Ohm Meter Market

Ohm Meter Market Overview

Global Ohm Meter Market demand is anticipated to be valued at US$ 3.5 Billion in 2022, forecast to grow at a CAGR of 3.63% to be valued at US$ 5.0 Billion from 2022 to 2032. The growth of the Ohm Meter Market is attributed to its global utilization across the Testing Equipment industry.

An ohm meter is an electrical instrument that measures electrical resistance (the opposition offered by a circuit or component to the flow of electric current). Multimeters also function as ohmmeters when in resistance-measuring mode. An ohmmeter applies current to the circuit or component whose resistance is to be measured. It then measures the resulting voltage and calculates the resistance using Ohm’s law. {\displaystyle V=IR}

Asia Pacific is considered to be a dominant region for the Ohm Meter Market, owing to the increasing industrialization as well as significant growth in Electrical & Electronics industry.

The major factor that is expected to propel the growth of the Ohm Meter Market during the forecast period includes the increasing research & development spending by government and public authorities.

The factor that is expected to hinder the growth of the Ohm Meter Market during the forecast period includes the increasing sales of multi-meter.

Which are Some Prominent Drivers Spearheading Ohm Meter Market Growth?

The major factor that is expected to drive the growth of Ohm Meter Market during the forecast period includes the increasing research & development spending by government and public authorities. The other major factor that is anticipated to fuel the market growth includes the significant number of end-use industries, which are using the Ohm Meter for measuring the resistance.

Additionally, the demand for durable equipment is noted to be continuously driven throughout the historic period and the same trend is expected to follow during the forecast period. The replacement rate of Ohm Meter is witnessed to be high as these electronics equipment are required to be replaced once they witness malfunction. These are other major factors driving the market growth.

Furthermore, setting up of new research laboratories due to the rising focus towards research in the fields of electronics is other major factor favoring the growth of the Ohm Meter market during the forecast period.

What are the Challenges Faced by the Ohm Meter Industry?

The major factor that is expected to hamper the growth of the Ohm Meter Market during the forecast period includes the increasing sales of multi-meter.

In addition, Precision manufacturing and demand for accuracy are some of the factors contributing to the demand for the digital multi-meter, which are further creating obstacles in the growth of the ohm meter market.

How is Asia Pacific Emerging as an Opportunistic Ohm Meter Market?

Asia-Pacific is expected to dominate the Ohm Meter Market during the forecast period, owing to increasing industrialization as well as significant growth in Electrical & Electronics industry.

Moreover, emerging economies such as India, which are surging with healthy growth rate in the automotive, electrical & electronics industries are accelerating the demand for ohm meter market during the forecast period.

Additionally, Asia Pacific Ohm Meter Market is expected to expand at a 2% CAGR during the forecast period.

Nikhil Kaitwade

Principal Consultant

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How is North America Contributing to Growth of the Ohm Meter Market?

According to Future Market Insights, North America is anticipated to witness growth at a lucrative rate over the forecast period, attributed to the considerable applications in the end-use industries.  

Moreover, North America Ohm Meter market is anticipated to fuel owing to the stringent regulation regarding the standards in the electrical & electronics industries.

Market Competition

Some of the key participants present in the global Ohm Meter Market include Vinicas, Inc., TW Controls, PCE Instruments, FLIR Systems, Wells Vehicle Electronics, Simpson, IET Labs, Inc., Scientific Mes Technik Pvt. Ltd., Midland Scientific Inc., and Fisher Scientific, among others.

Attributed to the presence of such high number of participants, the market is highly competitive. While global players such as Vinicas, Inc., and TW Controls account for a considerable market size, several regional level players are also operating across key growth regions, particularly in the Asia Pacific.

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Scope of Report 

Key Segments Profiled in the Ohm Meter Market Industry Survey

Product Type:

• Analog Ohm Meter
• Digital Ohm Meter

End Use:

• Ohm Meter for the Electrical Industry
• Ohm Meter for the Electronics Industry
• Ohm Meter for the Automotive Industry
• Ohm Meter for Industrial Automation
• Ohm Meter for Analytical Laboratory Testing
• Ohm Meter for Power & Energy

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa