Digital Multimeter Market Size & Share, by Type (Handheld, Benchtop, Mounted); Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Device Manufacturing); Ranging Type (Auto-Ranging, Manual) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5694
  • Published Date: Apr 30, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Digital Multimeter Market size is poised to reach USD 2.3 billion by the end of 2036, growing at a CAGR of 7% during the forecast timeframe, i.e., 2024-2036. In the year 2023, the industry size of digital multimeter was valued at USD 1 billion. The market is booming due to the slated demand for electronic devices such as smartphones. According to a report, there are around 7 billion smartphones worldwide, which accounts for about 85% of the global population.

In addition, due to the lucrative growth of smartphone repair, the landscape for digital multimeters is also in demand, as a multimeter is a tool used in mobile phone testing and reading checks for different parts and components.

Additionally, the estimated increase in the usage of predictive maintenance across many sectors is expected to decrease the downtime for machines and assets. It is essential to test and validate a variety of electrical tools and machinery to increase their performance and lower the possibility of harm.


Digital Multimeter Market
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Digital Multimeter Sector: Growth Drivers and Challenges

Growth Drivers

  • Rising integration of IoT- The Internet of Things (IoT) is connecting a wide range of items, including test instruments such as digital multimeters (DMM). The internet of things (IoT) has progressed from a simple concept to a tangible reality. This can be linked to the widespread use of Internet Protocol (IP), the emergence of ubiquitous computing, and the continual growth of data analytics, among other development drivers. According to a report, it is expected that IoT devices are expected to grow by 2x and cross 25.44 billion by 2030.

    Furthermore, IoT hardware components have become much more affordable over time, owing to their increasing accessibility for both consumers and companies, and other key components have made it possible to create an increasing number of Internet of Things devices.
  • Increasing demand for automation - Digital multimeters are one of the essential measurement tools that are becoming necessary as automation spreads. Engineers and technicians frequently utilize digital multimeters due to their versatility and ease of use, as they can measure a wide range of characteristics, including voltage, current, resistance, and capacitance, which can be extensively utilized in automation systems to keep an eye on and manage electrical components and systems.

    Moreover, according to a report, the global increase in industrial process automation was USD 58 million in 2022. Digital multimeters, for instance, are used to test the voltage and current in industrial machinery and equipment to guarantee proper and effective operation. Hence, digital multimeters are going to gain more demand as the need for automation increases.
  • Expansion in investments in the 4.0 industry - From 2011 to 2021, the amount of money allocated annually to startups involved in Industry 4.0 climbed by over 318%. A total of about USD 3 billion in funding was allocated to emerging businesses in 2021 for the development of Industry 4.0-related technology. Hence, with this, the adoption of digital multimeters is estimated to observe tremendous growth.

Challenges

  • Poor power factor - The power factor of a digital multimeter represents a system's voltage-ampere loss caused by reactance. Poor power factor results in utility penalty fines, which can be addressed by installing power factor correction systems. Short voltage changes, commonly caused by lightning strikes and load switching, can cause equipment to shut down.
  • Digital values of the digital multimeters can occasionally vary quickly before stabilizing, which makes them more challenging to read.
  • Cost sensitivity of the device can impact the market growth

Digital Multimeter Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

7%

Base Year Market Size (2023)

USD 1 Billion

Forecast Year Market Size (2036)

USD 2.3 Billion

Regional Scope

  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • North America (U.S., and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Digital Multimeter Segmentation

Type (Handheld, Benchtop, Mounted)

The handheld segment in the digital multimeter market is estimated to gain a share of about 41% in 2036. The reason behind this significant growth is impelled by the surge in popularity of handheld digital multimeters on account of their adaptability and mobility, which make them a superior choice for a wide range of applications. Handheld multimeters are also preferred by experts across various sectors, driven by their ease of use, small size, and ability to provide accurate readings while in motion.

Moreover, these devices are widely accepted in industries such as electronics, automotive, and telecommunications, which highlight their vital role in maintenance and troubleshooting duties. The growth of this segment is also set to be influenced by rising energy consumption. According to a report, the amount of power consumed globally has increased to about 25,500 terawatt-hours in 2022. Therefore, the use of handheld digital multimeters is set to rise in the energy sector.

Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Device Manufacturing)

The automotive segment is set to garner a notable share. The digital multimeter market expansion is led by substantial growth in the production of automobiles. According to a report, more than 85.4 million motor vehicles were produced globally, which is an increase of about 5.7% in 2022 as compared to 2021.

In addition, digital multimeters serve a crucial role in the automobile sector as they facilitate troubleshooting and repair activities by providing diagnostics for electrical and electronic systems in vehicles. The need for precise testing and measurements in this industry is very high as automotive technology develops. Additionally, the surge in demand for electric vehicles is also projected to impact segment growth.

 Our in-depth analysis of the global digital multimeter market includes the following segments: 

            Type

  • Handheld
  • Benchtop
  • Mounted

            Application

  • Automotive
  • Energy
  • Consumer Electronics & Appliances
  • Medical Device Manufacturing

            Ranging Type

  • Auto-Ranging
  • Manual

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Digital Multimeter Industry-Regional Synopsis

APAC Market Forecast

The digital multimeter market in the Asia Pacific region will hold the largest share of about 46% by the end of 2036. The growth of the landscape in the region is expected on account of the surge in rising government initiatives to encourage the sale of electric vehicles. According to a report, it is expected that there will be a growth of about 22% in EV sales in the coming years.

Furthermore, the increasing focus on smart manufacturing and renewable energy increases the use of digital multimeters in a variety of applications throughout the area, strengthening its dominant revenue share. A digital multimeter is the most useful piece of equipment for troubleshooting, analyzing diagnostics, and verifying repairs in the field of solar PV for solar contractors.

Moreover, there has been a surge in the availability of cheap labor along with the easy availability of affordable raw materials, which is further driving industrial growth and boosting the market revenue share.

North American Market Statistics

The North American region will encounter a huge influence on the digital multimeter market size expansion during the forecast period. The growth is attributed to the emerging urban population. According to a report, in 2022, more than 308 million urban people lived in North America, which is about a 0.76% increase from 2021. Impelled by this, the demand for various consumer goods is surging, and coupled with this, the rise in disposable income also contributes to this surging demand for consumer electronics goods.

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Digital Multimeter Market Size
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Companies Dominating the Digital Multimeter Landscape

top-features-companies
    • Hioki E.E. Corporation
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Fluke Corporation
    • Teledyne LeCroy
    • Tektronix
    • RIGOL TECHNOLOGIES
    • FLIR Systems
    • Keysight Technologies
    • Yokogawa
    • GOSSEN METRRAWATT
    • National Instruments
    • Amprobe
    • Giga-Tronics

In the News

  • Kyoritsu- announced the fabrication of 1019R, a digital multimeter, that is used to measure 2-pole and 3-pole earth resistance, this tester also measures the earth’s resistance with the fall of potential method.
  • Gossen Merrawatt- announced the launch of their new digital multimeter series- Metraline, which includes auto blocking, sockets for safety according to measuring categories CAT III (600V) and CAT IV (300V).

Author Credits:  Abhishek Verma, Hetal Singh


  • Report ID: 5694
  • Published Date: Apr 30, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Ans: In the year 2023, the industry size of the digital multimeter market was over USD 1 billion.

Ans: The market size for the digital multimeter market is projected to cross USD 2.3 billion by the end of 2036 expanding at a CAGR of 7% during the forecast period i.e., between 2024 and 2036.

Ans: The major players in the market are Fluke Corporation, Teledyne LeCroy, Tektronix, RIGOL TECHNOLOGIES, FLIR Systems, Keysight Technologies, Yokogawa, GOSSEN METRRAWATT, National Instruments, Amprobe, Giga-Tronics, and others.

Ans: In terms of type, the handheld segment is anticipated to account for the largest market share of 41% during 2024-2036.

Ans: The Asia Pacific digital multimeter market is poised to hold the highest share of 46% by 2036.
Digital Multimeter Market Report Scope
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