Selbyville, Delaware, June 06, 2023 (GLOBE NEWSWIRE) -- Digital Multimeter Market is projected to reach over USD 1.5 billion by 2032 as per a recent study by Global Market Insights Inc.
Digital multimeters play a vital role in the development, maintenance, and charging infrastructure of EVs as they ensure the efficient and safe operation of electric vehicles and charging infrastructure. Moreover, digital multimeters are essential tools for automotive technicians, service centers, and maintenance personnel involved in diagnosing and troubleshooting electrical systems in EVs. They help identify issues, conduct repairs, and ensure the optimal performance of EVs. As governments roll out initiatives to expand EV charging networks and establish charging standards, the demand for digital multimeters will rise notably.
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Rising adoption of manual ranging digital multimeters
Based on ranging type, the digital multimeter market size from the manual segment is estimated to depict steady progress at over 4% CAGR through 2032 due to their widespread use by professionals and enthusiasts for various electrical measurements and troubleshooting tasks. These multimeters offer a simple and straightforward operation and are typically more affordable compared to their auto-ranging counterparts, making them accessible to a broader range of users. The demand for manual ranging digital multimeters is expected to remain high in several industries, such as electrical, electronics, HVAC, and automotive, where reliable and cost-effective measurement solutions are required.
Increasing product usage in consumer electronics
Digital multimeter market value from the consumer electronics application segment is poised to be worth more than USD 800 million by 2032 driven by the increasing demand for consumer electronics products such as smartphones, tablets, smartwatches, and home appliances, which has increased the need for precise electrical measurements and troubleshooting in this sector. Additionally, with the growing complexity and miniaturization of consumer electronics, digital multimeters provide accurate voltage, current, resistance, and continuity measurements, which is likely to boost segment growth.
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North America to emerge as a lucrative revenue hub
North America digital multimeter market is estimated to exceed USD 400 million in revenue by 2032 driven by the thriving electronics industry and the presence of leading manufacturers, R&D centres, and technological innovation hubs across the region. Additionally, the rising adoption of IoT devices, smart home technologies, and electric vehicles has created a need for digital multimeters in residential and automotive applications. Moreover, stringent safety regulations and the growing emphasis on worker safety and quality control standards in industries have mandated the use of reliable measurement instruments, including digital multimeters.
Digital multimeter industry leaders
Some of the major participants in the global digital multimeter market are Rigol Technologies, Sanwa Electric Instrument Co., Ltd., Keysight Technologies, Kyoristu Electrical Instruments Works, Gossen Metrawatt GmbH, HIOKI E.E. CORPORATION, B&K Precision, FLIR Systems, Inc., Fluke Corporation, TEKTRONIX, INC., Giga-Tronics, National Instruments Corporation, Yokogawa Electric Corporation, Rohde & Schwarz GmbH & Co KG, and Teledyne LeCroy.
Digital multimeter market news
In May 2023, KUSAM-MECO, a pioneer in the electronic test and measuring instrument industry, introduced the Model KM 307 Digital Multimeter + LCR meter. The novel multimeter has several unique features and is a versatile tool for measuring inductance, resistance, capacitance, DC AC currents, and many other applications.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
