Press Release

Digital Multimeter Market Analysis- Growing at 4.5% CAGR- Credence Research

Digital Multimeter M

iCrowdNewswire   Feb 8, 2021  7:15 AM ET

The digital multimeter market was valued at US$ 910.8 million in market and is anticipated to grow at a CAGR of 4.5 per cent during the forecast period from 2019 to 2027.

Market Insights 

Growing penetration of electronic devices worldwide will drive the demand for Digital Multimeter Market 

The market for digital multimeters is mainly driven by a surge in the penetration of electronic devices coupled with a growing demand for electronic vehicles worldwide. The increase in demand for digital multimeters across a wide range of industries, such as automotive, energy, consumer electronics and others, are some of the other key factors expected to drive the global digital multimeter market in the coming years. Asia Pacific had a major market share in the world in 2018.

The growing application for AI (Artificial Intelligence) along with the rise in industry 4.0 are some other factors expected to enhance the global market over the forecast period. New product launches with advanced features are some other factors projected to drive the global digital multimeter market in years to come. For instance, in December 2019, Fluke Corporation introduced the new Fluke 87V MAX true-RMS digital multimeter. The aforementioned multimeter set a new operating standard for working in extreme conditions with the accuracy and features to troubleshoot electrical problems. 

Regional Analysis
“The rising penetration of digital multimeter to spur the Asia Pacific growth”

Asia Pacific dominated the global digital multimeter market in 2018, accounting for more than 1/3 of the same year’s market share. The increasing penetration of digital multimeters, coupled with the availability of raw materials and low-cost labor, are key factors for regional growth. The presence of major players in the market, such as Yokogawa Electric Corporation, Sanwa Electric Instrument Co. Ltd. and others are another major factor for regional growth over the forecast period. Increased demand for electronic vehicles in the region, along with increased investment in the defense sector, are some of the other key factors for regional growth in the coming years. Hence, Asia Pacific is projected to dominate the global market during the forecast period.

Industrial Developments 

• In October 2018, Good Will Instrument Co. Ltd. launched a dual measurement multimeter GDM-906X series 61/2 digit. The aforementioned multimeter features high precision DC voltage accuracy, 12 measurement functions, fast sampling rate, and others. 

Key Market Movements: 

• Worldwide, the digital multimeter market is growing at a CAGR of 4.5% in terms of revenue for the projected period from 2019 to 2027.

• Asia Pacific had a major share in the global market in 2018. The availability of cheap labor coupled with low – cost raw material are some of the major factors for regional dominance. The presence of major market players in the region is another major factor for regional dominance.

• North America is projected to enhance with a significant CAGR over the forecast period owing to the surge in demand for autonomous vehicles, connected and electric vehicles in the region. The growing defense spending in the region is another major factor projected to drive regional growth.

• Based on type, the handheld segment had a major share in the global market in 2018. Low cost and portability are the major factors for segment dominance in 2018. The surge in demand from the automotive and energy industries is further projected to drive the segment growth during the forecast period.   

• Product launches and enhanced geographical presence are projected to be the key strategies. 

Key questions answered in this report 

  • What are the current market trends and dynamics in the digital multimeter market and valuable opportunities for emerging players?
  • Which segment accounts for the fastest CAGR during the forecast period?
  • What are the drivers of the digital multimeter market?
  • Notable developments going on in the digital multimeter market.
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)

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List of Companies Covered:

• Yokogawa Electric Corporation
• Keysight Technologies
• National Instruments Corporation
• Gossen Metrawatt
• Keithley Instruments (Tektronix, Inc.)
• Fluke Corporation
• FLIR Systems, Inc.
• B&K Precision
• Sanwa Electric Instrument Co., Ltd.
• Kyoritsu Electrical Instruments Works Ltd.
• Rohde & Schwarz GmbH & Co KG
• LeCroy Corporation
• Good Will Instrument Co., Ltd.

Table of Content: 

1. Preface
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted Top-Down Approach Bottom-Up Approach
1.3.5. Assumptions
1.4. Market Segmentation

2. Executive Summary
2.1. Market Snapshot: Global Digital Multimeter (DM) Market
2.2. Global DM Market, by Type, 2018 (US$ Mn)
2.3. Global DM Market, by Ranging Type, 2018 (US$ Mn)
2.4. Global DM Market, by Application, 2018 (US$ Mn)
2.5. Global DM Market, by Geography, 2018 (US$ Mn)

3. Market Dynamics
3.1. Introduction
3.1.1. Global DM Market Value, 2017-2027, (US$ Mn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players

4. Global Digital Multimeter (DM) Market, by Type , 2017-2027 (US$ Mn)
4.1. Overview
4.2. Handheld
4.3. Benchtop
4.4. Mounted

5. Global Digital Multimeter (DM) Market, by Ranging Type , 2017-2027 (US$ Mn)
5.1. Overview
5.2. Auto-ranging
5.3. Manual

6. Global Digital Multimeter (DM) Market, by Application , 2017-2027 (US$ Mn)
6.1. Overview
6.2. Automotive
6.3. Energy
6.4. Consumer Electronics & Application
6.5. Medical Equipment Manufacturing
6.6. Others

7. North America Digital Multimeter (DM) Market Analysis, 2017-2027 (US$ Mn)
7.1. Overview
7.1.1. North America DM Market Value and Growth, 2017-2027, (US$ Mn)
7.2. North America DM Market Value, By Type, 2017-2027 (US$ Mn)
7.2.1. Market Analysis
7.3. North America DM Market Value, By Ranging Type, 2017-2027 (US$ Mn)
7.3.1. Market Analysis
7.4. North America DM Market Value, By Application, 2017-2027 (US$ Mn)
7.4.1. Market Analysis
7.5. North America DM Market Value, By Region/Country, 2017-2027 (US$ Mn)
7.5.1. Market Analysis
7.5.2. U.S.
7.5.3. Rest of North America

8. Europe Digital Multimeter (DM) Market Analysis, 2017-2027 (US$ Mn)

9. Asia Pacific Digital Multimeter (DM) Market Analysis, 2017-2027 (US$ Mn)

10. Rest of the World Digital Multimeter (DM) Market Analysis, 2017-2027 (US$ Mn)

11. Company Profiles

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Keywords:    Digital Multimeter Market, Digital Multimeter Market Share, Digital Multimeter Market Size, Digital Multimeter Market Trends, Digital Multimeter, Market Growth

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