The blooming electronic industry and other major driving factors is expected to favor the rise in the global digital multimeter market
Reports and Insights has published a new report titled, “Digital Multimeter Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Digital Multimeter Market, By Digital Type (Clamp Digital, Auto Ranging, Fluke Digital, Others), By Application (Testing Batteries, Testing Electrical Appliances, Starting & Charging Systems, Testing Ignition & Fuel Delivery Systems, Testing Faulty Wiring & Components Detection, Testing Standard Plug Points, Others), By Type (Mounted, Bench-Top, Handheld), By End Users (Energy, Commercial, Automotive, Residential, Manufacturing, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global digital multimeter market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
A digital multimeter can be understood as a regular diagnostic tool that is utilized to test electrical principles such as the voltage, resistance and current in an electrical device. It is composed of a display with buttons, a rotary switch or a dial and different input jacks in which the test steers are embedded. In addition to that, in comparison to conventionally employed needle-based analog meters, the digital-variations have greater reliability, accuracy, and resistivity. For this reason, they are comprehensively employed for trouble-shooting different electrical concerns in domestic and industrial appliances such as motor controls, home appliances, wiring systems, and power supplies.
One of the major factors that is primarily driving the growth of the global digital multimeter market is the blooming electronics industry together with swift urbanization which immensely boosts the demand of digital multimeter all across the world. In addition to that, the numerous beneficial properties of digital multimeter including multi functionality and attributes such as flexibility to use, accuracy, dual display resolution, portability, and lifetime warranty further gains immense interest and curiosity among the consumers as well as electric professionals, ultimately propelling its demand across the market. Attributing to which, the global digital multimeter market is projected to grow substantially over the years. Moreover, the several technological upgrades and advancements in product fabrication have allowed the developers to incorporate other measuring equipment such as infrared thermometers with multimeters and insulation testers.
By the same token, various properties such as dielectric absorption, polarization index and earth-bond resistance are further added in these devices. These attributes offer strengthened efficiency and easy to use experience, thus leading to a growing demand for the product. Owing to which, the global digital multimeter market is estimated to witness major breakthroughs in the following years.
Other than that, attributing to their cost-effectiveness as well as their multi-functional property, together with their dual display resolution and portability, these devices are essentially being chosen over voltmeters or ohmmeters. Therefore, the global digital multimeters market is expected to witness significant growth over the coming years.
Reports and Insights Study identifies some of the key participating players in the digital multimeter market globally are Keysight Technologies, Bosch, Gossen Metrawatt, National Instruments, Tektronix, Yokogawa Electric Corporation, Fluke Corporation, FLIR Systems, B&K Precision, Chauvin Arnoux, Hioki E.E. Corporation, Sanwa Electric Instrument Company, Kyoritsu Electrical Instrument Works, Rohde & Schwarz, Teledyne Lecroy, Goodwill instruments, Klein Tools, Shenzhen Everbest Machinery Industry, Mastech Group, HT Italia, and GS Instech, among others.
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