About Digital Multimeter
A digital multimeter is an electric instrument that is used to measure electric parameters. It is a standard diagnostic tool for technicians who works in electrical/electronic industries or working in the field of consumer electronic goods repairing. Increasing demand of digital multimeters for in-home repair and electrical testing applications will boost the market. However, digital multimeters combine testing capabilities of voltmeter, ammeter, and ohmmeter and the use of advanced technologies to measure & testing accurately will drive the global digital multimeter market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Digital Multimeter market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Fluke Corporation (United States), Mestech (China), Amprobe (United States), Klein Tools (United States), Innova Corporation (United States), Extect Instruments Corporation (United States), Yokogawa Electric (Japan), Gossen Metrawatt (Germany), FLIR System (United States) and Hioki E.E. Corporation (Japan) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Digital Multimeter market by Type (Fluke Digital Multimeter, Clamp Digital Multimeter and Autoranging Digital Multimeter), Application (Measurement and Testing) and Region.
On the basis of geography, the market of Digital Multimeter has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Vertical, the sub-segment i.e. Consumer Electronic Goods will boost the Digital Multimeter market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Distribution Channel, the sub-segment i.e. Online will boost the Digital Multimeter market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Display, the sub-segment i.e. LED will boost the Digital Multimeter market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Development and Innovations to Meet Demand for Accurate Measurement and Testing of Electric Parameters.
Market Growth Drivers:
Increasing Adoption of Various Digital Devices, Consumer Electronic Goods. and Increased Demand for Semiconductors Due to Technological Advancements in Various Sectors.
Challenges:
Availability of Substitutes at Low Cost than Digital Multimeter.
Restraints:
Lack of Compatibility with Other Devices and High Cost is Expected to Restrain Market.
Opportunities:
Emerging Trend of IoT and Robot Process Automation. and Growing Trend of Autonomous Driving and Connected Vehicles.
Market Leaders and their expansionary development strategies
In September 2023, Fluke Corp, a wholly owned subsidiary of Fortive Corporation and a global leader in test and measurement instruments, has acquired California-based Solmetric, a market leader in high precision, solar test, and measurement products.The acquisition also includes its shade measurement tool, the SunEye used for shade analysis, enabling expert solar designs with the highest ROI for solar professionals and their customers.
In April 2019, Germany-based leading measuring and testing tools provider Gossen Metrawatt introduced the new Metraline series digital multimeter to offer high functionality and reliability in measuring & testing at an optimized price-performance ratio. It includes automatic-blocking sockets that help to prevent the incorrect connection of measuring lines and provide complete protection for the user.
Key Target Audience
Raw Material Suppliers and OEMs, New Entrants/Investors, Analysts and Strategic Business Planners, Digital Multimeter Manufacturers, Suppliers and Distributors of Digital Multimeter, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations, End-use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.