Digital Multimeter Market growth from 2022 to 2031.

Digital multimeter market growth forecast to 2031

  • According to a study proposed by Allied Market Research, the digital multimeter market is expected to register a compound annual growth rate of 6.7% between 2022 and 2031, rising from $0.61 billion in 2021 to $1.1 billion by 2031.

 
In 2021, the market was dominated by the portable digital multimeter segment, while the rackable digital multimeter segment is expected to grow at a higher rate over the forecast period. The portability of the pocket digital multimeter enables it to be used in a variety of applications, both indoors and outdoors.

In terms of region, the market is dominated by Asia-Pacific in 2021, although the LAMEA region (Latin America, Middle East and Africa) is expected to grow at a higher rate over the forecast period. The Asia-Pacific region has the significant advantage of being an important market for consumer electronics.

The market study proposed by Allied Market Research identified a large number of multimeter suppliers: Keysight Technologies, Gossen Metrawat, NI, Tektronix, Yokogawa, Fluke, Flir, Rohde & Schwarz, Sanwa Electric Instrument and Hioki.

At the same time, smaller manufacturers are offering cheaper, lower-quality digital multimeters. Given that digital multimeters exploit long-established technologies, the small number of moving parts, and the limited complexity of their design, many manufacturers produce such instruments in volume without always prioritizing metrological performance and measurement reliability.