Global Digital Multimeter Market Set for Strong Growth Through 2031, Says Reed Intelligence
According to a new report by Reed Intelligence, the global digital multimeter market is projected to grow at a robust CAGR of ~5.2% between 2023 and 2031.
Market Size and Forecast
Base Year (2023): The market is analyzed starting from 2023.
Forecast Period: 2023–2031.
Compound Annual Growth Rate (CAGR): ~5.2% over the forecast period.
Key Highlights
Largest Region (by market size): Asia Pacific, driven by its sheer size, emerging economies, and rapidly growing electronics demand.
Fastest-growing Region: While exact regional CAGR is not numerically broken out, Reed Intelligence notes that APAC markets are "experiencing remarkable growth" due to emerging economies and local competitive players.
Largest Segmentation by Type: Handheld digital multimeters remain dominant.
Fastest-growing Segmentation: Application-wise, industrial manufacturing is a major segment; the combination of new features such as connectivity, mobile app integration, and AI capabilities is driving opportunities.
For more details-
https://reedintelligence.com/m....arket-analysis/globa
Market Dynamics
Drivers:
The growth of the digital multimeter market is primarily fueled by increasing electronics usage worldwide, the rising popularity of DIY (do-it-yourself) electronics and maintenance among professionals and hobbyists, and growing requirements for regular electrical testing and diagnostics.
Restraints:
Despite these tailwinds, the market faces headwinds from economic uncertainties, regulatory challenges, and supply chain disruptions. Intense competition among established players and new entrants also puts pressure on pricing and margins.
Opportunities:
On the opportunity front, the adoption of advanced features—such as connectivity, mobile-app integration, and AI-powered diagnostics—is expected to drive innovation and open up new market segments. Companies that address undeserved regions or develop feature-rich, smart multimeters stand to gain a competitive edge as they navigate market restraints.
Top Market Players
Key players identified in the report include:
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.
Market Segmentation
By Type:
Handheld
Bench-top
Others
By Application:
Industrial Manufacturing
Commercial
Public Utilities
By Region:
North America (U.S., Canada)
Europe (UK, Germany, France, Spain, Italy, Russia, Nordic & Benelux)
Asia Pacific (China, Korea, Japan, India, ASEAN, etc.)
LAMEA (Latin America, Middle East & Africa) including UAE, Saudi Arabia, South Africa, Brazil, Mexico, Argentina, etc.
About Reed Intelligence
Reed Intelligence is a research firm specializing in market analysis across advanced materials, semiconductor & electronics, energy, and more. Their reports combine macroeconomic insights, value chain analysis, and competitive benchmarking to help businesses strategize for growth.
Global Digital Multimeter Market Set for Strong Growth Through 2031, Says Reed Intelligence
According to a new report by Reed Intelligence, the global digital multimeter market is projected to grow at a robust CAGR of ~5.2% between 2023 and 2031.
Market Size and Forecast
Base Year (2023): The market is analyzed starting from 2023.
Forecast Period: 2023–2031.
Compound Annual Growth Rate (CAGR): ~5.2% over the forecast period.
Key Highlights
Largest Region (by market size): Asia Pacific, driven by its sheer size, emerging economies, and rapidly growing electronics demand.
Fastest-growing Region: While exact regional CAGR is not numerically broken out, Reed Intelligence notes that APAC markets are "experiencing remarkable growth" due to emerging economies and local competitive players.
Largest Segmentation by Type: Handheld digital multimeters remain dominant.
Fastest-growing Segmentation: Application-wise, industrial manufacturing is a major segment; the combination of new features such as connectivity, mobile app integration, and AI capabilities is driving opportunities.
For more details- https://reedintelligence.com/m....arket-analysis/globa
Market Dynamics
Drivers:
The growth of the digital multimeter market is primarily fueled by increasing electronics usage worldwide, the rising popularity of DIY (do-it-yourself) electronics and maintenance among professionals and hobbyists, and growing requirements for regular electrical testing and diagnostics.
Restraints:
Despite these tailwinds, the market faces headwinds from economic uncertainties, regulatory challenges, and supply chain disruptions. Intense competition among established players and new entrants also puts pressure on pricing and margins.
Opportunities:
On the opportunity front, the adoption of advanced features—such as connectivity, mobile-app integration, and AI-powered diagnostics—is expected to drive innovation and open up new market segments. Companies that address undeserved regions or develop feature-rich, smart multimeters stand to gain a competitive edge as they navigate market restraints.
Top Market Players
Key players identified in the report include:
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.
Market Segmentation
By Type:
Handheld
Bench-top
Others
By Application:
Industrial Manufacturing
Commercial
Public Utilities
By Region:
North America (U.S., Canada)
Europe (UK, Germany, France, Spain, Italy, Russia, Nordic & Benelux)
Asia Pacific (China, Korea, Japan, India, ASEAN, etc.)
LAMEA (Latin America, Middle East & Africa) including UAE, Saudi Arabia, South Africa, Brazil, Mexico, Argentina, etc.
About Reed Intelligence
Reed Intelligence is a research firm specializing in market analysis across advanced materials, semiconductor & electronics, energy, and more. Their reports combine macroeconomic insights, value chain analysis, and competitive benchmarking to help businesses strategize for growth.
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