Global Multimeter Market Size By Product Type (Handheld, Benchtop, Mounted), By Application (Residential, Commercial, Industrial, Consumer Electronics), By Geographic Scope And Forecast

Multimeter Market Size And Forecast

Multimeter Market size was valued at USD 1.2 Billion in 2024 and is projected to reach USD 1.7 Billion by 2031, growing at a CAGR of 4.5% from 2024 to 2031.

The key factors driving the market include increased penetration of electronic devices across several end-user industries and the low cost & multifunctional nature of multimeters. The Global Multimeter Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Multimeter Market Definition

A digital multimeter is an electronic instrument employed to measure multiple electric parameters such as voltage, current, and resistance when the fault occurs in an electronic device. It is also used to test continuity between two points in an electric circuit. Digital multimeters were introduced long ago in order to replace analog meters, as digital multimeters provide reliable measurements with high accuracy.

A digital multimeter is equipped with an LCD display, a knob to select various ranges of electric parameters, a dial, and an input jack. Digital multimeters are categorized into handheld, bench-top, & mounted digital multimeters. Handheld digital multimeters are more popular among end-users, as they are light in weight, small in size, and easy to carry. Digital multimeters are used in several end-use sectors such as automotive, manufacturing, commercial, residential, and industrial.

Global Multimeter Market Overview

The primary driver for the Digital Multimeter market is the multi-functionality and features such as accuracy, flexibility to use, portability, dual display resolution,& Lifetime warranty. These features & multi-functionality are expected to raise the demand for Digital Multimeter. The adoption of electronic devices across many industry verticals is increasing steadily year on year. This development made the digital multimeter’s usage by electrical professionals to measure the voltage, current, and resistance of electronic devices also increase.

Even though the digital multimeter is a valuable and indispensable tool for the electrical professional, it does have certain limitations. Digital multimeter’s power factor represents the voltage-ampere loss in a system due to reactance. Poor power factor means utility penalty charges, & these charges can be corrected with the installation of power factor correction systems. Short variations in voltages, often due to lightning strikes and load switching can cause equipment to shut down.

There is a huge demand for used and/or rented digital multimeters for general Purpose testing of electronic devices. Some electrical professionals don’t use digital multimeters on a regular/daily basis. Due to this many electrical professionals sometimes borrow digital multimeters from their co-workers or rent the digital multimeter when it is required. These factors restraining the growth of the digital multimeter market.

Global Multimeter MarketSegmentation Analysis

The Global Multimeter Market is Segmented on the basis of Product Type, Application, And Geography.

Multimeter Market, By Product Type

• Handheld
• Mounted
• Benchtop
• Others

Based on Product Type, the market is bifurcated into Handheld, Benchtop, Mounted, and Others. A digital multimeter is an electronic instrument employed to measure multiple electric parameters such as current, voltage, and resistance when a fault occurs in an electronic device. It is also used to test the continuity between two points in an electric circuit.

Multimeter Market, By Application

• Residential
• Commercial
• Industrial
• Consumer Electronics
• Automotive
• Manufacturing

Based on Application, the market is bifurcated into Residential, Commercial, Industrial, Consumer Electronics, Automotive, and Manufacturing. A Digital multimeter’s power factor represents the voltage-ampere loss in a system due to reactance. Poor power factor means utility penalty charges, & these charges can be corrected with the installation of power factor correction systems. Short variations in voltages, often due to lightning strikes & load switching can cause equipment to shut down.

Multimeter Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Regional Analysis, the Global Multimeter Market is classified into North America, Europe, Asia Pacific, and Rest of the world. The Asia Pacific is anticipated to continue the largest market in the coming few years. The thriving commercial and residential construction sector, coupled with rising investments in infrastructure development in the region, is expected to increase the demand. Europe is also projected to behold profitable growth owing to the presence of various automobile manufacturers in countries such as France and Germany.

Key Players

The “Global Multimeter Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players are Fluke Corporation, Keysight, FLIR, Rohde & Schwarz, Victor, UNI-T, HIOKI, Chauvin Arnoux Group, Klein Tools, B&K Precision Corporation, CEM, Gossen Metrawatt, Prokits Industries, Mastech Group, GW Instek, Sata, Triplett, Leierda, Metrel.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Product Launches and Product Expansions

• In April 2019, a new Metraline series digital multimeters has been launched by Gossen Metrawatt GmbH which is a leading manufacturer of electrical measuring and test instruments. The aim of this launch is to include autoblocking sockets for safety and this digital multimeters is secure according to measuring categories CAT III (600 V) or CAT IV (300 V).
• In April 2019, a new automotive customer center in Nagoya, Japan has been opened by Keysight Technologies Inc which is a leading manufacturer of electronic test and measurement equipment and software. The aim of this new customer center is to serve customers in the local proximity in order to support innovative technology projects.
• In November 2018, a Keithley DMM7512 dual-channel 7½-digit sampling multimeter has been introduced by Tektronix which is a manufacturer of test and measurement devices. The multimeter enables the capture of waveforms and transient signals, even the low-level waveforms like battery drain currents, with its 18-bit digitizer, 1Msample/s that has current sensitivity of 0.1nA and has voltage sensitivity of 1µV.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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