How is the Digital Multimeter Market Poised for Growth: Trends and Opportunities Through 2034
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How has the digital multimeter market grown over the years?
In recent times, the market size of the digital multimeter has experienced a consistent expansion. It is set to rise from a worth of $1.15 billion in 2024 to an estimated $1.19 billion in 2025, with a compound annual growth rate (CAGR) of 3.2%. Factors driving this growth during the historic period include a rise in automation, the development of the electronics industry, the broadening of telecommunications, and an increasing count of educational and training institutions.
What Is the forecasted market size and growth rate for the digital oilfield solutions market?
In the coming years, the digital multimeter market is predicted to experience consistent expansion. By 2029, it is expected to reach a value of $1.37 billion, with a CAGR of 3.6%. The predicted growth during this period can be linked to the development of the renewable energy sector, initiatives in green technology, globalization and standardization efforts, as well as safety and compliance. Some notable trends for the forecast period encompass smart and interconnected multimeters, enhanced measurement functions, remote and cloud-based data storage mechanisms, along with fast-paced technological advancements.
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What are the major factors driving growth in the digital multimeter market?
The boost in industrial automation is likely to fuel the rise of the digital multimeter market in the future. This term relates to the use of automated equipment such as robots and control systems to execute tasks typically performed by humans. Digital multimeters, or DMMs, are essential tools that measure and verify electrical quantities including voltage, current, and resistance. These are applied in industrial automation to identify and rectify faults in electrical systems. The International Federation of Robotics, a non-profit organization based in Germany, reported in February 2022 that 3 million industrial robots are presently employed in industries globally, showing a 10% increment from 2021. Hence, the surging adoption of technology and automation across various industries is propelling the expansion of the digital multimeter market.
Digital Multimeter Market Driver: Growth in Automotive Industry Gives Rise to Expansion of Digital Multimeter Market
What key areas define the segmentation of the global digital multimeter Market?
The digital multimeter market covered in this report is segmented –
1) By Product Type: Handheld, Bench-Top, Mounted, Other Product Types
2) By Ranging Type: Auto-ranging, Manual
3) By Industry Vertical: Consumer Electronics, Automotive, Power Generation, Healthcare, Other Industries
Subsegments:
1) By Handheld: Standard Handheld Multimeters, Auto-Ranging Handheld Multimeters, True RMS Handheld Multimeters
2) By Bench-Top: Digital Bench Multimeters, High Precision Bench Multimeters
3) By Mounted: Panel-Mounted Multimeters, Rack-Mounted Multimeters
4) By Other Product Types: Smartphone-Connected Multimeters, Specialty Multimeters
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What are the top market players propelling the growth of the digital multimeter industry?
Major companies operating in the digital multimeter market are Danaher Corporation, Agilent Technologies Inc., Tektronix Inc., Keysight Technologies Inc., Yokogawa Electric Corporation, Milwaukee Tool, Rohde and Schwarz GmbH and Co. KG, National Instruments Corporation, Fluke Corporation, Craftsman, Adlink Technology Inc., HIOKI E.E. Corporation, Mastech Digital Inc., Greenlee Tools, Ideal Industries Inc., Teledyne LeCroy Inc., TPI Corporation, Etekcity, Giga-Tronics Incorporated, Rigol Technologies Inc., GW Instek, Amprobe, AEMC Instruments, Simpson Electric Company, Sanwa Electric Instrument Co. Ltd., B&K Precision Corporation, Extech Instruments Corporation, Chauvin Arnoux Group, Gossen Metrawatt GmbH, AstroAI Corporation, Innova Corporation.
What are the key trends shaping the future of the digital multimeter market?
Firms active in the digital multimeter sector are embracing advanced technology, such as digital multimeters equipped with infrared sensors, to cement their place in the market. A digital multimeter with an infused infrared sensor allows the surface temperatures of objects to be measured without any requirement for physical contact. For example, Teledyne FLIR LLC, an American company specializing in thermography, in May 2023, introduced the DM286 infrared guided measurement (IGM) multimeter. The FLIR DM286 IGM multimeter has been upgraded to contain FLIR’s exclusive multispectral dynamic imaging (MSX), aimed at enhancing the clarity of thermal images in real-time by integrating information from visible light. This system is designed to simplify, quicken, and enhance safety for electricians in spotting hot spots and other problematic areas. It includes a built-in visible-light camera, a Lepton thermal microcamera with 160 x 120 thermal resolution and a potent LED (light-emitting diode) work light for facilitating the operation of MSX in dim light.
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What regions are dominating the digital multimeter market growth?
Asia-Pacific was the largest region in the digital multimeter market in 2024. The regions covered in digital multimeter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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