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Digital Multimeter Market Size

Report ID: GMI5758
Published Date: May 2023
Report Format: PDF

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Digital Multimeter Market Size

Digital Multimeter Market size was valued at USD 1 Billion in 2022 and is anticipated to grow at a CAGR of over 4.5% between 2023 and 2032. The features and specifications of digital multimeter such as versatility and accuracy, ease of use, portability, dual resolution, and lifetime warranty are expected to increase the product demand. The adoption of electronic devices has grown steadily over the years across many industries. Thus, the increase in the use of digital multimeter by electrical professionals to measure voltage, current and resistance of electrical equipment are augmenting the growth of the market.

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Digital multimeter is a standard diagnostic tool used to measure electrical parameters such as voltage, current, and resistance of equipment. It has a button display, dial or switch, and many input jacks which can be plugged into the test lead. Additionally, digital multimeter offers greater accuracy, reliability, and impedance than traditional needle-style analog gauges. Therefore, they are widely used to solve various electrical problems in industrial and household appliances, such as motor control, power tools and power line.

Digital Multimeter Market Report Attributes
Report Attribute	Details
Base Year:	2022
Digital Multimeter Market Size in 2022:	USD 1 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4.5%
2032 Value Projection:	USD 1.5 Billion
Historical Data for:	2018 - 2022
No. of Pages:	280
Tables, Charts & Figures:	249
Segments covered:	Increased penetration of electronic devices in power and utility sector
Growth Drivers:	Ease of operations with handheld digital multimeters Continuous technological advancements in consumer electronics sector Growing adoption of electronic equipment in medical industry Favorable government initiatives to support EV adoption
Pitfalls & Challenges:	High installation cost Sudden disruption in technology

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The sudden technological fluctuations in digital multimeter can hinder the growth of the market during the forecast period. Numeric values ??sometimes change quickly until the text is fixed, making it difficult to read. In some implementations the value takes longer to stabilize and makes the device slow. These meters are also sensitive to external noise; hence, these factors are restraining the growth of the market.

Authors: Suraj Gujar

Frequently Asked Questions (FAQ) :

Market size for digital multimeter was USD 1 Billion in 2022 and will grow at a 4.5% CAGR between 2023 and 2032.

Auto-ranging digital multimeter industry share was over 5% CAGR in 2022 due to the widespread use of these meters in radio and electronic testing, automotive electronics, home appliances, portables, and similar devices.

Asia Pacific held over 40% share in the global digital multimeter market in 2022 as countries like Taiwan, Hong Kong, and China own strong power generation capabilities.

B&K Precision, FLIR Systems, Inc., Fluke Corporation, Giga-tronics, Gossen Metrawatt GmbH, HIOKI E.E. CORPORATION, Keysight Technologies, Kyoristu Electrical Instruments Works, National Instruments Corporation, and Rigol Technologies.