Digital Panel Meter Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2032 is the recent addition to Polaris Market Research’s online repository, in which buyers will find the comprehension of business professionals’ opinions and insightful knowledge of business-related data, qualitative research, and concepts. The report provides a thorough overview of the most recent Digital Panel Meter Market trends and industry changes that are impacting market growth. This statistical research analyses and forecasts the global and regional markets.
According to the research report, the global digital panel meter market was valued at USD 3,334.94 million in 2022 and is expected to reach USD 5578.85 million by 2032, to grow at a CAGR of 5.3% during the forecast period.
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Increasing technological developments and major players’ focus on the creation are predicted to accelerate the growth of the market. Different screen sizes and hues, including red, green, golden, blue, yellow, orange, and aqua, make digital panel meters readily recognizable in low light. In June 2019, a single-, & 3-phase digitally powered APM power-meter with features including a color changing facility, Modbus connection, and small size has been introduced by Trumeter. The APM Power Meter is a new tool that OEMs can use to increase usability, safety, and productivity without raising costs. It is intended for precise monitoring of the operation of electrical circuits.
Furthermore, digital panel meters can contain several features, including USB ports for the apparatus or device and alarms, adjustment displays, set point options, and extra channels. For instance, in February 2022, ABB India introduced a new line of power monitoring and electrical measuring meters for electrical & control panels. The newly released meters are a component of ABB’s M1M product series, which also includes the M1M11, M1MDS, M1M20B, & M1M30B models. These new digital meters of the ABB have various benefits such as alarms, displays, and USD ports among others. Additionally, the use of multi-channel indicators and scanners is growing. It is widely installed for sensing, indicating the many parameters of the system. It might have built-in alarms that sound if the output signals fluctuate outside of a predetermined range. Over the market forecast period, it is projected that this product launch will increase demand for digital panel meters.
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Additionally, digital panel meters are increasingly being used, which improves viewing quality, increases accuracy, and enhance functionality—all of which contribute to the market’s expansion. Demand for the product will also increase due to rising demand from the consumer electronics sector and built-in overload protection in meters that safeguard machinery from changing loads. The market for digital panel meters may also be hampered by the need to tune circuits and modify responses.
Digital Panel Meter Market Report Highlights
- Temperature & process meters segment registered a highest CAGR during the forecast period due to rise in the demand for process control & temperature measurement across numerous industries.
- The display current segment accounted for major global revenue share due to its extensive use in the industrial equipment and power sectors.
- Europe is expected to grow at a highest CAGR during the projected period. The need for the digital panel meter market is rising because there are many consumer electronics firms, there is a large market for electronic devices, and there is a large market for electronic products with built-in overload protection.
- The global players include Autonics USA, Inc., Crouzet, Carlo Gavazzi, Galco Industrial Electronics, Lascar Electronics Inc., Meco Instruments Pvt. Ltd., Murata Power Solutions, Inc., OMEGA Engineering Inc., Omron Corporation, Phoenix Contact GmbH, Precision Digital Corporation, PR Electronics, Red Lion Controls Inc., Siemens AG, Trumeter, Yokogawa Meters & Instrumentation, and Zhejiang CHINT Instrument Co. Ltd.
Polaris Market Research has segmented the Digital Panel Meter market report based on type, application, and region:
Digital Panel Meter, Type Outlook (Revenue – USD Million, 2019 – 2032)
- Temperature & Process Panel Meters
- Totalizers
- Multi-Input Indicators and Scanners
Digital Panel Meter, Application Outlook (Revenue – USD Million, 2019 – 2032)
- Display Current
- Display Voltage
- Displays Temperature
- Others
Digital Panel Meter, Regional Outlook (Revenue – USD Million, 2019 – 2032)
- North America (United States, Canada, and Mexico)
- Europe (Germany, France, United Kingdom, Russia, Italy, and the Rest of Europe)
- Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
- South America (Brazil, Argentina, Colombia, and the rest of South America)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa, and the Rest of the Middle East and Africa)
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The Report Addresses the Following Queries:
- How have the production techniques evolved in recent years?
- How can the emerging players in the market establish their foothold in the current market landscape?
- The market in which region is expected to witness the highest growth during the forecast period?
- What is the projected value of the market during the forecast period?
- How can the emerging players in the market solidify their position in the market?
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