Asia-pacific region to dominate the Digital Multimeter Market through 2026
The growing electronics
industry and rapid industrialization across the globe is expected to drive the demand
for global digital multimeter market in forecast period.
According to TechSci Research report, “Global Digital
Multimeter Market By Type (Handheld, Bench-Top, Mounted) By Functionality
(Auto Ranging, Clamp Digital, Fluke Digital) By Application (Automotive,
Manufacturing, Consumer Electronics, Industrial, Residential, Commercial), By
Region, Company Forecast & Opportunities, 2026”, The global digital
multimeter market is expected to witness significant growth in the forecast
period. A digital multimeter is an electronic measuring instrument and can
measure multiple electric parameters such as voltage, current, resistance in
case of occurrence of a fault in any electronic device. A Digit multimeter is
also used to test the continuity between the two points in an electric circuit.
The rising trend of digitization and the supportive government policies and
schemes supporting the implementation of digital technology in all prominent
industry verticals is contributing to the growth of the global digital
multimeters market in the predicted period. Cost-effectiveness, portable
nature, and the ability of dual display of the digital multimeters are
influencing the demand for the digital multimeters across the globe. The
growing integration of the distributed generation in the power system with the
technologically advanced meters is expected to pave the way for the digital
multimeters market growth in the next five years.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Leading authorities
around the globe imposed lockdown restrictions and released a set of
precautionary measures to contain the spread of novel coronavirus.
Manufacturing units were temporarily shut down and the workers moved back to
their native places which led to the shortage of the workforce. Disruption in
the supply chain was observed which negatively affected the growth of the
digital multimeter market.
However, the lack of compatibility and high
installation cost of the digital multimeters may restrain the growth of the
digital multimeters market in the forecast period.
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The
global digital multimeter market is segmented into type, functionality,
application, regional distribution, and company. Based on the application, the
market can be divided into automotive, manufacturing, consumer electronics,
industrial, residential, and commercial. The automotive segment is expected to
witness the fastest incremental growth in the forecast period, 2022-2026. The
rise in the demand for electric vehicles and the integration of advanced
technology to incorporate automation technology in automobiles is expected to foster
the digital multimeter market growth. The surge in the demand for self-driving
cars for increased convenience is further expected to spur market growth. Based
on the functionality, the market can be divided into auto-ranging, clamp
digital, fluke digital. The auto-ranging segment is expected to hold a
significant share in the forecast period owing to the increasing demand for
electronic devices and smart home appliances due to the rise of the
affordability of consumers and the availability of high-speed internet
services. Auto-ranging multimeters can be easily operated and can measure a
similar electrical parameter of different ranges without needing any manual
adjustments. Based on the type, the market can be divided into handheld,
bench-top, and mounted. The handheld segment is expected to account for a major
market share in the next five years owing to its high demand in the automotive
and energy industries. Handheld digital multimeters are portable and
cost-effective which makes them a preferred measuring device.
Rohde
& Schwarz, Agilent Technologies, The Danaher Corporation, Fluke
Corporation, Hioki E.E. Corporation, Mastech Group Limited, Innova Electronic
Corporation, Kaito Electronics Inc., Etekcity Corporation, Klein Tools are the
leading players operating in global digital multimeter market. Manufacturers
are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better
efficiency and durability, several digital multimeter manufacturers are coming
up with their technologically advanced offerings.
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“Market
players are investing huge investments for technological up-gradation of the
existing infrastructure which have enabled the integration of other measuring
instruments such as infrared thermometers and insulation testers with the
multimeter to improve the performance and efficiency of the digital multimeter.
Innovative features such as dielectric absorption, polarization index, amongst
others are added to the digital multimeter devices. The high demand from the automotive industry
and the introduction of novel products by the market players are expected to
propel the digital multimeters market growth till 2026” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Digital
Multimeter Market By Type (Handheld, Bench-Top, Mounted) By Functionality (Auto
Ranging, Clamp Digital, Fluke Digital) By Application (Automotive,
Manufacturing, Consumer Electronics, Industrial, Residential, Commercial), By
Region, Company Forecast & Opportunities, 2026” has
evaluated the future growth potential of global digital multimeter market and
provided statistics & information on market size, shares, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of global digital
multimeter market.
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