Global Digital Panel Meter Market is anticipated to grow robustly in the forecast period, 2022-2028. Digital panel meters are the meters that are used to display the data output from signals in digital numbers. The rising demand from the electronics sector is known to drive the digital panel meter market. It is also anticipated to fuel the development of the global market over the forecast period. The demand for digital panel meters is driven mainly by consumer electronics due to the widespread usage of these meters in the electronics sector. Today, the utilization of digital displays to show output results in digital data format is becoming more and more prevalent in many commercial processes. Manufacturing, pharmaceuticals, healthcare, and other industry utilize these digital display meters to monitor the desired output from the data signals such as current, time, voltage, and others in the form of digital numbers on the screen. 

Adoption of LCD and LED Screens

The displays used in LCDs or LEDs are the primary aspects responsible for the ever-increasing demand for display panel meters in the consumer electronics market. They show only the needed units instead of the needle and device used in the analog meters.

This remarkable accuracy of the constant calculation done by the digital panel meters is   a significant driving factor in the demand for digital display meters during the forecast period. The signal to the digital panel meter can be in many different forms, including resistance, Temperature, AC voltage, DC voltage, AC, and AC power. These meters are frequently used in electronic instruments, especially in consumer electronics. Several factors are considered when choosing a digital panel meter. Due to the advanced features, digital panel adoption is increasing rapidly.

Digital panel meters are preferred over traditional ones since the numbers are displayed on the screen. The number of digits, size, and color of the displayed number are some of the characteristics responsible for its rapid growth.. Thus, digital panel meters are simpler and more convenient than their analog version, and the data shown is more accurate. Owing to this, its market is expected to grow with a high CAGR in the forecast period.

Latest Trend of using Digital Glucometers & water pumps

A digital panel meter is commonly used in electronic applications such as microwave ovens and instrument panels containing panel meters that measure time, weight, and power. Medical centers use digital meters such as glucometers, digital thermometers, and oximeters, indicating various parameters. Due to the increase in the number of latest developments and adoption of digitalization,  its global market is expected to expand.

Furthermore, a water pump works a pressure gauge panel meter and a motor RPM panel gauge to monitor water flow in a tank and swimming group. Moreover, digital panel meters are also used in cars and sports bikes to translate motion into digital indications such as time, speed, total distance in kilometers or miles, etc. For instance, in June 2019, Trumeter declared the launch of a single split, three-phase digital APM power meter with features such as a color-changing display, Modbus connectivity, and compact size.

Digital panel meters are employed in multitude industries with different parameters and dimension, contributing to the increasing demand of the digital panel meter market through 2028. For instance, the United Nations conference on trade developments FDI investments in Asia-Pacific developing countries reached USD 619 Billion in 2021. Therefore, the growing industrial developing project in the region is the key factor driving the market expansion.

High Cost of Digital Panels

Price of the digital panel meters is higher than that of analog panel meter besides increased cost of implementation acts as a potential barrier for adoption of digital panel meters in end use industries.


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Market Segmentation

Global Digital Panel Meter Market is segmented into type, display technology, display type, end-user, and application. Based on type, the market is segmented into totalizers, multi-input indicators and scanners, Temperature and process panel meters and others. Based on display technology, the market is segmented into LED, LCD, Sunlight Readable, Dual Line, Single Line, Bar Graph, and others (Large Display), etc. Based on display type, the market is divided into Numeric, Alphanumeric and Combination. Based on end user, the market is split into IT and telecom, Manufacturing, Government, Healthcare, Retail, Transportation, and others. Based on the application, the market is segmented into Display Current, Display Voltage, Displays Temperature and others.

Market Player

Major market players in the Global Digital Panel Meter Market are Siemens AG, Murata Power Solutions, Inc, Red Lion Controls, OMRON Corporation, The Danaher Corporation, Phoenix Contact, PR Electronics, Precision Digital Corporation, PR Electronics, OMEGA Engineering Inc.

Recent Developments

·      In June 2019, Murata Power Solutions introduced its DMS01 Series wide format digital panel meter. It was designed for industrial applications such as factory automation and laboratory instrumentation. The product series provide a wide variety of process voltage and current measuring capabilities.

·      According to Germany's FSO Federal statical office, countries' manufacturing companies employed over 7.4 million people in the year 2021, and there is high demand for digital equipment, due to which countries' digitalization is increasing.

Attribute

Details

Base Year

2021

Historic Data

2018– 2021

Estimated Year

2022

Forecast Period

2022 – 2028

Quantitative Units

Revenue in USD Million, Volume in Units, and CAGR for 2017-2021 and 2022-2027

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

·         Type

·         Display Technology

·         Display Type

·         End-User

·         Application

Regional scope

North America; Asia-Pacific; Europe; South America; Middle East

Country scope

United States; Canada; Mexico; China; Indian; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Italy; Spain; Poland; Colombia; Brazil; Argentina; Peru; Chile; Africa, Saudi Arabia; South Africa; UAE; Iraq; Turkey

Key companies profiled

Siemens AG, Murata Power Solutions, Inc, Red Lion Controls, OMRON Corporation, The Danaher Corporation, Phoenix Contact, PR Electronics, Precision Digital Corporation, PR Electronics, OMEGA Engineering inc.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the Digital Panel Meter Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

·         Digital Panel Meter Market, By Type:

o   Totalizers

o   Multi-Input Indicators and Scanners

o   Temperature and Process Panel Meters

o   Others

·         Digital Panel Meter Market, By Display Technology:

o   LED

o   LCD

o   Sunlight Readable

o   Dual Line

o   Single Line

o   Bar Graph

o   Others (Large Display, Etc.)

·         Digital Panel Meter Market, By Display Type:

o   Numeric

o   Alphanumeric

o   Combination

·         Digital Panel Meter Market, By End-User:

o   IT and telecom

o   Manufacturing

o   Government

o   Healthcare

o   Retail

o   Transportation

o   Others

·         Digital Panel Meter Market, By Application:

o   Display Current

o   Display Voltage

o   Displays Temperature

o   Others

·         Digital Panel Meter Market, By Region:

o   North America

§  United States

§  Mexico

o   Asia-Pacific

§  India

§  Japan

§  South Korea

§  Australia

§  Singapore

§  Malayasia

o   Europe

§  Germany

§  United Kingdom

§  France

§  Italy

§  Spain

§  Poland

§  Denmark

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Peru

§  Chile

o   Middle East

§  South Arabia

§  South Africa

§  UAE

§  Iraq

§  Turkey 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Digital Panel Meter Market.

Available Customizations:

Global Digital Panel Meter Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).
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1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on Global Digital Panel Meter Market

4.    Executive