Saudi Arabia Digital Multimeter Market to Grow at 4% until 2028
Published | 24 August 2022
Saudi Arabia Digital Multimeter Market is growing at a steady rate because of the increased government initiatives to diversify the income sources from capital markets other than the oil industry. Moreover, the rise in disposable income of middle-class population has made them more capable of spending on electronic devices, which is also expected to fuel the growth of the market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Saudi Arabia Digital Multimeter Market is projected to grow at a CAGR of 4% during the forecast period (2022-2028). The Saudi Arabia digital multimeter market is growing due to the rise in the initiatives taken by the government to diversify the income sources from capital markets other than the oil industry. Moreover, the rise in disposable income of middle-class families is making them capable of spending on expensive electronic devices, thus propelling the growth of the Saudi Arabia digital multimeter market.
Growing Technological Advancements in the Manufacturing Industry to Drive Market Growth
The growing technological advancements in product manufacturing have resulted in the automation of operations in industries. As digital multimeters provide improved accuracy, efficiency, and flexibility, they are the preferred choice for use in residential, industrial, automotive, and commercial purposes. The user-friendliness, long working life, portability, and dual display resolution also add to the increasing preference for digital multimeters. The Saudi Arabian economy is expanding beyond oil, and there have been developments in the renewable energy sector, electronics sector, ICT sector, mining sector, natural gas, and petrochemical sector. The country has seen a robust increase in new businesses coupled with rising sales, which is driving the Saudi Arabia digital micrometer market.
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Challenge: Lack of Compatibility in Devices
Technological advancements are at their peak. Any sudden change in technology may make it difficult for the current digital micrometers to survive in the market. This is because the old digital micrometers will no longer be compatible with the novel technology.
Saudi Arabia Digital Multimeter Market - By Type
On the basis of type, the Saudi Arabia digital multimeter market is segmented into handheld, bench-top, and mounted types. Amidst the segmentation, the handheld segment accounted for the largest market share in 2021. This is due to its portability, low cost, and user-friendliness as they are available in a variety of shapes and sizes. The same segment is expected to grow with the highest CAGR during the forecast period 2022-2028. This is attributed to the vast operational characteristics, increased technological development, and increased automation in the manufacturing industry.
Saudi Arabia Digital Multimeter Market - By Application
Based on application, the Saudi Arabia digital multimeter market is segmented into automotive, manufacturing, consumer electronics, residential, and others. Amidst the segmentation, the industrial manufacturing segment accounted for the largest market share in 2021. This is due to the development of other capital markets as a result of the government initiatives to diversify income sources other than the oil industry. Amidst the segmentation, the automotive segment is anticipated to lead the Saudi Arabia Digital Multimeter market over the forecast period due to increased demand for electric vehicles and increased deployment of advanced transportation facilities. This is because digital micrometers are used to test and diagnose vehicle batteries and recognize the issues relating to the engine and sound systems.
Impact of COVID-19 on Saudi Arabia Digital Multimeter Market
As a result of the COVID-19 pandemic, the world witnessed one of the worst recessions since WW2. The Saudi Arabia Digital Multimeter market was adversely impacted during the Covid-19 pandemic. The sudden rise in infections led to lockdown restrictions and precautionary measures to contain the spread of the novel coronavirus. The manufacturing industries were temporarily suspended, and workers moved back to their native places. This disrupted Saudi Arabia's digital multimeter market growth. Therefore, the production of digital micrometers fell drastically, and the import, export, and supply chain activities were also restricted.
Competitive Landscape
The Fluke Corporation, Extech Instruments, Yokogawa, Amprobe, AEMC Instruments, Merger Group, Flir Systems, Dwyer Instruments, and Transmille are the key players operating in Saudi Arabia's digital multimeter market. One of the leading digital multimeter companies, Fluke Corporation, introduced the only clamp meters that make non-contact voltage measurements accurately and safely without test leads. To expand the customer base and gain a competitive edge over competitors, these key players engage in various key strategies such as research and development, facility expansion, product diversification, alliances, collaborations, acquisitions, and partnerships.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia digital multimeter market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia digital multimeter market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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