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Digital Multimeter Market to Reach $1.1 Billion, Globally, by 2031 at 6.7% CAGR: Allied Market ResearchHigher precision of digital multimeters in comparison to analog testers, their less susceptibility to reading errors on account-of their easy-to-read digital displays, their versatility, and their increasing adoption in various end-use industries drive the growth if the global digital multimeter market. PORTLAND, Ore., Feb. 21, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "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." According to the report, the global digital multimeter industry was valued at $0.61 billion in 2021 and is estimated to generate $1.1 billion by 2031, witnessing a CAGR of 6.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.  Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/5673 Drivers, Restraints, and Opportunities Higher precision of digital multimeters in comparison to analog testers, their less susceptibility to reading errors on account-of their easy-to-read digital displays, their versatility, and their increasing adoption in various end-use industries fuel the growth of the global digital multimeter market. However, the sale of low quality and cheap digital multimeters by local manufacturers hinders the global market growth. On the other hand, the increasing adoption of Industry 4.0 and the Internet of Things (IoT) will present new growth opportunities for the global digital multimeter market in the coming years. Covid-19 Scenario
The handheld segment to grab the largest revenue during the forecast period Based on product type, the handheld digital multimeter segment contributed to the largest share of nearly three-fifths of the global digital multimeter market in 2021 and is expected to dominate the market during the forecast period. This is because they are used by beginners, hobbyists, specialists and electrical repairmen. However, the mounted segment is projected to witness the fastest CAGR of 7.9% from 2022 to 2031. This is because mounted digital multimeters are extensively used in manufacturing facilities. The manual segment to dominate the market in terms of revenue by 2031 Based on ranging type, the manual segment contributed to the largest share of more than two-thirds of the global digital multimeter market in 2021 and is expected to maintain its leadership in terms of revenue during the forecast period. The manual digital multimeters segment is primarily driven by use cases where complex operations need to be carried-out by trained professionals. The auto-ranging segment, on the other hand, is projected to witness the fastest CAGR of 7.9% from 2022 to 2031. The segment is driven by several advantages associated with the device. For intance, they save time and are easy to use. The consumer electronics segment to dominate the market during the forecast period Based on industry vertical, the consumer electronics segment contributed to the largest share of more than two-fifths of the global digital multimeter market in 2021 and is expected to maintain a noteworthy revenue growth during the forecast period. Consumer electronics is a prominent end-use industry for digital multimeters. The automotive segment is projected to witness the fastest CAGR of 8.6% from 2022 to 2031. Digital multimeters are used in the automotive sector to enhance the safety of customers and passengers and make driving comfortable. Buy This Report (213 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3Z937Yt Asia-Pacific to achieve the largest revenue and fastest growth by 2031 Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than one-third of the global digital multimeter market and is likely to maintain its dominance during the forecast timeframe. The same market is likely to show the fastest CAGR of 8.1% during the forecast period. Asia-Pacific comprises some of the world's largest and fastest-growing economies and the presence of some of the world's largest semiconductor and electronics companies. This factor provides considerable opportunities for the implementation of various technologies such as Internet of Things (IoT) in Asia-Pacific. Consequently, the adoption of these advanced technologies drives the digital multimeter market in the region. Leading Market Players
The report analyzes these key players of the global digital multimeter market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player. Key Benefits for Stakeholders
Digital Multimeter Market Key Segments: Product Type
Ranging Type
Industry Vertical
By Region
Want to Access the Statistical Data and Graphs, Key Players' Strategies: https://www.alliedmarketresearch.com/digital-multimeter-market/purchase-options Trending Reports in Semiconductor and Electronics Industry (Book Now with 10% Discount + COVID-19 Scenario): Digital Thermometer Market was valued at $757.81 million in 2021, and is projected to reach $1.3 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Smart Gas Meter Market size is expected to reach $5.99 billion by 2027 from $3.71 billion in 2019, growing at a CAGR of 6.9% from 2020 to 2027. Laser Interferometer Market was valued at $245.9 million in 2021 and is projected to reach $468.3 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031. Pyranometer Market: Global Opportunity Analysis and Industry Forecast, 2021-2030 Infrared Thermometer Market: Global Opportunity Analysis and Industry Forecast, 2021-2030 About Us: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry. Contact: David Correa Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
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