Transparency Market Research delivers key insights on the global handheld digital multimeter market. In terms of revenue, the global handheld digital multimeter market is estimated to expand at a CAGR of 4.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global handheld digital multimeter market.
The global handheld digital multimeter market is broadly affected by several factors, including increase in use of handheld digital multimeters by electricians, calibration personnel, in-house maintenance personnel, and rapid adoption of handheld digital multimeters in the industrial sector by electricians, which, in turn, is anticipated to boost the global handheld digital multimeter market.
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Handheld Digital Multimeter Market: Dynamics
Handheld digital multimeters are utilized by electric contractors and carrier technicians throughout various trades, along with equipment repair, HVAC, IT, and predictive maintenance. The penetration of electrical and electronics home equipment has been increasing notably for the past few years, owing to increase in disposable income and decrease in prices of equipment.
Increase in use of electrical and electronics equipment subsequently creates area of work for technicians to provide services, such as maintenance and repair, in order to keep these appliances running safely and smoothly.
Technological advancements have been driving the penetration of appliances, such as smart refrigerators and similar home appliances, and this trend is also expected to propel the demand for home appliances during the forecast period.
The increase in number of electrical and electronics system is driving the probability of servicing and repair of these systems; hence, the use of tools such as multimeter also increases. The factors mentioned above are likely to drive the use of handheld digital multimeters during the forecast period.
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Handheld Digital Multimeter Market: Prominent Regions
Asia Pacific held a prominent share and is expected to maintain its dominance of the global market during the forecast period, as the region is the center of testing & measurement equipment. Additionally, various manufacturers of handheld digital multimeters are consistently focusing on R&D activities in order to improve the performance of the equipment, thereby boosting the handheld digital multimeter market in the region.
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Handheld Digital Multimeter Market: Key Players
Key players operating in the global handheld digital multimeter market are Fluke Corporation, Hioki E.E. Corporation, Agilent Technologies, Keysight technologies, Klein Tools, Inc., Yokogawa Test & Measurement Corporation, Mastech group limited, Extech Instruments corporation, Teledyne FLIR LLC, AEMC Instruments, B&K Precision Corporation, Prokits Industries Co., LTD., and Triplett Test Equipment & Tools.