Market Overview
The Global Digital
multimeter Market is estimated to account for
a CAGR of 3% for the forecast period of 2020 to 2027 with the expected growth
value of 1Million USD. Digital multimeters are certain measuring devices which
can measure quantities like voltage, current, and resistance, which can show on
a digital display of LED or LCD screen. This instrument allows the user to read
the measuring value directly without any complications. The multimeter’s measurement
value can range from 3 milivolt to 4 volts, which is quite useful for testing
circuits.
There are many factors
accumulates to drive the digital multimeter market growth. One of the prominent
reason is the rising utilization of electronic devices all across the globe as
well as the growing demand for electronic components. However, the global
market might experience restraints due to the restrictions for showing minimal
amount of voltage variations. It has been predicted that due to the abundance of
digital multimeter device application in various sectors, there would be
exponential growth in the Digital Multimeter Market. Further, one of the
major challenge that digital multimeter market might encounter would be due to
government regulations. In addition to that, the availability of cheap and
better alternatives products in the market might hinder the growth.
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Market Segmentation
The global Digital
Multimeter Market is segmented on the basis of type, digital types, and end
users. Depending on the type segment the current market is classified into
handheld, bench-top, mounted, and others.
Moreover, the digital types
segment is further classified into fluke digital, auto-ranging, clamp digital,
and others.
On the basis of end-users,
the digital multimeter market is again sub-segmented into commercial, energy
industry, automotive manufacturing industry, residential, and
others.
Regional Analysis
The study of Digital
MultimeterMarket also focuses on the different geographical locations
existing that segments the market growth on the basis of region, that including
Asia-Pacific,Europe,North America, Asia-Pacific, and the rest of the world. The
market report is estimating that North Americal region would dominate the
market in the forecast years as the region continuously present increasing
demand in the market for electrical and electronics components for measurements.
Similarly, it is reported
that the Asia-Pacific would predictively make exceptional growth in the
upcoming economic years. One of the essential factor is the presence of many
key players in the region as well as the need for making electrical measurements
skyrocketing.
The digital multimeter
market also estimates that, Asia-Pacific region has higher chance to
dominate the market as the fastest growing region in the forecast period, since
most of major contributors in the market are from China, Japan, and India. As
rapid development is taking place in this region with the increasing demand, it
is expected that, Asia-Pacific would achieve highest CAGR in the forecast
period.
Industry News
·
In 2018, Tektronix has
declared to launch it’s new channel “Keithley DMM7512”, which would be
beneficial for meeting the growing application high-volume testing
requirements.
·
In 2019, Gossen Metra
watt has announced that, the company would launch it’s new product for digital
millimetres called as “Metraline”. This product consists of three digital
multimeters with various features for equipment testing and measurements.
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