A digital multimeter is an electronic instrument, which uses a digital scale and a numeric display for the measurement of several functions such as voltage, current, and resistance and troubleshoots electrical problems. The global digital multimeter market is projected to grow at a CAGR 3 % between the forecast period between 2017 and 2023.
Growing Functionality Is Driving A Large Demand For High-End Models
Gone is the time when multimeters mapped a few metrics such as voltage and current. Today’s advanced digital multimeters are feature packed with a host of functions. Modern digital multimeters have a build in the computer for enhanced convenience. Feature enhancements include auto-ranging, for selecting the correct range for the quantity under test, and auto-polarity for direct-current readings, sample. Other functionality includes hold, which will latch the most recent reading for examination, current-limited tests for the voltage drop across semiconductor junctions, a graphic representation of the quantity under test, as a bar graph, a low-bandwidth oscilloscope, and others. Some advanced multimeters also provide for sample data acquisition and record readings over a given period and even at fixed intervals.
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Growing Inter-Connectivity And Safety Standards Is Driving A Larger Demand
Modern meters are being interfaced with a personal computer via Bluetooth or wired connections for measurements and storage. The growth in the stringency of safety standards such as CEN and IEC is driving tremendous demand for devices with circuit breakers and safety. There is also a shift towards higher resolution displays and high accuracy.
Falling Profit Margin And Market Fragmentation Is Driving A Bimodal Market
There has been a considerable market fragmentation especially in the commercial multimeter market, which is resulting in profit erosion owing to cost-cutting. However, the laboratory multimeter market is expected to lead to a premium.
The prominent players in the global Digital Multimeter Market are – Fluke Corporation (U.S.), Innova Electronics Corporation (U.S.), Klein Tools (U.S.), Amprobe (U.S), Mastech Digital (U.S.), Extech Instrument (U.S.), UNI-T (China), Rohde & Schwarz GmbH & Co KG (Germany), Kaito Electronics, Inc. (U.S), Etekcity Corporation (U.S.) and among others.
To gain an accurate assessment of the market variables, the global digital multimeter market is segmented by types, digital types, end users, and region.
- Based on the type, the market is segmented by handheld, bench-top, mounted, others
- Based on digital types, the market is segmented by auto ranging, clamp digital, fluke digital and others
- Based on end users, the market is segmented by automotive, manufacturing, energy, residential, commercial and others
- Based on regions, the market is segmented by North America, Europe, Asia Pacific and rest of the World
The regional analysis of digital multimeter market is being studied for the region such as Asia Pacific, North America, Europe and Rest of the World. North America is one of the leading areas of the world regarding market share in digital multimeter market as it has huge demand as it is widely used in the electronics industry for electronic measurement. The digital multimeter market in Europe region is expected to witness rapid growth in the forthcoming period. Whereas, Asia-Pacific countries like China, Japan and India is an emerging market for digital multimeter market and supposed to be the highest CAGR in the coming years as the companies are taking an interest in targeting the digital multimeter in these market to meet the requirement of customers’ need.
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- Digital multimeter companies
- Digital multimeter providers
- Professional service providers
- Digital multimeter providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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