Digital Multimeter Market - By Product Type (Handheld, Desktop, Mounted), By Ranging Type (Auto-Ranging, Manual) By Application (Automotive, Energy & Utility, Consumer Electronics, Medical) Forecast, 2023 - 2032

Digital Multimeter Market - By Product Type (Handheld, Desktop, Mounted), By Ranging Type (Auto-Ranging, Manual) By Application (Automotive, Energy & Utility, Consumer Electronics, Medical) Forecast, 2023 - 2032

Global Digital Multimeter Market size will exhibit a decent growth rate from 2023 to 2032. Rising adoption of electronic equipment in the medical sector will generate ample opportunities for industry growth. Digital multimeters are used for calibrating and verifying the functionality of medical equipment, such as patient monitors, defibrillators, infusion pumps, electrocardiographs (ECGs), and ultrasound machines. They are often used to measure electrical signals in devices, such as ECG electrodes, temperature sensors, or bioimpedance sensors.
Technological breakthroughs, such as wireless connectivity and improved display features, have propelled product adoption. Digital multimeters offer enhanced safety features compared to analog counterparts. The growing emphasis on safety standards and regulations, in consequence, will drive the market.
The overall digital multimeter market is categorized based on product, ranging, application, and region.
Based on the product, the mounted digital multimeter market will reach over USD 250 million by 2032. High accuracy and precision of these multimeters support their adoption. They feature user-friendly interfaces with clear digital displays, intuitive buttons, and menu systems. These attributes make them easy to operate and navigate, even for users with limited technical expertise. They can be easily mounted on panels, workbenches, or equipment racks, allowing for convenient placement and easy access during testing and troubleshooting.
In terms of ranging, the digital multimeter market size from the manual segment will be worth over USD 1 billion by 2032. Given its ability to offer greater control over the measurement range, manual ranging has gained widespread traction. Manual ranging can also help conserve battery life. By manually setting the range, users can ensure that the digital multimeter operates in a more energy-efficient manner, prolonging battery life and reducing the need for frequent battery replacements.
Based on application, digital multimeter market value from the energy & utility segment will amass decent gains through 2032. Digital multimeters are essential for electrical system maintenance in the energy and utility sectors. They are used to measure voltage, current, and resistance in electrical circuits and systems. Multimeters with additional features like harmonic analysis and power factor measurement are employed in power quality analysis. Growing energy sector will increase the demand for the product.
Regionally, Europe digital multimeter market share will grow at a notable CAGR from 2023 to 2032. Increasing investments by the government in electric vehicle infrastructure are creating lucrative opportunities for regional growth. As per the IEA, in 2022, electric car sales grew by 15% in the region, which implies that over one in every five cars sold was electric. Moreover, the growing consumer electronics industry in the region will positively affect industry growth.