Global Digital Multimeter Market Outlook to 2024 - Increased Applications for IoT and Rise of Industry 4.0, Rise of the Maker Movement and DIY Culture
DUBLIN, March 10, 2020 /PRNewswire/ -- The "Digital Multimeter Market by Type (Handheld, Benchtop, Mounted), Ranging Type (Auto-ranging, Manual), Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Equipment Manufacturing), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global digital multimeter market size is projected to reach USD 1,047 million by 2024 from an estimation of USD 847 million in 2019, growing at a CAGR of 4.3% during the forecast period. The key factors driving the market growth include increased penetration of electronic devices across various end-use industries and the low cost and multifunctional nature of multimeters.
The global digital multimeter market is dominated by a few major players that have an extensive global and many local players with a smaller regional presence. The leading players in the digital multimeter industry are Fluke Corporation (US), Tektronix (US), Keysight Technologies (US), Yokogawa (Japan), Gossen Metrawatt (Germany), Hioki (Japan), FLIR Sytems (US) and National Instruments (US).
The handheld segment is expected to dominate the digital multimeter market in 2019
The handheld digital multimeter segment is expected to dominate the market in 2019, owing to the increasing demand for portable testing and measurement devices in various countries across the globe. Owing to the versatility and portability of handheld digital multimeters, these are widely used as a standard diagnostic tool by technicians operating in various end-use industries. The growth of handheld multimeters can be attributed to the increasing demand for them in the automotive and energy sectors.
The auto-ranging type is expected to grow at the highest rate during the forecast period
The auto-ranging segment is estimated to grow at the fastest rate (CAGR) during the forecast period due to its ease of use. Auto-ranging multimeters are relatively simple to use and can be operated without prior technical knowledge. They can seamlessly measure similar electrical parameters of different ranges without manual adjustments. The growing demand for electronic devices and smart home appliances in the consumer electronics segment is expected to drive the demand for auto-ranging multimeters.
The Asia-Pacific is expected to lead the global digital multimeter market
The Asia-Pacific currently leads the global digital multimeter industry, followed by Europe and North America. Some of the world's largest electronic manufacturing companies, such as Samsung, Sony, and Panasonic, operate from the Asia Pacific owing to the availability of cheap labor and easy availability of raw materials.
China, Taiwan, and Hong Kong have significant electronics manufacturing capacity. China is also the world's leading manufacturer of motor vehicles. The increasing demand for electric vehicles, especially in China, is expected to drive the adoption as well as the production of digital multimeters. Due to these factors, Asia Pacific accounts for a significant share in the global digital multimeter market in the forecast period.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Digital Multimeter Market
4.2 Digital Multimeter Market, By Type
4.3 Digital Multimeter Market, By Ranging
4.4 Digital Multimeter Market, By Application
4.5 Digital Multimeter Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Low Cost and Versatility of Digital Multimeters
5.2.1.2 Application-Specific Product Development and Continuous Addition of New Features
5.2.1.3 Increased Penetration of Electronic Devices Across End-Use Industries
5.2.2 Restraints
5.2.2.1 Need for Periodic Recalibration Over the Product Lifetime
5.2.2.2 Competition From Small Local Manufacturers Selling Cheap Low-Quality Products
5.2.3 Opportunities
5.2.3.1 Increased Applications for IoT and Rise of Industry 4.0
5.2.3.2 Rise of the Maker Movement and DIY Culture
5.2.4 Challenges
5.2.4.1 Incorrect Operation and Inappropriate Multimeter Selection
6 Digital Multimeter Market, By Type
6.1 Introduction
6.2 Handheld
6.2.1 High Adoption of Handheld Digital Multimeter is Due to Its Portability
6.3 Benchtop
6.3.1 Increased Investment in R&D Across End-User Segments is Driving the Market for Benchtop Multimeters
6.4 Mounted
6.4.1 Global Manufacturing Sector Growth is Expected to Drive the Market for Mounted Digital Multimeter
7 Digital Multimeter Market, By Ranging Type
7.1 Introduction
7.2 Auto-Ranging
7.2.1 Growth of Auto-Ranging Digital Multimeter Can Be AttributedTo Its Ease of Use
7.3 Manual
7.3.1 Low Cost of Manual Ranging Digital Multimeters Makes It an Attractive Option for General Purpose Use
8 Digital Multimeter Market, By Application
8.1 Introduction
8.2 Automotive
8.2.1 Increasing Demand for Electric Vehicles is Expected to Drive the Demand for Digital Multimeter
8.3 Energy
8.3.1 Increasing Energy Consumption and Investments in Smart Grid Infrastructure are Expected to Drive the Demand
8.4 Consumer Electronics & Appliances
8.4.1 Increased Demand for Smarthome Appliances is Expected to Drive the Demand in This Segment
8.5 Medical Equipment Manufacturing
8.5.1 High Standards for Manufacturing of Medical Equipment to Drive the Medical Equipment Manufacturing Segment
8.6 Others
8.6.1 Increased Military Spending By Global Superpowers Such as US-China is Expected to Drive the Market in This Segment
9 Digital Multimeter Market, By Region
9.1 Introduction
9.2 Asia-Pacific
9.3 Europe
9.4 North America
9.5 Middle East & Africa
9.6 South America
10 Competitive Landscape
10.1 Overview
10.2 Competitive Leadership Mapping (Overall Market)
10.2.1 Visionary Leaders
10.2.2 Innovators
10.2.3 Dynamic Differentiators
10.2.4 Emerging
10.3 Market Ranking, 2018
10.4 Competitive Scenario
10.4.1 New Product Launches
10.4.2 Investments & Expansions
10.4.3 Contracts & Agreements
10.4.4 Others
11 Company Profiles
11.1 Keysight Technologies
11.2 Gossen Metrawatt
11.3 National Instruments
11.4 Tektronix
11.5 Yokogawa Electric Corporation
11.6 Fluke Corporation
11.7 Flir Systems
11.8 B&K Precision
11.9 Chauvin Arnoux
11.10 Hioki E.E. Corporation
11.11 Sanwa Electric Instrument Company
11.12 Kyoritsu Electrical Instrument Works
11.13 Rohde & Schwarz
11.14 Teledyne Lecroy
11.15 Good Will Instrument
11.16 Klein Tools
11.17 Shenzhen Everbest Machinery Industry
11.18 Mastech Group
11.19 HT Italia
11.20 GS Instech
For more information about this report visit https://www.researchandmarkets.com/r/f78hux
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