Market Overview
The Global Digital multimeter Market is estimated to account for a CAGR of 3% for the forecast period of 2020 to 2027 with the expected growth value of 1Million USD. Digital multimeters are certain measuring devices which can measure quantities like voltage, current, and resistance, which can show on a digital display of LED or LCD screen. This instrument allows the user to read the measuring value directly without any complications. The multimeter’s measurement value can range from 3 milivolt to 4 volts, which is quite useful for testing circuits.
There are many factors accumulates to drive the digital multimeter market growth. One of the prominent reason is the rising utilization of electronic devices all across the globe as well as the growing demand for electronic components. However, the global market might experience restraints due to the restrictions for showing minimal amount of voltage variations. It has been predicted that due to the abundance of digital multimeter device application in various sectors, there would be exponential growth in the Digital Multimeter Market. Further, one of the major challenge that digital multimeter market might encounter would be due to government regulations. In addition to that, the availability of cheap and better alternatives products in the market might hinder the growth.
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Market Segmentation
The global Digital Multimeter Market is segmented on the basis of type, digital types, and end users. Depending on the type segment the current market is classified into handheld, bench-top, mounted, and others.
Moreover, the digital types segment is further classified into fluke digital, auto-ranging, clamp digital, and others.
On the basis of end-users, the digital multimeter market is again sub-segmented into commercial, energy industry, automotive manufacturing industry, residential, and others.
Regional Analysis
The study of Digital Multimeter Market also focuses on the different geographical locations existing that segments the market growth on the basis of region, that including Asia-Pacific,Europe,North America, Asia-Pacific, and the rest of the world. The market report is estimating that North Americal region would dominate the market in the forecast years as the region continuously present increasing demand in the market for electrical and electronics components for measurements.
Similarly, it is reported that the Asia-Pacific would predictively make exceptional growth in the upcoming economic years. One of the essential factor is the presence of many key players in the region as well as the need for making electrical measurements skyrocketing.
The digital multimeter market also estimates that, Asia-Pacific region has higher chance to dominate the market as the fastest growing region in the forecast period, since most of major contributors in the market are from China, Japan, and India. As rapid development is taking place in this region with the increasing demand, it is expected that, Asia-Pacific would achieve highest CAGR in the forecast period.
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Industry News
• In 2018, Tektronix has declared to launch it’s new channel “Keithley DMM7512”, which would be beneficial for meeting the growing application high-volume testing requirements.
• In 2019, Gossen Metra watt has announced that, the company would launch it’s new product for digital millimetres called as “Metraline”. This product consists of three digital multimeters with various features for equipment testing and measurements.
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