Digital Multimeter Market: Introduction
- A digital multimeter is an electronic instrument employed to measure multiple electric parameters such as current, voltage, and resistance when 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, and 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 various end-use sectors such as automotive, manufacturing, residential, commercial, and industrial
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Rise in Demand for Digital Multimeters in Test and Measurement Applications
- Digital multimeters are largely used in test and measurement applications, as people across the globe are increasingly using electronic devices for residential, commercial, or industrial purpose
- Additionally, use of digital multimeters decreases the possibility for misreading the measurement, as it displays exact numbers on a digital screen and it does not require zero adjustment, which is beneficial to save time
- Furthermore, digital multimeters are enabled with auto polarity function, which helps the user establish perfect connection by selecting correct polarity
- Use of digital multimeters helps the user avoid making parallax errors. A parallax error occurs when the user views the reading from another angle and misinterprets the measurement. As a result of these advantages, the demand for digital multimeters in test and measurement applications is increasing. This factor is expected to drive the global digital multimeter market at a rapid pace during the forecast period.
Automotive Segment to Witness Lucrative Opportunities
- Based on end-use industry, the global digital multimeter market can be segmented into automotive, manufacturing, residential, commercial, and industrial
- Among end-use industries, the automotive industry has emerged as an attractive sector for investments for organizations across the globe. In the automotive sector, digital multimeters are significantly used for accurate measurement of electric parameters such as voltage, current, resistance, and capacitance.
- Additionally, digital multimeters are useful to test vehicle batteries and diagnose issues related to engines and sound systems, owing to which digital multimeters are largely used in the automotive industry
- Thus, rise in the demand for digital multimeters in the automotive industry is anticipated to drive the global digital multimeter market during the forecast period
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Asia Pacific to Lead Global Market
- In terms of region, the global digital multimeter market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Asia Pacific is anticipated to dominate the global digital multimeter market throughout the forecast period, owing to increase in automation and ongoing technological advancements in the electrical & electronics (E&E) industry in the region
- The digital multimeter market in North America and Europe is expected to expand at a substantial rate during the forecast period. However, the market in South America and Middle East & Africa is estimated to expand at a moderate rate during the forecast period.
Key Players Operating in Global Market
The global digital multimeter market was highly fragmented in 2018. Prominent players operating in the global market are focusing on technological advancements and expansions to meet the risen demand for digital multimeters. Moreover, manufacturers are entering into partnerships for the development of innovative products.
Key players operating in the global digital multimeter market are:
- Fluke Corporation
- Klein Tools, Inc.
- Masttech Group Limited
- Rohde & Schwarz GmbH Co. KG
- TEKTRONIX INC.
- AMETEK, Inc.
- Giga-tronics Incorporated
- National Instruments
- RIGOL Technologies Inc.
- Teledyne LeCroy
- Yokogawa Test & Measurement Corporation
Global Digital Multimeter Market: Research Scope
Global Digital Multimeter Market, by Type
Global Digital Multimeter Market, by Digital Type
- Clamp Digital
- Fluke Digital
Global Digital Multimeter Market, by End-use Industry
Global Digital Multimeter Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.