Handheld digital multimeter is an instruments for equipment testing when it comes to servicing, Repairing, and installing applications. It is also known as volt-ohm meter. It is used to measure electrical voltage, resistance, current (amperage), and other values. It is useful for everything from simple tests, like measuring battery voltage, to detecting faults & complex diagnostics. It is also used to regulate electrical problems in a widespread array of industrial and household devices for instance electronic equipment, domestic appliances, motor controls, power supplies, and wiring systems. It is available in a wide range of prices and features. Cheap multimeters can cost less than US $10, while General Purpose-grade models with certified standardization can cost more than US $5,000.
The key advantages are high input impendence, available in smaller sizes or compact, have higher accuracy, simple to use, output can be interfaced with external equipment and has high sensitivity of 20 kΩ/V. Apart from this, few of the disadvantages are voltage limitation and more expensive than analog type.
According to study, “Global Handheld Digital Multimeter Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” the key companies operating in the global handheld digital multimeter market are Fluke Corp., Yokogawa, Keysight Technologies, Chauvin Arnoux Group, FLIR Systems, Klein Tools, HIOKI, Uni-Trend Technology, Amprobe, Shen Zhen Victor Hi-tech, B&K Precision, CEM, Mastech Digital, MEXTECH, Atten Technology, Agilent, Instek, Pro’skit, Tektronix (The Danaher Corporation), AKTAKOM, Escort, TECPEL.
Based on type, handheld digital multimeter market is segmented into OLED display, LCD/LED display and others. Based on product size type, market is segmented into 3.5 digit, 4.5 digit and others. Based on digital type, market is segmented into clamp digital, autoranging, fluke digital and others. Based on sales channel, market is segmented into distribution channel, direct channel and others. In addition, based on application, market is segmented into general purpose, industrial and others.
The handheld digital multimeter market is driven by increase in adoption of electronic devices for testing & measurement, followed by multi functionality and features for instance accuracy, portability, flexible to use, dual display resolution, and lifetime warranty. However, sudden change in the technologies and cost sensitivity of measuring equipment may impact the market. Moreover, growth in adoption of advance electronic devices in various industries like manufacturing, energy, among others the demand of measuring equipment will also create new opportunities for the market.
Based on geography, the North-American region holds major share, followed by European region in handheld digital multimeter market owing to rise in demand of handheld digital multimeter as it is extensively used in the electronics industry for electronic measurement in the region. The Asian-Pacific region is expected to witness higher growth rate due to rise in demand from electrical professionals to measure the current, voltage, and resistance of electronics devices over the forecast period. The worldwide market is likely to grow at a CAGR of approximately 5.2% over the next five years, will reach US $730 million in 2024, from US $540 million in 2019.
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Ankur Gupta, Head Marketing & Communications