Press release
Digital Multimeter Market size in Australia from 2022-2031
The global digital multimeter market is expected to witness strong growth during the forecast period between 2021 and 2031.Digital multimeters are electronic instruments that are used to measure different electric parameters such as voltage and resistance when an error occurs in an electronic device. Digital multimeters are also used to examine the continuity between two different points in a circuit.
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The outbreak of the COVID-19 pandemic adversely affected growth in overall digital multimeter market. Governments worldwide imposed strict rules and lockdowns with individuals in different age groups testing positive for the virus.
As a result, this led to supply disruptions of products, which impacted sales and affected product demand and lowered the market growth.
However, with most population sections vaccinated twice and approval received for third booster precautionary dose, it is expected that restrictions will be removed which could increase product sales and positively impact product demand and boost market growth.
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Increasing product demand from automotive industry is the key growth driver of global digital multimeter market.
Also, rising need to decrease parallax errors in testing and measurement application area is expected to help create revenue-generating opportunities for leading players in overall market, in the coming years.
Advancements to existing products could help fuel product demand and augment the growth in overall digital multimeter market, in the years ahead.
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Handheld type of multimeters are projected to emerge as largest contributor, in terms of revenue, to overall digital multimeter market owing to product features such as portability, ease of use, and inexpensive as compared to other product types, leading to increased product demand.
Automotive end-use industry is expected to emerge as largest revenue contributor to overall digital multimeter market in future because of rising need for precise measurement of key parameters such as voltage, resistance, and capacitance.
The global digital multimeter market is competitive, with the presence of numerous prominent market players. Many of these players have become successful owing to years of delivering consistent results and are expected to account for a large share in overall market, in the coming years.
New product launches could help well-established digital multimeter market players in gaining an edge over competitors and help in creating revenue-generating opportunities.
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R&D undertakings could be key, revenue-generating strategy for prominent players in global digital multimeter market, in the coming years.
Other strategies such as signing of collaborative agreements with smaller players could help well-established market players in expanding their presence in overall market and improving their revenue shares.
Few leading players in overall digital multimeter market include Fluke Corp., National Instruments, AMETEK Inc., Klein Tools Inc., and Amprobe.
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