The Business Research Company’s Digital Multimeter Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Digital Multimeter Global Market Report 2023 evaluates digital multimeter market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global digital multimeter market is expected to grow from the digital multimeter market size has grown steadily in recent years. It will grow from $1.11 billion in 2023 to $1.15 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to increased automation, electronics industry growth, telecommunications expansion, increasing number of educational and training institutions.The digital multimeter market size is expected to see steady growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
An increase in industrial automation is expected to propel the growth of the digital multimeter market going forward. Industrial automation refers to using robots, machines, and control systems to do tasks that humans traditionally carried out. Digital multimeters (DMMs) are used for measuring and validating electrical quantities such as voltage, current, and resistance. They are utilized in industrial automation operations to troubleshoot electrical systems and malfunctions. For instance, in February 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, 3 million industrial robots are already in use in industries around the world, a 10% increase from 2021. Therefore, the increasing adoption of technology and automation in various industries is driving the growth of the digital multimeter market.
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The digital multimeter market segments in the report are:
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
The table of contents in TBRC’s digital multimeter market report includes:
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