Digital Multimeter Global Market Report 2023: Anticipating Growth At A CAGR Of More Than 3% In The Forecast Period As Per The Business Research Company's Digital Multimeter Global Market Report 2024
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LONDON, Jan. 09, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s digital multimeter global market report 2024, the digital multimeter market has exhibited steady growth in recent years, reaching $1.11 billion in 2023. According to the latest forecast, the digital multimeter market is poised to continue its upward trajectory, projecting an increase to $1.15 billion in 2024, with a Compound Annual Growth Rate (CAGR) of 3.6%. This digital multimeter market growth is attributed to increased automation, expansion in the electronics and telecommunications industries, and a rise in educational and training institutions.
Forecasted Expansion
In the upcoming forecast period, the digital multimeter market is expected to see sustained growth, reaching $1.31 billion by 2028 at a CAGR of 3.3%. Key factors driving this expansion include the growth of the renewable energy sector, green technology initiatives, globalization, standardization, safety, and compliance. Notable trends in this period encompass smart and connected multimeters, advanced measurement capabilities, remote and cloud-based data storage, and rapid technological advancements.
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Driving Forces: Automotive Industry and Global Trends
A significant catalyst for the digital multimeter market's growth is the expanding automotive industry. Digital multimeters, renowned for their versatility and portability, play a crucial role in maintenance and repair tasks within the automotive sector. Notably, in 2022, global motor vehicle production reached 85.4 million units, marking a 5.7% increase from the previous year. The sector achieved approximately 78 million unit sales, reflecting a substantial 10% increase compared to both 2021 and 2020.
Industry Players and Innovations
Major players in the digital multimeter market, including Danaher Corporation, Agilent Technologies Inc., and Keysight Technologies Inc., are driving innovation. Companies are adopting new technologies, such as digital multimeters with infrared sensors, to maintain their market position. For instance, Teledyne FLIR LLC launched the DM286 infrared guided measurement (IGM) multimeter in May 2023. This instrument incorporates FLIR's multispectral dynamic imaging (MSX) to enhance the sharpness of thermal images in real time, facilitating quicker and safer identification of trouble locations.
Regional Insights
Asia-Pacific emerged as the largest region in the digital multimeter market in 2023, underscoring the global nature of the industry and its growth prospects.
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Market Segmentation
The digital multimeter market, as detailed in this report, is segmented based on:
- Product Type: Handheld, Bench-Top, Mounted, Other Product Types
- Ranging Type: Auto-ranging, Manual
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Industry Vertical: Consumer Electronics, Automotive, Power Generation, Healthcare, Other Industries
In conclusion, the Digital Multimeter Global Market Report 2023 foresees significant growth opportunities. Stakeholders in the digital multimeter industry can leverage this comprehensive report to navigate the evolving market landscape, identify emerging trends, and make informed decisions to propel their business forward.
Digital Multimeter Global Market Report 2023 by The Business Research Company provides insights on the digital multimeter market size, digital multimeter market segments, digital multimeter market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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