New York, NY, April 27, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Digital Panel Meter Market Share, Size, Trends, Industry Analysis Report, By Type (Temperature & Process Panel Meters, Totalizers, and Multi-Input Indicators and Scanners); By Application; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research analysis, the global digital panel meter market size/share is anticipated to be valued at approximately USD 3,334.94 Million in 2022 and is projected to hit a revenue of around USD 5,578.85 Million By 2032, at a CAGR of around 5.3% between 2023 and 2032.”
What are Digital Panel Meters? How Big is Digital Panel Meters Market Size & Share?
- Overview
Digital panel meters are normally deliberated to be arranged in control panels. They scrutinize certain kinds of inputs, such as current, voltage, resistance, frequency, and so on, and exhibit the value digitally. The rapidly rising demand for the digital panel meter market can be attributed to them acting as controllers that can trip a switch or carry out uncomplicated operations activated when reading extends a pre-set quantification.
The meter provides an elevated resolution amidst varied panel meters. Digital gauges offer a more comprehensible display, particularly in low-light situations, and distribute superlative resolution. Digital meters may provide fitter functionality. They can be redesigned to study several variables such as voltage, current, temperatures, and others.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Autonics USA
- Crouzet
- Carlo Gavazzi
- Galco Industrial Electronics
- Lascar Electronics
- Meco Instruments.
- Murata Power Solutions
- OMEGA Engineering
- Omron Corporation
- Phoenix Contact
- Precision Digital Corp
- PR Electronics
- Red Lion Controls.
- Siemens AG
- Trumeter
- Yokogawa Meters
- Zhejiang CHINT Instrument
To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure: https://www.polarismarketresearch.com/industry-analysis/digital-panel-meter-market/request-for-sample
Key Market Drivers
- Detailed and speedy symptoms: Digital panel meter market size is expanding as they are broadly utilized in numerous end-user industries to calculate voltage temperature, pressure, flow, and speed. Industries opt for digital meters as they display detailed and speedy symptoms and lessen mistakes. Due to these features, the market is anticipated to grow.
- Usage in power generation industries: Digital panels are utilized in prominent industries such as food and beverage, power generation, oil and gas, wastewater plants, bioprocess, drug manufacturing, and automotive. Therefore, the extensive usage for precise measurements of numerous variables in divergent procedures and industries escalates their demands.
- Utilization in electronic instruments: Digital panel meters are frequently utilized in electronic instruments such as microwave oven instrument panels that entail panel meters that estimate weight, time, and power. Digital panel meter market sales are soaring due to the water pump’s utilization of a pressure gauge and motor RPM panel meter to regulate the water circulation in a tank or a swimming pool.
- Usage in medical gadgets: Digital meters are also utilized in the sports bike and cars to transform locomotion into digital manifestations such as aggregate kilometers, speed, RPM, service indicators, and fuel indications with channel screens. They are broadly utilized in medical gadgets such as digital thermometers, glucometers, and oximeters which signal several variables such as heart rate, sugar level, and blood pressure.
Top Report Findings
- Digital panel meters are broadly utilized in medical gadgets such as digital thermometers, glucometers, and oximeters which signal several variables such as heart rate, sugar level, and blood pressure, thereby increasing their demand.
- The market is essentially divided into type, application, and region.
- The leading region of the market is Asia Pacific.
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Top Trends Influencing the Market
- Usage in consumer electronics: Digital panel meters acquire input signals in diverse formats involving resistance, DC power, AC, AC voltage, and DC voltage. Electronic gadgets, especially those utilized in consumer electronics, often engage digital panel meters. When selecting a digital panel meter, many yardsticks are considered, including size, the color of arranged numbers, and the number of digits. Because of the uninterrupted unveiling of numbers, digital meters are recommended over analog meters.
- Provision of superlative resolution: Digital meters are appropriate and easy to use, and the data exhibited is more accurate. Digital gauges provide superlative resolution and a display that is simpler to comprehend, particularly in low light. The functionality of digital meters might be better. They can be altered to read alternatively modifiable including temperature, voltage, current, and others.
- Automation and digitalization gaining popularity: Several zones are seizing contemporary technology to rationalize workflow procedures as automation and digitalization become more widespread. Further, producers are persistently improvising their commodities utilizing instruments such as machine learning, AI, and IoT to administer the link.
Segmental Analysis
- The display voltage segment is expected to witness the fastest growth
Based on the application, the display voltage segment is expected to witness the fastest growth during the projected timeframe. Digital panel meter market demand is on the rise due to the extensive implementation of industrial apparatus and power sections. The industries that need temperature handlings, such as food and beverage, power, and pharmaceuticals, are those that essentially engage display temperature panel meters.
- The totalizers segment accounted for the highest market share
Based on type, the totalizers segment industry accounted for the highest market share. Digital panel meter market trends include them being arranged to commence at a particular time or ensuing the realization of a particular amount of work. Totalizers, also known as aggregate flow meters, are gadgets that estimate the total volume of flow within a secured pipe system.
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Digital Panel Meters Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 5,578.85 Million |
| The market size value in 2023 | USD 3,505.03 Million |
| Expected CAGR Growth | 5.3% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | 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. |
| Segments Covered | By Type, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific: The region held the largest digital panel meter market share due to speedy industrialization reinforced by material infrastructural funding and inflating manufacturing potential, especially in China is the prominent driver for the advancement in this region. The People's Republic of China's State Council reveals that the management is initiating strategies to reinforce manufacturers' development, especially in specific industries.
Europe: In this region, because of resuming government enterprises in the energy and inflating industrial regions, it is forecasted that the European market for digital panel meters would catalog steady revenue growth over the predicted period. Especially in countries such as Germany, the industrialization of the region has granted expansion.
Browse the Detail Report “Digital Panel Meter Market Share, Size, Trends, Industry Analysis Report, By Type (Temperature & Process Panel Meters, Totalizers, and Multi-Input Indicators and Scanners); By Application; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/digital-panel-meter-market
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Recent Developments
- In June 2022, with the acquisition of Senseye, Siemens is extending its offering in the area of cutting-edge predictive maintenance and asset intelligence. It is believed that this acquisition will aid Siemens in streamlining its portfolio of digital enterprise services. The acquisition is anticipated to strengthen efforts toward predictive maintenance, which will raise demand for digital meters.
FAQs
- Who are the key companies in the market?
- What is the CAGR estimated to be calculated for the market?
- What are the key segments covered?
- What are the key driving factors in the market?
- What will be the market value estimated by the end of the forecast timeframe?
- Which region held the highest share of the market?
- What is the dominating type segment in the industry?
Polaris Market Research has segmented the Digital Panel Meter market report based on type, application, and region:
By Type Outlook
- Temperature & Process Panel Meters
- Totalizers
- Multi-Input Indicators and Scanners
By Application Outlook
- Display Current
- Display Voltage
- Displays Temperature
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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