Handheld Digital Multimeter Market-Global Industry Analysis and Forecast (2023-2029)

Handheld Digital Multimeter Market size was valued at US$ 555.29 Mn. in 2022, and the total revenue is expected to grow at 4.5% from 2022 to 2029, reaching nearly US$ 755.68 Mn.
Handheld Digital Multimeter Market Overview:
Handheld Digital Multimeter Market is expected to reach US$ 755.68 Mn. by 2029. Impact of COVID -19 are covered in the Handheld Digital Multimeter Market report. A multimeter, also known as a VOM (volt-ohm-milliampere), is an electronic measuring instrument that combines several measurement functions into a single unit. A typical multimeter can be useful for basic fault finding and field service work, or it can be used as a bench instrument to measure voltage, current, and resistance to a high degree of accuracy. Digital multimeters have a numeric display as well as a graphical bar representing the measured value. These Digital Multimeters can be used to troubleshoot electrical problems in a wide range of industrial and household devices, including electronic equipment, motor controls, domestic appliances, power supplies, and wiring systems. Because of their portability, ease of use, and low cost, handheld digital multimeters are preferred over their competitors. Handheld Digital Multimeters are available in a wide range of features and prices. Cheap multimeters can cost less than USD 10, while General Purpose-grade models with certified calibration can cost more than USD 5,000.To know about the Research Methodology :- Request Free Sample Report
Handheld Digital Multimeter Market Dynamics:
The extensive product usage in industrial facilities is driving the market growth. Increased multimeter demand in the automotive and energy sectors will supplement the handheld digital multimeter market share. Extensive product use by electrical professionals to measure the current, voltage and resistance of electronic devices will also help the industry grow. Furthermore, the automation of manufacturing industries, as well as the expansion of the electric and electronic industries, will reinforce handheld digital multimeter market trends.

Increase in the demand for Application - The use of portable digital multimeters is the first factor. The demand for handheld or handheld equipment has increased significantly in both industrial and general-purpose applications, creating new opportunities for market growth from 2022 to 2029.

Low-cost High tech - In addition, another important factor that affects the global Portable Digital Multimeters Market is rapid technological advancement with lowering the cost of manufacturing as well, as R&D expenses are also expected to help industry players grow their product portfolio at a faster pace than before by the 2029 end.

The surge in Demand for Predictive Maintenance Strategies - The growing use of predictive maintenance in various industries to reduce machine and asset downtime is fueling the growth of the global handheld digital multimeter market. Various electrical tools and machines must be tested and validated in order to improve performance and reduce the risk of damage. In industries, handheld digital multimeters are used to avoid losses caused by faulty instruments.
Handheld Digital Multimeter Market: Key Developments
• Fluke Corporation released the Fluke 393 FC CAT III 1500 V True-RMS Clamp Meter with iFlex in August 2022, the world's only 1500 V CAT III, IP54 rated, thin jaw clamp meter. The 393 FC has a CAT III 1500 V / CAT IV 600 V safety rating, allowing it to work safely in DC environments up to 1500 volts, such as wind power, solar arrays, electric railways, and datacenter battery banks for uninterruptible power supplies.

• HIOKI E.E. CORPORATION released the Digital Multimeter DT4261 in August 2022. It had features like a one-touch design that makes attaching and detaching the sensor from CAN cables simple. Bluetooth wireless communication is enabled when the Wireless Adapter Z3210 is installed. It is very likely to increase work efficiency in the field by measuring data directly into Excel templates.

• In August 2022, Klein Tools, Inc. launched a new and improved line of digital clamp meters. This clamp meter featured with integrated NCV tester on all meters with audible & visual indicators larger jaw opening. Improvements in temperature accuracy and added TRMS to CL220 make the new line a good addition to professional tool bags.
Impact of COVID-19 on Handheld Digital Multimeter Market
COVID-19 is a potentially lethal global pandemic that has affected nearly every industry. The rapidly spreading coronavirus has had a devastating impact on all business operations around the world. The disruption in the supply chain is having an effect on the global economy. The prolonged lockdown and halting of businesses have had a significant impact on the global handheld digital multimeter market. However, rising demand for electronics technicians around the world is propelling the global handheld digital multimeter market forward during the forecast period.

Market players are introducing new products to increase the sales of digital multimeters. Manufacturers are gearing up to re-establish their businesses in order to keep the economies running during the pandemic. Increased adoption of smart electronic devices and household electronic equipment, as well as increased use of handheld digital multimeters by electricians, are driving the growth of the global handheld digital multimeter market. Growth and expansion of the industrial and manufacturing sectors are also responsible for creating profitable opportunities for market players.
Handheld Digital Multimeter Market Segment Analysis:
Based on Application, the global handheld digital multimeter market is segmented into Industrial Automotive, General Purpose, and Others. Over the forecast period, the automotive application is expected to be the fastest-growing segment in the market. The fast proliferation of electric vehicles and self-driving cars in developed and developing nations, including the United States, China, Japan, and others, is driving the demand for handheld digital multimeters.

