A multifunctional measuring device is an instrument that is used to indicate, measure, and record physical quantities with accuracy and precision. The global control and measuring devices market is expanding due to the high demand for accuracy and precision instruments in industries. The usage of precision instruments in industries such as automotive, pharmacy, chemical, and defense is fuelling the demand for such devices. Multifunction meters for electrical installations gained popularity among users who prefer a combination of all measurement functions in one device. Such meters were not handy and the measurements made with them were less accurate, however, presently, the latest multifunction meters often exceed single function meters with instrument parameters and their small dimensions, allowing the user for convenient and ergonomic work.
The multifunctional measuring device market can be segmented based on type, effect, end-user and region. In terms of type, the multifunctional measuring device market can be classified into absolute measuring instrument, secondary measuring instrument, and deflection/null type instrument. The absolute measuring intrument segment is estimated to expand significantly during the forecast period due to its high accuracy, precision, better sensitivity, higher resolution, and instrument efficiency, as compared to secondary measuring instrument and deflection/null type instruments. However, the deflection/null type instrument segment is projected to account for a significant share of the multifunctional measuring device market during the forecast period.
Simple usage and low cost are the key factors driving the demand for deflection/null type instruments. Based on effect, the multifunctional measuring device market can be segregated into magnetic, electromagnetic, heating, electrostatic, chemical, and thermal. Expansion of the electromagnetic segment can be ascribed to the increase in demand for construction of commercial instrument applications such as voltmeter, ammeter, and wattmeter. The magnetic segment is likely to hold a prominent share of the multifunctional measuring device market in the next five years.
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Based on end-users, the multifunctional measuring device market can be segmented into automotive, medical, construction, oil and gas, metals & mining, power generation, chemical, food, agriculture, and water supply. The automotive segment is expected to account for a key share of the multifunctional measuring device market, followed by power generation and construction segments, during the forecast period.
Based on geography, the multifunctional measuring device market can be split into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe is expected to account for a prominent share of the market, in terms of value, due to the presence of several key manufacturers in the region. Technological development in Europe is expected to create significant opportunities in the multifunctional measuring device market during the forecast period.
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The market in Asia Pacific is expected to expand significantly during the forecast period. The availability of labor and other necessary resources at a low price, in the region, is expected to drive the multifunctional measuring device market during the forecast period. Japan has a large number of electronics device manufacturers, which is projected to create demand for multifunctional measuring device during the forecast period.
Key player operating in the global multifunctional measuring device market are Agilent Technologies, JDS Uniphase, SPX Corporation, Aplab Limited, TEKTRONIX, INC, National Instruments, Qmax Test Equipments, and Premier Measurement Solutions Pvt Ltd.