What Has Been the Progress and Growth of the Digital Multimeter Market in Recent Years?
The digital multimeter market has seen considerable growth due to a variety of factors.
• The size of the digital multimeter market has progressively expanded over recent years. The expected rise is from $1.15 billion in 2024 to $1.19 billion in 2025, with a compound annual growth rate (CAGR) of 3.2%.
The escalation during the historical period can be credited to amplified automation, growth in the electronics sector, advancement in telecommunications, and a surge in the number of educational and training institutions.
What Can Be Expected from the Digital Multimeter Market Size?
The digital multimeter market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the digital multimeter market is anticipated to experience consistent growth. It is projected to reach a value of $1.37 billion in 2029 with a 3.6% compound annual growth rate (CAGR). The surge in growth during the forecast period can be linked to the expansion of the renewable energy sector, green technology efforts, globalization and standardization, as well as safety and compliance. Significant trends to watch out for within the timeline include smart and connected multimeters, enhanced measurement features, cloud-based and remote data storage, coupled with rapid technological progress.
What Are the Critical Driver Fuelling The Digital Multimeter Market's Growth?
The enhancement of industrial automation is projected to drive the growth of the digital multimeter market. Industrial automation involves the use of machines, control systems, and robots to perform tasks traditionally done by people. Implementations of Digital Multimeters (DMMs), which are essential in measuring and validating electrical quantities like voltage, current, and resistance, are fundamental in the process of industrial automation. DMMs are highly instrumental in identifying faults in electrical systems during industrial automation processes. For example, data from the International Federation of Robotics, a non-profit organization based in Germany, showed that as of February 2022, there were 3 million industrial robots in active uses globally. This represents a 10% growth compared to 2021. Hence, the growing technological and automation adoption in different sectors is a significant driver for the digital multimeter market. The digital multimeter market is also set to benefit from the growing automotive industry. The automotive industry encompasses several organizations and companies that engage in various activities relating to motor vehicles - including design, development, manufacturing, marketing, selling, repairs, and modifications. Digital multimeters, highly adaptable and portable, are widely used by automotive sector mechanics and technicians given their precise and reliable measurements. This makes them crucial for maintenance and repair tasks in the industry. Data from the European Automobile Manufacturers Association, a Belgium-based organization, revealed that global motor vehicle production had hit 85.4 million units in 2022, a notable 5.7% increase from 2021 according to data available in May 2023. Further, Brand Finance PLC, a UK-based brand valuation firm, indicated that the automobile sector saw approximately 78 million unit sales in 2022. This denotes a massive 10% increase from 2021. Thus, the growth of the automotive industry is driving the expansion of the digital multimeter market.
How Is The Digital Multimeter Market segmented?
The digital multimeter market covered in this report is segmented –
1) By Product Type: Handheld, Bench-Top, Mounted, Other Product Types
2) By Ranging Type: Auto-ranging, Manual
3) By Industry Vertical: Consumer Electronics, Automotive, Power Generation, Healthcare, Other Industries
Subsegments:
1) By Handheld: Standard Handheld Multimeters, Auto-Ranging Handheld Multimeters, True RMS Handheld Multimeters
2) By Bench-Top: Digital Bench Multimeters, High Precision Bench Multimeters
3) By Mounted: Panel-Mounted Multimeters, Rack-Mounted Multimeters
4) By Other Product Types: Smartphone-Connected Multimeters, Specialty Multimeters
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How Are Emerging Trends Reshaping The Dynamics Of The Digital Multimeter Market?
In a bid to maintain their market stance, firms in the digital multimeter sector are turning to innovative technologies, such as digital multimeters equipped with infrared sensors. These devices integrate a contact-free infrared thermometer to gauge the surface temperature of objects. As an example, in May 2023, Teledyne FLIR LLC, a US thermography firm, unveiled the DM286 infrared guided measurement (IGM) multimeter. The FLIR DM286 multimeter has been upgraded to feature FLIR's exclusive multispectral dynamic imaging (MSX), a system that augments the clarity of thermal pictures in real-time using visible light details. This technique is intended to assist electricians in finding hot spots and other problem areas more easily, safely, and quickly. The device is equipped with an inbuilt visible-light camera, a 160 x 120 resolution Lepton thermal microcamera, and a robust LED work light for optimal functioning of MSX in dim light conditions.
Who Are the Key Players In The Digital Multimeter Market?
Major companies operating in the digital multimeter market are:
• Danaher Corporation
• Agilent Technologies Inc.
• Tektronix Inc.
• Keysight Technologies Inc.
• Yokogawa Electric Corporation
• Milwaukee Tool
• Rohde and Schwarz GmbH and Co. KG
• National Instruments Corporation
• Fluke Corporation
• Craftsman
• Adlink Technology Inc.
• HIOKI E.E. Corporation
• Mastech Digital Inc.
• Greenlee Tools
• Ideal Industries Inc.
• Teledyne LeCroy Inc.
• TPI Corporation
• Etekcity
• Giga-Tronics Incorporated
• Rigol Technologies Inc.
• GW Instek
• Amprobe
• AEMC Instruments
• Simpson Electric Company
• Sanwa Electric Instrument Co. Ltd.
• B&K Precision Corporation
• Extech Instruments Corporation
• Chauvin Arnoux Group
• Gossen Metrawatt GmbH
• AstroAI Corporation
• Innova Corporation.
What Is The Most Dominant Region In The Digital Multimeter Market?
Asia-Pacific was the largest region in the digital multimeter market in 2024. The regions covered in digital multimeter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
