Handheld Digital Multimeter Market - Global Size, Share, Trends, Growth and Forecast Year ( 2023 – 2032 )
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- Status : Published
- Published on: April 2023
- Report ID: KDMI-7256
- Available Format: PDF/Excel/DOC
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Handheld Digital Multimeter Definition
A handheld digital meter (DMM) is a portable electronic devise or instrument which is used to measure different electrical quantities which includes voltage, resistance and current. It is an important tool for electricians, technicians and other professionals who are in the electronics industry. In terms of product type, the handheld digital multimeter market can be classified into analog and digital multimeters.
Handheld Digital Multimeter Market
The worldwide handheld digital multimeter market was approximately valued $1 billion in 2022 and is expected to succeed in $1.52 billion in 2032, with a compound annual rate of growth (CAGR) of 4.30% during the forecast period (2023-2032). The handheld digital multimeter market is a highly competitive and is dominated by a few key players worldwide. These companies have a strong brand presence and offer a large range of products scattered into various segments of the market. The market is expected to have a moderate growth in the upcoming years because of increase in demand for handheld digital multimeter in different end-use industries which includes automotive, telecom, and power utilities.
Factors such as technological advancements, rising demand for portable and compact DMMs, and increasing adoption of digital multimeters in emerging economies are expected to increase the market growth. However, the high cost of handheld digital multimeters and the availability of low-cost alternatives may have a negative impact on the handheld digital multimeter market.
Digital multimeters are expected to dominate the market due to their accuracy and ease of use. In terms of end-use industry, the handheld digital multimeter market can be classified into automotive, telecommunications, manufacturing, power utilities, and others. The automotive industry is expected to be the largest end-user of handheld digital multimeters due to the increasing demand for electric and hybrid vehicles.
In terms of regional presence, the handheld digital multimeter market can be classified into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Asia Pacific is expected to dominate the market because of the increase in demand for handheld digital multimeters in countries which includes India and China. North America and Europe are also expected to have significant growth because of the presence of a large number of electrical and electronics manufacturers in these regions.
Handheld Digital Multimeter : Report Scope
USD 1 billion
USD 1.52 billion
4.30% from 2023 to 2032
Handheld Digital Multimeter Market Key Drivers:
There are various factors which help in the growth of the handheld digital multimeter market which are as follows:
- Government regulations and standards: The Governments around the world are implementing very stringent regulations and standards for electrical installations and equipment to ensure the safety and security, and also to reduce the risk of accidents. This is therefore increasing the demand for handheld digital multimeters as they are important tools for testing and compliance.
- Technological advancements: The Handheld digital multimeters are constantly developing with the integration of new technologies which includes Bluetooth connectivity, LCD displays, and touchscreen interfaces. These features enhance the user experience and improve the accuracy of measurement.
- Rising demand for portable and compact DMMs: There is a rapid increase in demand for portable and compact DMMs as they are very easy to carry and it can be used in small spaces. This is particularly useful for electricians and technicians who are in need to take measurements in tight spaces.
- Increasing adoption of digital multimeters in emerging economies: India and China are considered to be the emerging economies in the world. When the economies are emerging there is a high demand for electronic and electrical industries. The electronic and electrical industries are directly proportionate to the DMMs market which shows that there is an increase in demand for DMMs market as well.
- Increasing demand from end-use industries: The automotive,, telecom and power utilities are considered as the end use industries for DMMs. There is an increase in demand for electric and hybrid vehicles, when there is an expansion of telecom networks and besides that the need for regular maintenance in the power industry also grows. This directly increases the demand for DMMs and hence it becomes a growth factor.
Handheld Digital Multimeter Market Challenges
There are many challenges which are faced by DMMs market and are listed below:
- High costs: The Handheld digital multimeters are more expensive as compared to analog multimeters and other low-cost alternatives. This may act as a challenging factor for small-scale electricians and technicians who are price-sensitive.
- Availability of low-cost alternatives: The availability of alternatives usually affects the market especially when the alternatives are low in cost. But these alternatives provide basic measurements still impacts the DMMs market. This affects the growth of DMMs market and poses a threat on it.
- Lack of awareness about advanced features: There is a lack of awareness about the feature which is advanced in nature in handheld digital multimeters in some of the regions. The advance features that are present in handhled digital multimeters are Bluetooth connectivity and touchscreen interfaces. This may affects the growth of handheld digital multimetera in these regions and may act as a challenge for the market.
- Limited measurement range: The handheld digital multimetera have a limited range, which is sometimes not suitable for the high voltage and current measurements.
- Competition from smart devices: In the latest devices of smartphones and other, there are features that enable a user for the measurement of high voltage and current. This creates a threat to the market growth of DMMs they the smartphones are more convenient and cost effective alternative for basic measurements.
Handheld Digital Multimeter Market Regional Synopsis
- North America: The North American market is expected to have a moderate growth because of the presence of a number of electrical and electronics manufacturers in the region which is majorly in United States. The adoption of advanced technologies which includes Bluetooth connectivity and touchscreen interfaces is expected to increase the market growth in North America.
- Europe: The European digital multimeter market is mature, driven by the increasing adoption of automation and IoT-enabled devices across the industry which includes manufacturing, automotive, and energy. This sector features major players and fierce competition. The European market is expected to have a significant growth because of the increase in demand for portable and compact DMMs from end-use industries. The adoption of digital multimeters is expected to increase in countries such as Germany and the UK due to the implementation of strict safety regulations.
Japan is also a major market for handheld digital multimeters because of the presence of a number of electrical and electronics manufacturers in the country. The demand for digital multimeters is expected to increase in Japan because of the growing adoption of electric and hybrid vehicles, the expansion of telecom networks, and the need for regular maintenance in the power industry.
- Asia-Pacific: The Asia Pacific region is expected to have a significant growth in the digital multimeter market due to rapid industrialization and rising demand for electronic products in countries which include China and India. The market is driven by large electronics manufacturers’ presence and the increasing adoption of automation technologies. The market of this region is expected to have the largest share as compared to other markets.
- South America: This region is expected to have a moderate growth because of the rising demand of DMMs from the industries which includes automotive and telecom.
- Middle East & Africa: The digital multimeter market in the Middle East and Africa regions are on the rise, driven by the advancements in technologies and automation across industries which includes oil and gas and power generation. Although the region is still in its development stage, but this market holds significant potential for future expansion.
Handheld Digital Multimeter Market Segmentation
The DMMs market is segmented into various categories which are listed below:
- By product type: Analog and Digital Multimeters.
- By end-use industry: Automotive, Telecommunications, Manufacturing, Power Utilities, and others.
- By geography: North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Handheld Digital Multimeter Market Key Players
There are several key players in the digital multimeters market which are as follows:
- Fluke Corporation
- Yokogawa Electric Corporation
- Extech Instruments
- Kyoritsu Electric
- Metrel d.d.
- Sanwa Electric Instrument Co. Ltd.
- Gossen Metrawatt GmbH
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