the market growth on the global level. Some of the other factors contributing to the market growth include rapid industrialization, especially in the developing economies, and extensive research and development (R&D) activities conducted by key players to introduce improved product variants. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 7% during 2021-2026.
- On the basis of the product type, the market has been segregated into handheld, bench-top, mounted and others.
- Based on the functionality, the market has been segmented into auto ranging, clamp digital, fluke digital and others.
- On the basis of the end-use industry, the market has been classified into automotive, manufacturing, energy, utility and others.
- Based on the region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Agilent Technologies, Anritsu, Danaher, Rohde & Schwarz, Tektronix, Adlink Technology, Aeroflex, Ametek, Giga-tronics, National Instruments, Rigol Technologies, Teledyne LeCroy, and Teradyne And Yokagawa Electric.
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