The global digital multimeter market reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
A digital multimeter is an electronic device employed to measure the electrical properties of electronic components such as voltage, current and resistance. The product is an enhanced standard diagnostic tool since it can measure resultant values with better precision. The results of a digital multimeter are displayed numerically on an LCD or LED display, ranging from 3 millivolts to 4 volts. Many companies prefer digital multimeters to other types of meters because they are lighter, less expensive and produce more accurate readings than conventional metering devices. Furthermore, it measures many electrical properties such as temperature and capacitance at high frequency using special probes such as buttons, dials and input.
Source: DataM Intelligence Analysis (2022)
The growing R&D activities and manufacturing and the need to monitor the energy involved in the respective process are major market drivers for the global digital multimeter market. Nevertheless, the high pricing of digital multimeter devices restrains the market’s growth.
Growing R&D activities, manufacturing and the need to monitor electronic devices
Industrialization is quickly gaining traction worldwide, driving up industrial power consumption. Manufacturing and process sectors are expanding rapidly in both developed and developing countries.
Since the importance of spending money on research and development (R&D) has never been clearer in modernity, global firms are investing enormous sums of money in developing several advanced products. As per Unistat by the United Nations, in 2018, global R&D spending increased to US$2.2 trillion (purchasing power parity), up from US$1.4 trillion in 2010. As a result, R&D spending as a percentage of global GDP climbed from 1.61 percent in 2010 to 1.73 percent in 2018. Globally, the number of researchers per million people increased from 1,022 in 2010 to 1,235 in 2018.
The respective factor puts a greater emphasis on making energy-efficient products. As product development and research are growing, the requirement to manufacture efficient devices with proper electrical elements such as voltage, among others, is also experiencing a significant increase. Since digital multimeter serves an important role in ensuring the factor mentioned above, the demand for it is increasing in R&Ds, manufacturing as well as industries. As a result, the growing manufacturing process and R&D activities are major market drivers for the global digital multimeter market.
The COVID-19 outbreak has significantly impacted various service and manufacturing businesses due to the implementation of lockdowns and reduced operational capacities to combat the virus's spread, leading the economy to suffer. According to the World Bank, the epidemic has dropped investments and interruptions globally in business and supply networks. Furthermore, due to the COVID-19 pandemic, the following variables produced a significant downward rift in the worldwide digital multimeter industry.
The pandemic's most significant impact on the market is on the supply chain, which tarnishes the availability of raw materials and the sale of finished goods due to a large demand-supply mismatch caused by the unavailability of required raw materials and disruption of production operations. The pandemic's significant influence on the global digital multimeter business might be explained further by interruptions and downfalls observed in key end-user sectors.
Nonetheless, the observed increase in end-user verticals such as automotive, energy generation and others following the first three pandemic waves is projected to boost market expansion soon. Growing technological progress also provides significant support to the respective market.
The global digital multimeter market is classified based on type, ranging type, application and region.
The regulatory requirement to ensure proper electrical range for various parts in the automotive industry accounts for the domination of the same in the application segment of the global digital multimeter market
The global digital multimeter market may be divided into several applications, including automotive, energy, consumer electronics & appliances, medical device, manufacturing and others. The automotive industry has emerged as an appealing sector for investment by organizations worldwide among end-use sectors. Digital multimeters are widely used in the automotive industry to accurately measure electric parameters such as voltage, current, resistance and capacitance.
Furthermore, digital multimeters are useful for testing vehicle batteries and diagnosing engine and sound system problems, so digital multimeters are widely employed in the automobile industry. As a result, the demand for digital multimeters in the automotive industry is expected to boost the worldwide digital multimeter market during the forecast period.
Source: DataM Intelligence Analysis (2022)
Availability of low-priced raw materials and labor along with heavy industrialization of the region allow Asia-pacific to be a global hub for digital multimeter
Due to low-priced raw materials and labor, the world's largest electronic manufacturing enterprises are based in Asia-Pacific. China, Taiwan and Hong Kong all have significant capacity for electronic production. China is also one of the world's leading vehicle producers. As a result of these reasons, Asia-Pacific accounts for a sizable portion of the market. Increased automation and ongoing technological breakthroughs in the region's electrical and electronics (E&E) industry further drive market growth.
Source: DataM Intelligence Analysis (2022)
The digital multimeter market is extremely active in terms of the number and scope of global and local producers. Because of the existence of numerous manufacturers such as Keysight Technologies, Gossen Metrawatt, National Instruments, Tektronix, Yokogawa Electric Corporation, Fluke Corporation, FLIR System, B&K Precision, Chauvin Arnoux and Hioki E.E. Corporation, the market has been described as fragmented. Mergers, acquisitions, product launches, investments and collaborations are common market strategies to gain competitive advantages.
On March 15, 2021, Keysight Technologies launched a portfolio of Smart Bench Essentials (SBE) lab bench products that deliver the power of four different instruments, including an arbitrary function generator, a digital multimeter, a triple-output power supply and an oscilloscope, via a single powerful graphical interface with integrated data management and analysis capabilities.
Keysight's SBE lab bench devices are dependable and capable instruments designed for product design and testing in manufacturing and R&D, with a compact and stackable design that is excellent for small manufacturing enterprises. Keysight's SBE lab bench solutions are ideal for modern university teaching labs that require a more conducive environment for sharing and learning.
Overview: Keysight provides innovative design and validation solutions that aid in accelerating innovation to connect and secure the world. Keysight's commitment to speed and precision extends to software-driven insights and analytics that accelerate the development of tomorrow's technology products across the development lifecycle, including design simulation, prototype validation, automated software testing, manufacturing analysis and network performance optimization and visibility in the enterprise, service provider and cloud environments. The company caters to customers from various industries, including communications and industrial ecosystems, aerospace and defense, automotive, energy, semiconductors and general electronics. In the fiscal year 2020, Keysight made US$4200 million in revenue.
Furthermore, the devices in the series provide
Keysight Technologies, a major technology company that delivers validation solutions and advanced technologies, announced on February 3, 2022, that it had expanded its portfolio of high-speed digital 800G test solutions to enable the optical transceiver ecosystem to enhance the power effectiveness of modules used in data center equipment.
Users can use the 800G multimode test solutions to validate the performance of optical transceiver modules and components such as vertical-cavity surface-emitting lasers (VCSELs), photodiodes, modulator drivers, transimpedance amplifiers (TIAs) and physical layer (PHY) chips.
The enhanced range supports 400G and 800G design validation in line with Institute of Electrical and Electronics Engineers (IEEE) standards from early research and development to manufacturing.
The global digital multimeter market report would provide approximately 62 tables, 58 figures and almost 190 pages.
Get your free sample proposal with a single click!