What is Global Multimeters Market?
The Global Multimeters Market is a vast and dynamic sector that encompasses a wide range of devices used to measure electrical parameters such as voltage, current, and resistance. Multimeters are versatile instruments that are used in various industries, from electronics to automotive, to ensure the proper functioning of electrical devices and systems. They are available in different types, including handheld and bench-top models, each with its unique features and applications. The global multimeters market was valued at a significant US$ 1062.2 million in 2022, indicating a robust demand for these devices worldwide. The market is projected to grow further and reach US$ 1291.7 million by 2029, growing at a steady CAGR of 2.8% during the forecast period from 2023 to 2029.
Handheld Type, Bench-Top Type, Others in the Global Multimeters Market:
The Global Multimeters Market is segmented based on the type of multimeter, which includes handheld type, bench-top type, and others. The handheld type is the most popular and widely used, accounting for nearly 79% of the production market share. These devices are compact, portable, and easy to use, making them ideal for fieldwork and on-the-spot troubleshooting. On the other hand, bench-top multimeters are larger and more powerful, offering higher accuracy and more advanced features. They are typically used in laboratories and industrial settings where precision and reliability are paramount. The 'others' category includes specialized multimeters designed for specific applications or industries.
Industrial Manufacturing, Commercial, Public Utilities in the Global Multimeters Market:
The Global Multimeters Market finds extensive usage in various sectors such as industrial manufacturing, commercial, and public utilities. Industrial manufacturing is the largest consumer of multimeters, accounting for 60% of the market demand. These devices are used in manufacturing plants to test and troubleshoot electrical equipment and machinery, ensuring their safe and efficient operation. In the commercial sector, multimeters are used by electricians and technicians for installation, maintenance, and repair of electrical systems. Public utilities, such as power plants and water treatment facilities, also rely on multimeters for routine testing and monitoring of their electrical infrastructure.
Global Multimeters Market Outlook:
The Global Multimeters Market is geographically diverse, with China being the largest producer and consumer of multimeters. The country holds a production market share of 54% and a revenue market share of 30%, reflecting its dominant position in the global market. China's vast manufacturing sector and growing economy are key drivers of its high consumption of multimeters. North America is the second-largest market, with a sales market share of 20%. The region's advanced industrial and commercial sectors contribute to its significant demand for multimeters.
| Report Metric | Details |
| Report Name | Multimeters Market |
| Accounted market size in 2022 | US$ 1062.2 in million |
| Forecasted market size in 2029 | US$ 1291.7 million |
| CAGR | 2.8% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Fluke Corporation, Keysight, FLIR, Rohde & Schwarz, Victor, UNI-T, HIOKI, Chauvin Arnoux Group, Klein Tools, B&K Precision Corporation, CEM, Gossen Metrawatt, Prokits Industries Co., LTD, Mastech Group, GW Instek, Sata, Triplett, Leierda, Metrel d.d. |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
