Report Overview

Saudi Arabia Digital Multimeter Market is growing owing to the escalation in government initiatives to diversify the income sources other than the oil industry. The rising disposable income of middle-class population, making them more capable of spending on electronic devices is also expected to fuel the growth of the market.

Saudi Arabia Digital Multimeter Market - Industry Trends & Forecast Report 2028

Saudi Arabia digital multimeter market is projected to exhibit a CAGR of 4% during the forecast period 2022-2028. The market is growing at a steady rate due to the escalation in the initiatives taken by the government to diversify the income sources. According to the Organization of the Petroleum Exporting Countries, Saudi Arabia has an oil-based economy due to the presence of 17% of the world's proven petroleum reserves. The revenue generated from the oil industry is invested in other domestic manufacturing industries for their growth and development. Moreover, the rise in the disposable income of the middle-class population is making them capable of spending on expensive electronic devices. This is also expected to drive the Saudi Arabia Digital Multimeter Market during the forecast period 2022-2028.

Digital Multimeter - Overview

A digital micrometer is a daily diagnostic tool to measure and verify multiple electrical stimuli, including voltage, current, resistance, frequency, capacitance, and temperature. It is also called VOM, that is, volt-ohm-milliammeter. The multifunctional nature of these electronic devices allows them to be used for residential, industrial, automotive, and commercial purposes. Digital multimeters are preferred over analog multimeters as they provide an accurate reading in numeric values. This reduces the chances of error as the user does not need to read manually from the device.

Saudi Arabia Digital Multimeter Market Forecast and Trends

Growth Drivers

Escalation in Government Initiatives to Diversify Income Sources

According to the Organization of the Petroleum Exporting Countries, Saudi Arabia has an oil-based economy due to the presence of 31% of proven petroleum reserves in the Middle East and 17% of the world's proven petroleum reserves. According to Oil and Gas Journal, in 2020, Saudi Arabia held the world's second-largest proved oil reserves, at 259 billion barrels. The revenue generated from the oil industry ultimately boosts the growth of domestic manufacturing industries. The Saudi Arabian government has initiated diversifying income sources by developing other capital markets such as the renewable energy sector, electronics sector, automobile sector, ICT sector, mining sector, domestic tourism infrastructure, natural gas, and petrochemical sector, among others. For instance, in 2020, the Ministry of Tourism announced a novel Tourism Development Fund of USD 4 billion to bolster the tourism industry. The country saw a robust increase in new business, and output grew at a sharp pace coupled with rising sales. This has resulted in the rapid expansion of the digital micrometer market.

Vast Operational Characteristics of Digital Micrometer

A Digital Micrometer or volt-ohm-milliammeter is a diagnostic tool used for residential, industrial, automotive, and commercial purposes. Due to the multifunctional nature of the digital micrometer, it can measure and verify multiple electrical stimuli, including voltage, current, resistance, frequency, capacitance, and temperature. Digital multimeters are preferred over analog multimeters as they are user-friendly, portable, flexible, have a long working life, have dual display resolution, and provide an accurate reading in numeric value. These vast operational characteristics of the digital micrometers have driven the growth of the Saudi Arabia digital micrometer market.

Restraints

Cost Sensitivity of Digital Multimeters

The cost sensitivity of digital micrometers may hinder its deployment rate among the middle-class population. The price of a digital micrometer greatly varies according to its features; for example, the Fluke 279 FC TRMS Thermal Multimeter is priced at SAR 6977 (USD 1,856.71), whereas Fluke 101 Digital Multimeter is priced at SAR 388.33 (USD 103.34). Therefore, the price of the product affects the customers' willingness to buy, which might decrease its use.

Impact of COVID-19 on Saudi Arabia Digital Multimeter Market

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 were taken up to contain the spread of the novel coronavirus. The manufacturing industries were temporarily suspended, and workers moved back to their native places. This disrupted the Saudi Arabia Digital Multimeter Market growth. Therefore, the production of digital micrometers fell drastically, and the import, export, and supply chain activities were also restricted.

Saudi Arabia Digital Multimeter Market - By Type

Based on 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 due to its portability, low cost, and user-friendliness. The handheld digital micrometers are available in a variety of shapes and sizes and can be used to troubleshoot a wide variety of electrical problems such as electronic equipment, motor controls, domestic appliances, power supplies, and wiring systems. 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 attributed to the development of other capital markets as a result of the government initiatives to diversify income sources other than the oil industry. The automotive segment is expected to grow with the highest CAGR during the forecast period 2022-2028 due to increased demand for electric vehicles and increased deployment of advanced transportation facilities. This is because digital micrometers are used in testing and diagnosing vehicle batteries and recognizing the issues relating to the engine and sound systems.

Saudi Arabia Digital Multimeter Market - By Functionality

Based on functionality, the Saudi Arabia digital multimeter market is segmented into auto-ranging, clamp digital, and fluke digital functionality. Amidst the segmentation, the auto-ranging functionality segment is expected to grow with the highest CAGR during the forecast period 2022-2028. This is attributed to the increased production and automation in the manufacturing industry. Moreover, digital micrometers make the operational procedure very convenient; therefore, unskilled and skilled people can operate the machine efficiently.

Competitive Landscape

The key players operating in Saudi Arabia's digital multimeter market are Fluke Corporation, Extech Instruments, Yokogawa, Amprobe, AEMC Instruments, Merger Group, Flir Systems, Dwyer Instruments, Transmille, and other prominent players. These digital multimeter-producing companies engage in strategic alliances, in-house research and development, facility expansion, product diversification, agreements, acquisitions, and partnerships to gain a competitive advantage.

Recent Development

• In August 2021, Fluke Corporation launched Fluke 393 FC CAT III 1500V True-rms Clamp Meter with iFlex, which delivers safe and fast measurements in 1500V DC environments.

• In April 2021, Fluke Corporation introduced the only clamp meters that make non-contact voltage measurements accurately and safely without test leads.

Scope of the Report

By Type

• Handheld
• Bench-Top
• Mounted

By Functionality

• Auto Ranging
• Clamp Digital
• Fluke Digital

By Application

• Automotive
• Manufacturing
• Consumer Electronics
• Residential
• Others