{"id":104182,"date":"2021-02-08T12:15:00","date_gmt":"2021-02-08T12:15:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2826901"},"modified":"2021-02-08T12:15:00","modified_gmt":"2021-02-08T12:15:00","slug":"digital-multimeter-market-analysis-growing-at-4-5-cagr-credence-research","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2021\/02\/08\/digital-multimeter-market-analysis-growing-at-4-5-cagr-credence-research\/","title":{"rendered":"Digital Multimeter Market Analysis- Growing at 4.5% CAGR- Credence Research"},"content":{"rendered":"

\"Digital <\/a> <\/p>\n

iCrowdNewswire <\/strong>  Feb 8, 2021  7:15 AM ET<\/span><\/p>\n

The digital multimeter market<\/a><\/strong> was valued at US$ 910.8 million in market and is anticipated to grow at a CAGR of 4.5 per cent during the forecast period from 2019 to 2027.<\/p>\n

Market Insights<\/strong> <\/p>\n

\u201c<\/em>Growing penetration of electronic devices worldwide will drive the demand for Digital Multimeter Market\u201c<\/em> <\/p>\n

The market for digital multimeters is mainly driven by a surge in the penetration of electronic devices coupled with a growing demand for electronic vehicles worldwide. The increase in demand for digital multimeters across a wide range of industries, such as automotive, energy, consumer electronics and others, are some of the other key factors expected to drive the global digital multimeter market in the coming years. Asia Pacific had a major market share in the world in 2018.<\/p>\n

The growing application for AI (Artificial Intelligence) along with the rise in industry 4.0 are some other factors expected to enhance the global market over the forecast period. New product launches with advanced features are some other factors projected to drive the global digital multimeter market in years to come. For instance, in December 2019, Fluke Corporation introduced the new Fluke 87V MAX true-RMS digital multimeter. The aforementioned multimeter set a new operating standard for working in extreme conditions with the accuracy and features to troubleshoot electrical problems. <\/p>\n

Regional Analysis<\/strong>
\u201cThe rising penetration of digital multimeter to spur the Asia Pacific growth\u201d<\/p>\n

Asia Pacific dominated the global digital multimeter market in 2018, accounting for more than 1\/3 of the same year\u2019s market share. The increasing penetration of digital multimeters, coupled with the availability of raw materials and low-cost labor, are key factors for regional growth. The presence of major players in the market, such as Yokogawa Electric Corporation, Sanwa Electric Instrument Co. Ltd. and others are another major factor for regional growth over the forecast period. Increased demand for electronic vehicles in the region, along with increased investment in the defense sector, are some of the other key factors for regional growth in the coming years. Hence, Asia Pacific is projected to dominate the global market during the forecast period.<\/p>\n

Industrial Developments<\/strong> <\/p>\n

\u2022 In October 2018, Good Will Instrument Co. Ltd. launched a dual measurement multimeter GDM-906X series 61\/2 digit. The aforementioned multimeter features high precision DC voltage accuracy, 12 measurement functions, fast sampling rate, and others. <\/p>\n

Key Market Movements:<\/strong> <\/p>\n

\u2022 Worldwide, the digital multimeter market is growing at a CAGR of 4.5% in terms of revenue for the projected period from 2019 to 2027.<\/p>\n

\u2022 Asia Pacific had a major share in the global market in 2018. The availability of cheap labor coupled with low \u2013 cost raw material are some of the major factors for regional dominance. The presence of major market players in the region is another major factor for regional dominance.<\/p>\n

\u2022 North America is projected to enhance with a significant CAGR over the forecast period owing to the surge in demand for autonomous vehicles, connected and electric vehicles in the region. The growing defense spending in the region is another major factor projected to drive regional growth.<\/p>\n

\u2022 Based on type, the handheld segment had a major share in the global market in 2018. Low cost and portability are the major factors for segment dominance in 2018. The surge in demand from the automotive and energy industries is further projected to drive the segment growth during the forecast period.   <\/p>\n

\u2022 Product launches and enhanced geographical presence are projected to be the key strategies. <\/p>\n

Key questions answered in this report <\/strong><\/p>\n