Global Digital Multimeter Market to Grow at 3.4% During 2023-2028, Propelled by Significant Expansion in Electrical Industry

November 29, 2021 | Technology & Media

According to the latest report by IMARC Group, titled " Global Digital Multimeter Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global digital multimeter market reached a value of US$ 1.1 Billion in 2022. 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.

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 3.4% during 2023-2028.

Market Summary:

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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Product Type, Functionality, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Agilent Technologies, Anritsu, Danaher, Rohde & Schwarz, Tektronix, Adlink Technology, Aeroflex, Ametek, Giga-tronics, National Instruments, Rigol Technologies, Teledyne LeCroy, Teradyne and Yokagawa Electric
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Digital Multimeter Market to Grow at 3.4% During 2023-2028, Propelled by Significant Expansion in Electrical Industry

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