Digital Multimeter Market by Product Type (Handheld, Desktop, Mounted), by Ranging Type (Auto-ranging, Manual), by Industry Vertical (Consumer Electronics, Automotive, Power Generation, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Digital multimeters have provided consistent sales in the market for a very long time and this is expected to continue in the foreseeable future as well. The demand is expected to be driven by several factors such as the versatility of the device, its availability in various forms such as handheld, mounted, auto-ranging and manual, and its rapidly increasing usage in several industries on account-of their ongoing transformation driven by technological adoption.

Adoption of technology by industries and governments for all sections of supply-chain, ranging from manufacturing to transportation and delivery of public services is expected to have the largest impact on the global digital multimeter market in the coming years. For instance, Industry 4.0 now seems to be in full swing, since its start in 2011. Start-ups are now receiving around $3 billion in funding each year, M&A activity has doubled, and more than 50,000 research papers were written on the subject in 2021 itself. Furthermore, this has happened on the back of powerful electrical and electronic equipment such as powerful chipsets, widespread cloud services adoption, open interfaces for edge-computing hardware, better communication standards and protocols, and highly relevant AI models. The global COVID-19 pandemic only helped further the trend towards Industry 4.0 and the progress in Internet of Things (IoT) has also encouraged further adoption. These trends are only expected to continue in the forthcoming years, on the back of widespread competition between countries as well as companies on the technological front, as the adoption of technologies is expected to drive efficiencies, productivity and profits.

Demand for digital multimeters is expected to be driven by these developments as not only is the adoption of this technology important, but also its proper testing, maintenance and repair. According to a report by the National Association of Software and Services Companies (NASSCOM) and Capgemini, global investments in Industry 4.0 have approximately 10X in the past decade and will reach $200+ billion by 2025. Such large investments in technology will also involve investments in their testing, maintenance and repair, and this aspect is expected to prove highly beneficial to the global digital multimeter market.