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.

Digital Multimeter Market Overview:

When there is a problem with an electronic device, a digital multimeter is used to measure things like voltage, current, and resistance to find out where the problem is coming from. It can also be used to check if there is continuity between two points in an electric circuit. Digital multimeter were made a long time ago with the idea that they would eventually replace analogue metres because they measure things more accurately and reliably.

A digital multimeter usually has an LCD screen, a knob that lets the user choose between different ranges of electric parameters, a dial, and an input jack. There are three different kinds of digital multimeter one that can be held in your hand, one that sits on a bench, and one that is attached to something. End users like handheld digital multimeter better than desktop ones because they are easier to carry, weigh less, and take up less space. Digital multimeter can be used in many different end-use areas, such as automotive, manufacturing, commercial, and residential ones.

Digital Multimeter Market - Trends and Opportunities

Most of the growth in the global digital multimeter market comes from the growing demand for these tools in the automotive industry. Also, the need to reduce parallax errors in testing and measurement applications is expected to create revenue-generating opportunities for market leaders in the coming years. This is something that should happen in the next few years. In the years to come, making changes to products that are already on the market could boost demand and help the digital multimeter market as a whole grow.

It is expected that handheld types of multimeter will bring in the most money for the digital multimeter market as a whole. This is because the product is portable, easy to use, and cheap compared to other types. All of these things have led to more people wanting to buy the product. In the future, the automotive end-use industry is expected to bring in the most money for the digital multimeter market as the need for accurate measurements of key parameters like voltage, resistance, and capacitance grows. This is because people in the auto industry are likely to care more about the environment in the coming years.

Digital Multimeter Market - Drivers and Restraints

The main things that drive the market for digital multimeter are their versatility and features, such as accuracy, flexible use, portability, dual display resolution, and warranties that last for life. Because of these features and the fact that Digital Multimeter can do more than one thing, it is expected that their popularity will rise. Every year, more and more businesses use electronic devices. This is true for a wide range of business types. Because of this improvement, electrical professionals use the digital multimeter more often to measure the voltage, current, and resistance of electronic devices.

Even though digital multimeter are very useful and important tools for electricians, they do have some problems. A digital mustimeter power factor shows the volt-ampere losses in a system caused by reactance. If your power factor is low, the power company will fine you. But you can cut these costs by putting in a power factor correction system.

Short changes in voltage, like those caused by lightning strikes and switching loads, can shut down equipment. Digital multimeter that have been used before or that can be rented are in high demand because they can be used to test electronic devices in general. Digital multimeter are not used every day by all electricians. Because of this, many people who work in the electrical industry borrow digital multimeter from coworkers or rent them when they need them. These things are making it hard for the market for digital multimeter to grow.

Digital Multimeter Market - Competitive Landscape

The international market for a digital multimeter is highly competitive due to the presence of a large number of important market players. Many of these competitors have achieved great success over the course of many years by continually delivering satisfactory results, and it is estimated that they will account for a significant portion of the overall market in the years to come. Established market players in the digital multimeter industry that launch new products may be able to gain a competitive advantage over their rivals and contribute to the development of new revenue-generating opportunities. In the years to come, undertakings related to R&D might prove to be a crucial revenue-generating strategy for prominent players in the global market for digital multimeter.

Other strategies such as signing collaborative agreements with smaller players could help well-established market players in expanding their presence in the overall market and improving their revenue shares. A few leading players in the overall digital multimeter market include Fluke Corp., National Instruments, AMETEK Inc., Klein Tools Inc., and Amprobe. The market is divided into fishnet Digital Multimeter, sheer Digital Multimeter, and opaque Digital Multimeter based on product type.

On the basis of Types and Applications

The market is split into Handheld, Benchtop, Mounted, and Others based on the type of product. A digital multimeter is a piece of electronic equipment used to measure current, voltage, and resistance when something goes wrong with an electronic device. It is also used to check if two points in an electric circuit are still connected.

The market is split into Residential, Commercial, Industrial, Consumer Electronics, Automotive, and Manufacturing, based on what it is used for. The power factor of a digital multimeter shows the voltage-ampere loss in a system that is caused by reactance. Poor power factor means that you have to pay penalty fees to your utility company. These fees can be fixed by installing power factor correction systems. Short changes in voltage, which often happen when lightning strikes or when a load is switched, can shut down equipment.

Regional Insights:

Asia Pacific is expected to be the largest market for digital multimeter in the near future. This is because countries like India and China are becoming more automated and making technological advances in their electrical and electronic industries. Because key resources like land and labour are easy to get in Asia-Pacific countries, big market players may choose to set up factories there to help the market grow in that area. Because the electronics industry is growing in places like the UK and Germany, it is expected that the overall market for digital multimeter in Europe will grow a lot in the next few years. Because of how quickly countries like the United States and Canada have become more industrialised, it is expected that North America will grow a lot in the global market in the near future.

Scope Analysis

Key Market Players:

Fluke Corporation, Keysight, FLIR, Rohde & Schwarz, Victor, UNI-T, HIOKI, Chauvin Arnoux Group, Klein Tools, B&K Precision Corporation, CEM, Gossen Metrawatt, Prokits Industries

Recent Development:

• 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

Digital Multimeter Market, By Product Type

• Handheld
• Mounted
• Benchtop
• Others

Digital Multimeter Market, By Application

• 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
• Prokits Industries