Portable digital multimeters are used to measure voltage, current, and resistance in various electrical circuits. These devices can be easily moved from one place to another as they have a foldable wire that makes it easy to the movement of the device. Their flexible cords also allow them to handle different types of measurement issues without any difficulty.

Portable Digital Multimeters are used in various General applications like testing the conductivity of a circuit, checking electrical safety and security, and measuring current flow as well as voltage drop. In general-purpose applications Portable, Digital Multimeters help to measure several parameters, including AC/DC voltage acuity, short-circuit test accuracy, and continuity checker indication.

Based on product type, the global handheld digital multimeter market share is segmented into 3.5 Digit, and 4.5 Digit. A three-point five-digit multimeter is a type of portable digital multimeter that can measure the electrical resistance and voltage in AC, DC, and ohm. This instrument features an LCD screen with built-in memory to store results for future reference. The display has four scales: A (500mA), B (50 mV), C (250 V), and D(0 - 2000 Ohms). The Three-Point Five-digit multimeter occupies majority of the market at the end of the forecasted period due to it’s use in multiple industries as compared to its counterpart.
Handheld Digital Multimeter Market Regional Insights:
Asia Pacific is expected to contribute significantly to the revenue of the handheld digital multimeter market, with a CAGR of around 11.2 percent over the forecast period. The presence of the world's largest electronic manufacturing companies operating in the region, as well as the availability of cheap labor and raw materials, can be attributed to the region's robust growth. Taiwan, Hong Kong, and China have significant electronics manufacturing capacity, and China is also one of the world's leading manufacturers in automotive and electronics, providing lucrative opportunities for handheld digital multimeter market growth.

The North American region is projected to be the fastest-growing market for portable digital multimeters during the forecast period. The huge growth of this regional market can primarily be attributed to its steady industrial expansion, increasing construction activities, and growing consumer electronics industry.

South America region has witnessed a rapid transformation in infrastructure due to investment by governments across countries which directly influences the manufacturing sector leading to economic development. South America is expected to have significant opportunities that are likely to contribute significantly toward the Portable Digital Multimeter market size over the forecasted years.

The report's goal is to provide industry stakeholders with a comprehensive analysis of the Handheld Digital Multimeter market. The report analyses complicated data in simple language and presents the past and current state of the industry, as well as forecasted market size and trends. The report examines all aspects of the industry, including a detailed examination of key players such as market leaders, followers, and new entrants.

The report includes a PORTER and PESTEL analysis, as well as the potential impact of market microeconomic factors. External and internal factors that are expected to have a positive or negative impact on the Digital Handheld mutltimeter market have been examined, providing a clear future glance of the industry.

The report also assists in comprehending the Handheld Digital Multimeter market dynamics, structure, and forecasting the Handheld Digital Multimeter market size by analysing market segments. The report serves as an investor's guide by providing a clear representation of competitive analysis of key players in the Handheld Digital Multimeter market by product, price, financial position, product portfolio, growth strategies, and regional presence.
Handheld Digital Multimeter Market Scope: Inquiry Before Buying



Handheld Digital Multimeter Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 555.29 Mn.


Forecast Period 2023 to 2029 CAGR:
4.5%
Market Size in 2029:
US$ 755.68 Mn.


 Segments Covered:
by Product Type
• 3.5 Digit
• 4.5 Digit


by Application
• Industrial
• Automotive
• General Purpose
• Others



Handheld Digital Multimeter Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Handheld Digital Multimeter Market Key Players are:
• Fluke Corporation (USA)
• Bosch (Germany)
• Keysight Technologies (USA)
• Gossen Metrawatt (Germany)
• National Instruments (USA)
• FLIR Systems (USA)
• Yokogawa (Japan)
• HIOKI (Japan)
• Chauvin Arnoux Group (France)
• Klein Tools (USA)
• Amprobe (USA)
• BandK Precision (USA)
• Mastech Digital (USA)
• Uni-Trend Technology (China)
• Shen Zhen Victor Hi-tech (China)

Frequently Asked Questions:

1. What is the forecast period considered for the Handheld Digital Multimeter market report?
Ans. The forecast period for the Handheld Digital Multimeter market is 2023-2029.

2.What is the compound annual growth rate (CAGR) of the Handheld Digital Multimeter market for the forecast period?
Ans. The CAGR for the Handheld Digital Multimeter market for the forecast period is 4.5%.

3. What are the key factors driving the growth of the Handheld Digital Multimeter market?
Ans. Surge in Demand for Predictive Maintenance Strategies, Increase in Demand for Application, low cost high tech etc are some of the driving factors.

4. Which are the worldwide major key players covered for the Handheld Digital Multimeter market report?
Ans. Key players like Fluke Corporation (USA), Bosch (Germany), Keysight Technologies (USA), Gossen Metrawatt (Germany), National Instruments (USA), FLIR Systems (USA), Yokogawa (Japan), HIOKI (Japan), Chauvin Arnoux Group (France), Klein Tools (USA), Amprobe (USA)