London, 23 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global multimeter market 2015-2019, which is expected to grow at a CAGR of 6.02% during the forecast period of 2014-2019.
Increasing adoption of electronic devices is one of the critical factors that drive growth in this market. Recent technological innovations have resulted in the introduction of many smart devices in the market. Smart devices like smartphones, smartwatches, and iPads contain various sensors inside them, which need to be tested regularly for their proper functioning. This has in turn augmented the demand for testing equipment, especially multimeters, which will help in checking the conformance and accuracy of these products.
“There is increased need to increase productivity and ensure safety at work. To meet these important demands from the users, multimeters are evolving constantly. The best possible solution that the vendors have come up with is the use of wireless technology. It enables multiple modules to be connected to a PC, smartphone, or tablet situated at a certain distance,” says Faisal Ghaus, Vice President of Technavio.
“This form of remote logging of measurements in real time makes the task of collecting measurement data and troubleshooting much easier without compromising the safety of the user. Wireless adapters are used to log data from several digital multimeters into a computer or smartphone.”
Key Market Drivers:
- Increased Adoption of Electronic Devices.
- Rapid Innovation in Telecommunication Technologies.
- Growing Demand for Flexible and Sophisticated Digital Multimeters.
- Growth in Education and R&D Sectors.
Key Market Trends:
- Demand for Integrated Test Equipment.
- Wireless-enabled Digital Multimeters.
- Increase in R&D.
- Modular Multimeter Platforms.
Key Market Vendors:
- Agilent Technologies Inc.
- Anritsu Corp.
- Danaher Corp.
- Rohde & Schwarz GmbH & Co. KG
- Tektronix Inc.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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