Market Research Future (MRFR), in its latest report on the global digital multimeter market, states that the market is expected to expand at a 3% CAGR during the forecast period of 2017 to 2023. MRFR reveals that worldwide digital multimeter market valuation is expected to touch a valuation of about USD billion by the end of the forecast period.
The rise in the requirement for digital multimeter across different industries due to the high accuracy and dual display benefits offered by digital multimeter is expected to boost the growth of the market. The auto polarity functions feature of digital multimeter is advantageous over analog type that is expected to favor the market. Digital multimeter can be easily integrated into tools that measure temperature, capacitance, buzzer, frequency, and others. This benefit can contribute significantly to the expansion of the digital multimeter market. In addition, the feasibility of using handheld digital multimeter can support the growth of the market.
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On the contrary, limitations of the digital multimeter can decline their adoption, thereby is anticipated to impede the growth of the digital multimeter growth. The inability of digital multimeter to read and record measurement fluctuations can cause error in calculation. This growing need for high degree of accuracy by enterprises can hinder the growth of the global market. The unavailability of customized digital multimeter results in the difficulty to select the correct option that meets specific requirements can also cause resistance to the expansion of the digital multimeter market. The high digital multimeter price is also concern that is likely to hinder the market growth. However, advancements in technology and the growing focus of developers on designing products that are more effective are expected to counter the depression in the growth curve.
The worldwide digital multimeter market is segmented by types, end-users, and digital types. By type, the market is segmented into mounted, bench-top, handheld, and others. The growing adoption of handheld digital multimeter due to the feasibility offered by them are expected to propel the global market. The mounted segment is expected to generate decent revenue for the global digital multimeter market. By digital types, the market is segmented into fluke digital, clamp digital, auto-ranging, and others. The increase in the demand for digital multimeter over analog-type is expected to support the growth of Digital Multimeter Market Size. By end-users, the market is sectioned into manufacturing, automotive, residential, commercial, energy industry, and others. The increase in the adoption of digital multimeter by cash-rich sectors is expected to gain high traction for the market in the evaluation period.
By region, the global digital multimeter market is analyzed across Americas, Europe, Asia Pacific, and the Rest of the World (RoW). The share of the digital multimeter market in North America is expected to be the highest. The growing demand for enhanced visual indication of changes in reading can propel the growth of the regional market. The digital multimeter market in Europe is likely to generate considerable revenue due to existence of numerous key players in the market. The Asia Pacific digital multimeter market is expected to thrive at a high CAGR in the years to come due to the growing adoption of digital multimeter by the ever-expanding automobile industry.
MRFR listed prominent providers of digital multimeters. They are; Innova Electronics (U.S.), Fluke Corporation (U.S.), Amprobe (U.S), Klein Tools (U.S.), Extech Instrument (U.S.), Mastech Digital (U.S.), Craftsman (U.S.), Kaito Electronics, Inc. (U.S), Crenova (India), Etekcity Corporation (U.S.), and others. Diversification of product portfolio by different companies is likely to work in favor of the market.
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