Digital Panel Meter Market: by Product Type (Totalizer, Multi-input Indicators and scanner, Temperature and Process Panel Meters, and Others), and by Application (Display Current, Display Voltage, Display Temperature, and Others)–Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)
The digital panel meter market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The study of the report will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the digital panel meter market.
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Digital Panel Meter Industry Outlook
The digital panel meter market was valued at USD 2.78 billion in 2020, which is expected to reach USD 4.12 billion by 2027, registering a CAGR of 6.4% over the forecast period (2021-2027). Digital panel meters are digital displays utilized to get the output data from the signals in digital numbers. These meters get the input signals in many forms like DC power, AC current, AC voltage, DC power, DC voltage, resistance. Digital panel meters are widely used in electronic instruments, especially in consumer electronics. Many specifications are considered while selecting a digital panel meter, such as size, the color of numbers to be displayed, and the number of digits. Digital meters are preferred as compared to analog meter because it shows numbers directly on display. Also, digital meters are convenient and easy to operate, and the data displayed is more accurate than analog meters. Market players are focused on offering customized meters to display and measure voltage, pressure, time, current, and vibrations.
Digital Panel Meter Market Dynamics:
The digital panel meter market is primarily driven by the rising demand from the electronics sector, which is anticipated to fuel the growth of the global market over the forecast period. Growing demand for built-in overload safety in the meters to project devices from power loads are. LED or LCDs are mainly preferred in the consumer electronics sector to display numeric instead of gauges and needles with analog meters. Also, these meters calculate power consumption with absolute accuracy. Thus, the healthcare, manufacturing, and pharmaceutical sectors are adopting digital panel meters; this is expected to accelerate the global digital panel meter market in the upcoming years.
However, digital panel meters are costlier than analog meters and more complicated to repair. These are some key factors that are expected to hamper the market’s growth over the forecast period. Therefore, SMEs which are more cost-sensitive generally opt for analog meters. Moreover, the COVID-19 pandemic has considerably affected the global digital panel meter industry. As the market witnessed a positive growth in the initial months of 2020 and later, there was a wide decrease in the sales and supply owing to quarantines and factory closures in quarter 2 (Q2) results in insufficient parts supply affects the global industry over a long period.
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Digital Panel Meter Market: Scope of the Report
The report outlines the study of the digital panel meter market segmented based on product type and application.
Based on product type, the digital panel meter market is segmented into-
- Multi-input Indicators and scanner
- Temperature and Process Panel Meters
Based on application, the digital panel meter market is segmented into-
- Display Current
- Display Voltage
- Display Temperature
Digital Panel Meter Market: Regional Outlook
The global digital panel market is geographically segmented into North America, Europe, Asia Pacific, and Middle East & Africa. In 2020, North America was anticipated to hold the largest share in the global digital panel meter market and maintain its dominance over the forecast period. This growth is attributed to the presence of numerous end-user industries, well-established infrastructures, and developed countries such as Canada and the US are a few major factors propelling the growth of the market in the region.
Europe is anticipated to project the highest CAGR growth rate during the forecast period. This is due to the presence of numerous consumer electronics companies, rising demand for electronic devices, and increasing demand for built-in overload protection in electronic devices are few factors boosting the growth of the market in the region.
Asia Pacific countries such as India, Japan, and China is an emerging market and anticipated to project significant growth in the upcoming years as the companies are targeting digital panel meters in these markets to meet the need of consumers.
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Competitive Landscape –
The leading manufacturers of digital panel meters in the global market include Siemens AG, Red Lion Controls, The Danaher Corporation, Murata Power Solutions, Inc., and OMRON Corporation.
Other Digital panel meter manufacturers include Laurel Electronics, PR Electronics, Autonics USA, Inc., Precision Digital Corporation, Phoenix Contact, Zhejiang CHINT Instrument & Meters Co., Ltd., Meco Instrument s Pvt. Ltd., Carlo Gavazzi Automation S.p.A., Lascar Electronics, Galco Industrial Electronics, and Taik Electric.
- In August 2018, Blue Line Innovations, leading energy management, unveiled its next innovation, the Energy Cloud platform for the light residential and commercial market.
The digital panel meter market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.
Digital Panel Meter Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Digital Panel Meter Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA
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Digital Panel Meter Market: Target Audience
- Digital panel meter manufacturers
- electronics and semiconductors device manufacturers
- Distributors and international exporters
- Trade publications and magazines
- Government authorities
- Industry associations and organizations