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Digital Multimeter Market Growth Rate, Top Trends, Industry Report 2033
Digital Multimeter Market Share
According to The Business Research Company's, the digital multimeter market size has grown steadily in recent years. It will grow from $1.11 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increased automation, electronics industry growth, telecommunications expansion, increasing number of educational and training institutions.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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, Gossen Metrawatt GmbH, AstroAI Corporation, Innova Corporation.
Digital Multimeter Market 2024 Key Insights:
• The digital multimeter market is expected to grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Expanding Automotive Industry Propel The Growth Of The Digital Multimeter Market
• Innovation In The Digital Multimeter Market Advancements In Infrared Sensor Technology
• Asia-Pacific was the largest region in the digital multimeter market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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