Digital Multimeter Market Key Players, Shares, Types, Manufacturers, Industry Analysis, Growth, Trends, Drivers, Challenges 2020 – 2027

The primary factor which is driving the growth of the Global Digital Multimeter market include its remarkable benefits offers such as low cost and versatility. The increasing adoption of electronics devices across end-user industries, and application-specific product development and the continuous addition of new features is further boosting the demand of the market. Digital multimeter is widely used across various industries due to its better accuracy level, flexibility, portability, and dual display resolution feature. These features are drastically increasing the demand for digital multimeter. Moreover, the rising industry 4.0 and growing application of Internet of Things (IoT) is further propelling the growth of the market. However, competition from small local manufacturers which are selling low-quality products is restraining the growth of the market.

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A Digital Multimeter (DMM) is defined as a device that includes multiple types of measurements in one device. It is used to measure two or more electrical values such as voltage, current, and resistance. The digital multimeter is also known as voltmeter, or ohm meter or volt ohm meter. DMM is used to test different equipments and provide high degrees of accuracy while measuring various parameters within an electronics or electrical circuit.

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Based on the Type, the handheld segment is expected to grow at a higher CAGR during the forecast period owing to the increasing demand for digital multimeter across energy & automotive sector driven by its low cost and portability features.

Based on the Ranging Type, the auto-ranging segment is projected to grow at a higher CAGR during the forecast period owing to the rising demand for electronics devices and smart home appliances across the world.

Based on the Application, the automotive segment is expected to grow at a higher CAGR during the forecast period due to the rising demand for self-driving cars and electric vehicles across the globe, especially in North America, Europe, and China.

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Based on the region, Asia-Pacific is projected to grow at a higher CAGR in the global digital multimeter market during the forecast period owing to the easy availability of raw materials and low labour cost in this region. In addition, due to the presence of various consumer electronics, and automotive manufacturer in this region is also increasing the demand for digital multimeter.

The major key players in the market include Keysight Technologies, Tektronix, National Instruments Corporation, Gossen Metrawatt, Yokogawa Electric Corporation, Flir Systems, Hioki E.E. Corporation, Fluke Corporation, B&K Precision, Sanwa Electric Instrument Company, Chauvin Arnoux among others.

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Key Development:

• In Apr 2019, Gossen Metrawatt launched new Metraline series digital multimeters. The new product line includes three digital multimeters with different feature set and used for measuring and testing equipment
• In Nov 2018, Tektronix launched new dual channel multimeter Keithley DMM7512. It is suited for a range that demands high-volume manufacturing test applications which need measurement capacity, performance and a compact footprint.

The Global Digital Multimeter market has been segmented based on the Type, Ranging Type, Application, and key region. Based on Type, the market is segmented into Handheld, Benchtop and Mounted. Based on Ranging Type, the market is segmented into Auto-Ranging, and Manual. Based on Application, the market is segmented into Consumer Electronics & Appliances, Automotive, Wireless Communication & Infrastructure, Energy, Medical Equipment Manufacturing and Others.

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• Keysight Technologies
• Tektronix
• National Instruments Corporation
• Gossen Metrawatt
• Yokogawa Electric Corporation
• Flir Systems
• Hioki E.E. Corporation
• Fluke Corporation
• B&K Precision
• Sanwa Electric Instrument Company
• Chauvin Arnoux

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