Digital Multimeter market Size, Share | Future Trends, Industry Analysis and Forecast by 2027

Digital multimeter is a device used to measure electrical parameters such as voltage, current, and resistance of electronic components. It is known as advanced standard diagnostic tool, as it is capable of measuring resultant values with greater accuracy. Digital multimeter reflects the results in numerical form on an LCD or LED display, ranging from 3 milivolt - 4volt digit. Digital multimeter has been encouraged by many industries over another kind of meters because digital multimeters are light-weight, cost-effective, and provide accurate readings as against traditional metering devices. Moreover, it measures different electrical parameters such as temperature, capacitance at high frequency with the help of special probes such as buttons, dial, and input.

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Fluke Corporation a U.S. based company is the largest manufacturer of industrial diagnostic measurement and electronic test equipment. It provides consistent reliable performance related to safety. It developed a product called "Fluke 87V Industrial Multimeter" which measures accurate frequency on speed drives and captures intermittent fast. In addition, Extech Instruments a well-known player in Digital Multimeter, and supplier of electronic measurement equipment manufactured "ETK30" which is used for the installation and repair of electric systems, has 2000 pixel large display and performs other functions like resistance, AC current, AC/DC voltage, continuity, and diode.

The digital multimeter market is expected to witness growth in subsequent year from 2019 to 2026 due to increase in demand for better accuracy level in industries for frequency, temperature, transistor, and resistance. . So, any variation in voltages because of lightning strikes or load switching can result in shut down. Increase in usage of effective power factor system boosts the digital multimeter market growth during the forecast period.

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Factors such as rise in demand for dual display resolution, and accuracy for temperature and other power related factors across various industry verticals are the major key drivers of the digital multimeter market. However, high installation cost and lack of compatibility with some devices act as a major restraint, which hinder the market growth. Furthermore, integration of distributed generation in the power system and emergence of technologically advanced meters are expected to provide lucrative opportunities to the market.

The digital multimeter market is segmented into type, application, and region. Based on type, the market is classified into handheld, mounted, benchtop, and others. Based on application, the market is classified into residential, commercial, industrial & consumer electronics, automotive, and manufacturing. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Key players operating in the digital multimeter industry include Fluke Corporation, UNI-T, Extech Instrument, Innova Electronics Corportation, MASTECH, HIOKI, Etekcity Corporation, Atten Technology, Kaito Electronics, Inc., and B&K Precision. These players focus on R&D and advancement of electronic devices. These players adopt collaboration, partnership, and agreement as their key developmental strategies to increase revenue of the digital multimeter market and develop new products for enhancing product portfolio.

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