The global digital multimeter market size is projected to reach USD 1,047 million by 2024 from an estimated market size of USD 847 million in 2019, at a CAGR of 4.3% during the forecast period. The key factors driving the market include increased penetration of electronic devices across various end user industries and the low cost and multifunctional nature of multimeters.
Both global and regional players dominate the global digital multimeter market. The leading players in the global digital multimeter market include Fluke Corporation (US), Tektronix (US), Keysight Technologies (US), Yokogawa (Japan), Hioki (Japan), Gossen Metrawatt (Germany), and National Instruments (US).
The major strategies adopted by the players include new product launches, investments & expansions, contracts & agreements, and mergers & acquisitions. New product launch was the most commonly adopted strategy from October 2014 to October 2019.
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Fluke Corporation (US) is one of the leading test and measurement product manufacturers around the world. The company's products include digital voltmeters, electronic counters, digital thermometers, data loggers, and PC-based data acquisition systems and software. The company caters to various end-use industries, such as electronics, biomedical, process instruments, and networks. It operates through various subsidiary companies, such as Fluke Calibration, Fluke Biomedical, Fluke Networks, Fluke Process Instruments, Amprobe, Beha-Amprobe, Comark, Pacific Laser Systems, Pomona, Raysafe, and Universal Technic. Fluke Corporation has been a part of the multibillion-dollar conglomerate, Fortive Corporation. Fluke Corporation operates worldwide with key operations in Australia, Canada, Europe (including Russia and the UK), South East Asia, Brazil, Japan, China, Korea, and Middle East Africa & Turkey.
Keysight Technologies (US) offers products and services for design, development, manufacture, installation, deployment, validation, optimization, and secure operation of electronics systems. The company provides customization, consulting, and optimization services throughout the customer's product lifecycle. The company operates through four business segments, namely, Communications Solutions, Electronic Industrial Solutions, Ixia Solutions, and Services Solutions. Keysight Technologies has an operational presence in over 100 countries in the Americas, Europe, and Asia Pacific. Keysight Technologies adopts both organic and inorganic strategies to increase its revenue and improve its market share. For instance, in 2019, the company signed a partnership with Oppo to set up a 5G test laboratory. This partnership is expected to help the company gain a better foothold serving consumers in the telecommunications segment as well as in the Asian market.
Digital Multimeter Market by Type (Handheld, Benchtop, Mounted), Ranging Type (Auto-ranging, Manual), Application (Automotive, Energy, Consumer Electronics & Appliances, Medical Equipment Manufacturing), and Region - Global Forecast to 2024
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