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Digital Panel Meter Market is projected to register a CAGR of 5.70% during 2023-2031, due to its increasing demand from industrial, residential, and commercial sectors among others, and major participants includes are Lascar Electronics, Carlo Gavazzi, Phoenix Contact, PR Electronics, OMRON Corporation, Red Lion, Zhejiang Chint Instrument & Meter Co.
New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Digital Panel Meter Market” published by Consegic Business Intelligence, the market was worth USD 3,472.81 Million in 2022, projected to grow by USD 3,602.23 Million in 2023, and is anticipated to reach over USD 5,612.34 Million by the year 2031, growing at a CAGR of 5.70%.
Digital panel meters are devices that are designed to be mounted on a control panel and displays parameters including voltage, current, temperature, resistance, and others in digital format. The characteristics of digital panel meter including high accuracy, energy efficiency features, alarm functions, set points options, ease of installation, and others make it ideal for utilization in electronics & semiconductor, automotive, residential, commercial, and other sectors.
The increasing utilization of digital panel meter in automotive sector is among the key factors driving the market growth. Additionally, the expansion of automotive manufacturing facilities, rising automotive production, and increasing need for improved monitoring and safety solutions are key factors fostering the adoption of digital panel meters. For instance, according to the International Organization of Motor Vehicle Manufacturers, the overall passenger car production in Germany reached 3.5 million in 2022, depicting a growth of 12.9% in comparison to 2021. Thus, the rising automobile production is driving the adoption of digital panel meters for displaying critical vehicle information including speed, fuel level, and engine temperature to ensure safe operations, thereby driving the growth of the market.
Additionally, the rising residential construction is projected to promote potential opportunities for the growth of the digital panel meter market. Digital panel meters are often utilized in residential sectors for monitoring and displaying voltage levels, current flow, power consumption or electricity usage to ensure efficient building operations. However, the availability of substitutes for digital panel meter is hindering the growth of the market.
Report Attributes
Report Details
Market Size By 2031
USD 5,612.34 Million
Forecast Period
2023-2031
CAGR (2023-2031)
5.70%
Base Year
2022
Study Timeline
2017-2031
Key Players
Murata Manufacturing Co. Ltd., Precision Digital Corporation, OMRON Corporation, Red Lion, Zhejiang Chint Instrument & Meter Co. Ltd, Lascar Electronics, Carlo Gavazzi, Phoenix Contact, PR Electronics, Jewell Instruments, Laurel Electronics Inc.
By Type
Temperature and Process Panel Meters, Flow Rate Totalizer, Multi-Input Indicators and Scanners
By End-User
Electronics & Semiconductor, Automotive, Residential, Commercial, and Others
Report Coverage
Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more
By Region
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Rising utilization of digital panel meter in electronics & semiconductor sector is driving the market growth.
Growing automotive industry is spurring the market growth.
Restraints
Availability of substitute is restraining the market growth.
Opportunities
Rising residential construction is expected to promote potential opportunities for market growth.
Global Digital Panel Meter Market Segmentation Details:
Based on type, thetemperature and process panel meters segment contributed the largest shares to the market growth in 2022. The benefits of temperature and process panel meters including adjustable displays, on/off control, high accuracy, and precision, set points options for process variables, alarm functions, and others are key aspects driving the growth of the segment. Further, the increasing utilization of temperature and process panel meters in electronics & semiconductors, automotive, and other sectors is driving the growth of the temperature and process panel meters segment.
Based on end-user, the electronics & semiconductor segment accounted for the maximum revenue share in the year 2022. Digital panel meters are primarily used in the electronics & semiconductor sector for displaying several settings and parameters in electronic appliances and monitoring water flow rate during silicon wafer washing and cleaning in semiconductor manufacturing process. Factors including the rising investments in development of semiconductor manufacturing facilities and growing demand for smart and energy-efficient consumer appliances with advanced features are among the primary determinants for fostering the growth of the electronics & semiconductor segment.
Based on region, North American region accounted for the largest revenue share in the year 2022. The growth of multiple industries including electronics & semiconductors, automotive, commercial, and other sectors is driving the growth of digital panel meter market in North America. Further, increasing investments in residential and commercial construction are projected to boost the market growth in the North American region during the forecast period.
Recent Developments
In July 2019, Zhejiang Chint Instrument & Meter Co. Ltd launched its new series of digital panel meters that are designed for real-time measurement and display of line voltage, phase voltage, and phase current in three-phase electrical circuits.
Key Market Highlights
Globally, digital panel meter market is divided based on the type into temperature and process panel meters, flow rate totalizer, multi-input indicators and scanners.
In the context of end-user, the market is separated into electronics & semiconductor, automotive, residential, commercial, and others.
The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on advancements in digital panel meter market.
List of Major Global Digital Panel Meter Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
Key Questions Covered in the Digital Panel Meter Market Report
What is digital panel meter?
Digital panel meters refer to electronic devices that display electrical parameters including current, voltage, resistance, temperature, and others in digital format.
What is the dominating segment in the digital panel meter market by type?
In 2022, the temperature and process panel meters segment accounted for the highest market share in the overall digital panel meter market.
Based on current market trends and future predictions, which geographical region will have the largest impact on the digital panel meter growth in the coming years?
North America accounted for the largest revenue share in the year 2022. The increasing demand for digital panel meters from electronics & semiconductors, automotive, and commercial sectors among others is driving the growth of the regional market.
Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2031?
Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and rising residential & commercial construction projects.
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