What is Digital Multimeter - Global Market?
A Digital Multimeter, often abbreviated as DMM, is a test tool used to measure two or more electrical values—principally voltage (volts), current (amps) and resistance (ohms). It is a standard diagnostic tool for technicians in the electrical/electronic industries. Digital multimeters long ago replaced needle-based analog meters due to their ability to measure with greater accuracy, reliability and increased impedance. Fluke introduced its first digital multimeter in 1977. Today's DMMs have improved over the years and offer a wide variety of features. In fact, several are specialized for applications such as data logging, automotive tuning, and HVAC/R. The global market for Digital Multimeters is vast and diverse, with a wide range of applications and uses.
Handheld, Bench-Top, Others in the Digital Multimeter - Global Market:
The Digital Multimeter - Global Market is segmented into Handheld, Bench-Top, and Others. Handheld Digital Multimeters are portable and compact, making them ideal for fieldwork. They are typically used by electricians and service technicians for basic troubleshooting, field service work, and bench repair. Bench-Top Digital Multimeters, on the other hand, are larger and more powerful. They are typically used in laboratories, manufacturing plants, and other settings where precision and reliability are paramount. The "Others" category includes specialized Digital Multimeters designed for specific applications or industries. Each of these segments has its unique features and advantages, catering to different needs and requirements in the market.
Industrial Manufacturing, Commercial, Public Utilities in the Digital Multimeter - Global Market:
Digital Multimeters are widely used in various sectors such as Industrial Manufacturing, Commercial, and Public Utilities. In Industrial Manufacturing, Digital Multimeters are used to troubleshoot electrical problems, test for continuity, and measure the voltage of different electrical components. In the Commercial sector, they are used by electricians and technicians to install, maintain, and repair electrical systems and equipment. Public Utilities, such as power companies and water treatment plants, use Digital Multimeters to monitor and control their electrical systems. These sectors rely heavily on Digital Multimeters for their daily operations, highlighting their importance in the global market.
Digital Multimeter - Global Market Outlook:
The global Digital Multimeter market, which was valued at US$ 1243 million in 2022, is expected to reach US$ 1596.9 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 3.6% during the forecast period from 2023 to 2029. The top three manufacturers globally hold a share of about 15%. In terms of product type, Handheld Digital Multimeters are the largest segment, accounting for over 80% of the market. This data reflects the significant demand for handheld devices due to their portability and convenience.
| Report Metric | Details |
| Report Name | Digital Multimeter - Market |
| Forecasted market size in 2029 | US$ 1596.9 million |
| CAGR | 3.6% |
| Forecasted years | 2023 - 2029 |
| Global Digital Multimeter market, by region: |
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| Global Digital Multimeter market, Segment by Type: |
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| Global Digital Multimeter market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
