Press release
Digital Multimeter Market Expected to Reach $1.1 Billion by 2031
Digital Multimeter Industry
The global digital multimeter market was valued at $0.61 billion in 2021, and is projected to reach $1.1 billion by 2031, growing at a CAGR of 6.7% from 2022 to 2031.
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A digital multimeter is a test and measurement tool which measures two or more electrical values, such as resistance, current and voltage. It is a standard diagnostic tool used by technicians in the electrical/electronic industries. Digital multimeters such as mini digital multimeter and automotive multimeter are known for their ability to measure with high accuracy and reliability. They typically combine the testing capabilities of ohmmeter (ohms), ammeter (amps), and voltmeter, and some of them also include advanced options or specialized features. There are several types of digital multimeters such as handheld, desktop, mounted, manual and auto-ranging.
The digital multimeter market is driven by its requirement in the test and measurement field, where they provide a more accurate and superior reading to analog multimeters. Furthermore, the addition of new functions to equipment and consistent developments in miniaturization has led to manufacturers replacing existing components with chip components and integrated circuits. This is also an important driver of the digital multimeter market analysis. Additionally, the versatility of digital multimeters is also a very important factor. For instance, they are highly adaptable to different functions and activities, they can read both AC and DC current, and they have a high input impedance.
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The research report presents a complete judgment of the digital multimeter market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities.
Competitive Analysis:
The digital multimeter industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global digital multimeter market include,
National Instruments Corporation
Keysight Technologies
Gossen Metrawatt GmbH
Fluke Corporation
FLIR Systems, Inc.
Tektronix, Inc.
Yokogawa Electric Corporation
Rohde & Schwarz GmbH & Co KG
Hioki E.E. Corporation
Sanwa Electric Instrument Co., Ltd.
Report Overview:
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Top Impacting Factors:
Some of the significant factors impacting the global digital multimeter market include that they provide more precision as compared to analog testers, have an expanding use in different end-user industries, are versatile in nature, and face competition from small manufacturers selling cheap versions of the product. The increasing demand from various industries for incorporation of technology is a major influencer of the demand for digital multimeters. However, the sale of low quality and cheap digital multimeters by local manufacturers is expected to restrain growth of the market. Meanwhile, increasing number of applications due to the adoption of Internet of Things (IoT) and Industry 4.0 provide an opportunity to market players during the forecast period.
Research Methodology:
The research uses both primary and secondary research to assemble data on the various facets of the international digital multimeter market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.
Key Benefits for Stakeholders:
1) Porter's five forces analysis illustrates the potency of the buyers and the digital multimeter market share of key vendors.
2) The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
3) This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
4) Major countries in each region are mapped according to their revenue contribution to the global market.
5) The report includes major digital multimeter suppliers along with the company overview, business segments, product portfolio, and key strategic moves and development in the market.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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