Wilmington, Delaware, United States, Nov. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - TMR predicts the handheld digital multimeter market is expected to reach US$ 808.8 million by 2031. Through 2031, the market is expected to expand at a CAGR of 4.5%. Test equipment for monitoring and maintaining electrical systems is in high demand as renewable energy sectors, such as solar and wind power, expand. Inspection and troubleshooting of these systems can be greatly enhanced with handheld DMMs.
Electronics and electrical measurements are often taught and learned using handheld DMMs in educational institutions and training programs. It is estimated that the need for appropriate measurement tools will increase as STEM fields become more popular.
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Key Findings of Market Report
- Innovations in the consumer electronics sector continue to progress at a rapid pace.
- Electronic equipment is becoming increasingly popular in the medical industry
- Various government initiatives to support the adoption of electric vehicles.
- Improved performance and design of digital multimeters are being enhanced with new technologies, including 3D printing and artificial intelligence.
- Smart home and IoT technologies have also increased the market's potential growth.
Global Handheld Digital Multimeter Market: Key Players
The top handheld digital multimeter vendors are focusing on making more affordable handheld digital multimeters. The leading players are also diversifying their product portfolios and acquiring other companies. Other key trends in the handheld digital multimeter market include
- Fluke Corporation
- Hioki E.E. Corporation
- Agilent Technologies
- Keysight technologies
- Klein Tools, Inc.
- Yokogawa Test & Measurement Corporation
- Mastech group limited
- Extech Instruments corporation
- Teledyne FLIR LLC
- AEMC Instruments
- B&K Precision Corporation
- Prokits Industries Co., LTD.
- Triplett Test Equipment & Tools
Global Handheld Digital Multimeter Market: Growth Drivers
Increasing technological advances in electronic devices and semiconductors are driving a need for more sophisticated tools for testing and measuring. The demand for handheld DMMs with enhanced features and capabilities is rising, such as greater accuracy, faster response time, and greater connectivity.
Testing and troubleshooting electrical circuits with handheld DMMs is a major use of handheld DMMs in the automotive and electronics sectors. Advanced handheld DMMs are in demand as these industries grow and electronic components become more complex. Automatic troubleshooting and diagnostic features are built into multimeters. For a more intuitive user experience, touchscreen interfaces and intuitive controls are offered.
Advanced safety features are now integrated to ensure user safety during measurements, including overload protection and enhanced safety ratings. Reduce battery replacement frequency by focusing on energy-efficient designs. A quick-charging battery with rechargeable capabilities is integrated.
Devices are becoming smaller and more portable, a key factor driving the market. A handheld DMM gives technicians and engineers the convenience and flexibility to perform measurements anywhere. The portability of mobile devices makes them ideal for field applications.
Many handheld digital measurement meters, such as Bluetooth, Wi-Fi, or USB, can connect wirelessly and are becoming increasingly popular. Data can be transferred seamlessly, monitoring can be done remotely, and software can be integrated with other devices to improve productivity and efficiency.
Stringent safety regulations and standards in various industries drive the demand for reliable testing equipment. Handheld DMMs that meet safety and compliance requirements are essential for ensuring the integrity and safety of electrical systems.
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Global Handheld Digital Multimeter Market: Regional Landscape
Digital multimeters in the Asia Pacific region are projected to hold the most significant industry share over the forecast period. Increasing adoption of automation technologies and the presence of large electronics manufacturers are driving the market. Developing countries such as China and India are experiencing rapid industrialization and are gaining consumer preference for electronic products. As a result, the handheld digital multimeter market will grow significantly in the Asia Pacific region. When compared to other markets, this region will hold the largest share.
Handheld digital multimeters are projected to experience the fastest growth in North America. Consumer electronics, steady industrial expansion, and increasing construction activities all account for the industry's growth. Several top electrical and electronic manufacturers in North America are expected to drive the market moderately. The adoption of advanced technologies, which include Bluetooth connectivity and touchscreen interfaces, is expected to increase the market growth in North America.
Key Developments
- In December 2022, HIOKI released the DC Hipot tester ST5680 for checking batteries for security. As part of its safety tests, DC Hipot tests electrical equipment used to produce modules of LiBs (lithium-ion batteries). Depending on the battery type, the test requirements will vary. A vast array of international standards are met by this DC Hipot tester ST5680.
- In January 2023, Fluke launched three new products in its Digital Multimeter line: 5550A, 5560A, and 5540A. An advanced product from Fluke Calibration, the 5540A Multi-Product Calibrator. It enhances the capabilities of the 5502A by enhancing its performance. A handheld 4.5-digit resolution DMM calibrated by the 5540A can measure current continuously.
Global Handheld Digital Multimeter Market: Segmentation
- Measurement Type
- Manual
- Auto-ranging
- Clamp Digital
- End-user
- Electricians
- Calibration Personals
- In-house Maintenance Personals
- DIY Users
- Industry Vertical
- Residential
- Commercial
- Industrial
- Automotive
- IT and Telecommunication
- Consumer Electronics
- Manufacturing
- Metal and Mining
- Oil and Gas
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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