A multifunctional measuring device is an instrument that is used to indicate, measure, and record physical quantities with accuracy and precision. The global control and measuring devices market is expanding due to the high demand for accuracy and precision instruments in industries. The usage of precision instruments in industries such as automotive, pharmacy, chemical, and defense is fuelling the demand for such devices. Multifunction meters for electrical installations gained popularity among users who prefer a combination of all measurement functions in one device. Such meters were not handy and the measurements made with them were less accurate, however, presently, the latest multifunction meters often exceed single function meters with instrument parameters and their small dimensions, allowing the user for convenient and ergonomic work.
The multifunctional measuring device market can be segmented based on type, effect, end-user and region. In terms of type, the multifunctional measuring device market can be classified into absolute measuring instrument, secondary measuring instrument, and deflection/null type instrument. The absolute measuring intrument segment is estimated to expand significantly during the forecast period due to its high accuracy, precision, better sensitivity, higher resolution, and instrument efficiency, as compared to secondary measuring instrument and deflection/null type instruments. However, the deflection/null type instrument segment is projected to account for a significant share of the multifunctional measuring device market during the forecast period. Simple usage and low cost are the key factors driving the demand for deflection/null type instruments. Based on effect, the multifunctional measuring device market can be segregated into magnetic, electromagnetic, heating, electrostatic, chemical, and thermal. Expansion of the electromagnetic segment can be ascribed to the increase in demand for construction of commercial instrument applications such as voltmeter, ammeter, and wattmeter. The magnetic segment is likely to hold a prominent share of the multifunctional measuring device market in the next five years. Based on end-users, the multifunctional measuring device market can be segmented into automotive, medical, construction, oil and gas, metals & mining, power generation, chemical, food, agriculture, and water supply. The automotive segment is expected to account for a key share of the multifunctional measuring device market, followed by power generation and construction segments, during the forecast period.
Based on geography, the multifunctional measuring device market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is expected to account for a prominent share of the market, in terms of value, due to the presence of several key manufacturers in the region. Technological development in Europe is expected to create significant opportunities in the multifunctional measuring device market during the forecast period. The market in Asia Pacific is expected to expand significantly during the forecast period. The availability of labor and other necessary resources at a low price, in the region, is expected to drive the multifunctional measuring device market during the forecast period. Japan has a large number of electronics device manufacturers, which is projected to create demand for multifunctional measuring device during the forecast period.
Key player operating in the global multifunctional measuring device market are Agilent Technologies, JDS Uniphase, SPX Corporation, Aplab Limited, TEKTRONIX, INC, National Instruments, Qmax Test Equipments, and Premier Measurement Solutions Pvt Ltd.
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.