Press release
Digital Multimeter Global Market Report 2024 - By Demand, Size, Share, Trends And Analysis, Forecast To 2033
Digital Multimeter Market
The digital multimeter market size is expected to see steady growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to renewable energy sector growth, green technology initiatives, globalization and standardization, safety and compliance. Major trends in the forecast period include smart and connected multimeters, advanced measurement capabilities, remote and cloud-based data storage, rapid technological advancements.
Market Overview -
A digital multimeter is a device that can measure two or more electrical quantities simultaneously using a single instrument. It measures and validates a variety of electrical quantities such as voltage, current, and resistance.
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Rising Industrial Automation Spurs Growth In The Digital Multimeter Market
An increase in industrial automation is expected to propel the growth of the digital multimeter market going forward. Industrial automation refers to using robots, machines, and control systems to do tasks that humans traditionally carried out. Digital multimeters (DMMs) are used for measuring and validating electrical quantities such as voltage, current, and resistance. They are utilized in industrial automation operations to troubleshoot electrical systems and malfunctions. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 3 million industrial robots are already in use in industries around the world, a 10% increase from 2021. Therefore, the increasing adoption of technology and automation in various industries is driving the growth of the digital multimeter market.
Competitive Landscape -
Major players 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.
Innovation In The Digital Multimeter Market Advancements In Infrared Sensor Technology
Companies operating in the digital multimeter market are adopting new technologies, such as digital multimeters with infrared sensors, to sustain their position in the market. A digital multimeter with an infrared sensor incorporates a non-contact infrared thermometer for measuring the surface temperatures of objects. For instance, in May 2023, Teledyne FLIR LLC, a US-based thermography company, launched the DM286 infrared guided measurement (IGM) multimeter. The FLIR DM286 multimeter with IGM has been updated to include FLIR's unique multispectral dynamic imaging (MSX), which enhances the sharpness of thermal images in real time by adding visible light information. This system is intended to make it easier, safer, and faster for electricians to identify hot spots and other trouble locations. It has an inbuilt visible-light camera, a Lepton thermal microcamera with 160 x 120 thermal resolution, and a powerful LED (light-emitting diode) work light for operating MSX in low light.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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