Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The global Digital Panel Meter Market was USD 3.12 billion in 2021. The global market size to be grow from USD 3.39 billion in 2022 and is projected to reach USD 4.84 billion by 2029, exhibiting a CAGR of 5.2% during the forecast period from 2021-2029. This information is provided by Fortune Business Insights, in its report, titled, "Digital Panel Meter Market, 2021-2029."
According to our analysts, the market is anticipated to grow rapidly due to the product's growing utility in several industries such as food & beverages, wastewater plants, oil and gas, and power generation to minimize errors during manufacturing.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 To 2029 CAGR | 5.2 % |
| 2029 Value Projection | USD 4.84 billion |
| Base Year | 2021 |
| Market Size in 2021 | 3.12 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 210 |
| Segments covered | Type, Application, Region |
| Growth Drivers | Rising Industrialization to Propel the Market Growth |
| Rising Adoption of Digital Panel in Consumer Electronics Boosts the Market |
Market Highlights:
Rising Demand from the Consumer Electronics Industry to Fuel Product Demand
Rising application of digital panel meter provides better viewing experience, high accuracy, and increased functionality, ultimately propelling the market growth. Furthermore, the rising demand from the consumer electronics industry and built-in overload protection in the meters to protect devices from fluctuating loads will spur product demand. Meanwhile, adjusting tuning circuit and responses could impede the digital panel meter market growth.
COVID-19 Impact-
Shutting Down of Industrial Activities Globally Impede Market Growth
A decent impact of COVID-19 was observed on the global market during the initial days of the pandemic. Due to the halt in industrial activities and disruptions in supply chains, various important raw materials used in manufacturing digital panel meters were on hold, affecting their demand greatly. This has led to a delay in manufacturing and an increase in the prices of essential parts.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/digital-panel-meter-market-106892
Competitive Landscape:
Several Giants are Investing in Innovation to Strengthen their Position
Leading firm, such as Murata, is likely invest in technological advancements to enhance its current products to shape the competitive landscape. For instance, to make it ideal for various laboratory and industry applications, Murata launched a series of DC panel meters for current and voltage measurement to strengthen its position in the marketplace.
Regional Insights:
Rising Manufacturing Potential across Regions Nurtures Growth in Asia Pacific
Asia Pacific held a strong grip on the digital panel meter market share and is expected to lead the market during the projected period due to the rising manufacturing potential, backed by considerable infrastructure projects across the region.
Europe is projected to showcase exponential growth during the forecast period due to the growing industrial development across the region such as Germany and others.
North America is seen to have a decent demand due to the rapid improvement in energy sectors and rising government efforts in developing industries.
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List of the Companies Profiled in the Report:
- Murata Manufacturing (Japan)
- Zhejiang CHINT (China)
- Siemens (Germany)
- Omron Corporation (Japan)
- Phoenix Contact (Germany)
- Crouzet (France)
- Carlo Gavazzi (Switzerland)
- PR Electronics (Denmark)
- Lascar Electronics (U.S.)
- Autonics (South Korea)
- Red Lion Controls (U.S.)
- Trumeter (U.K.)
- Precision Digital (U.S.)
- Yokogawa Meters & Instrumentation (Japan)
MARKET SEGMENTATION:
Rising Adoption of Process Control Devices Drives Temperature & Process Panel Meters Segment
Based on type, the market is classified into temperature & process panel meters, totalizers, and multi-input indicators & scanners. The temperature & process panel meters' segment will dominate due to the rising demand from several industries for process control and temperature measurement.
Rising Applications of Display Segment will Favour Market Development
Based on application, the market is categorized into display voltage, display current, display temperature, and others. The display voltage segment is expected to dominate the market owing to its wide application in the power sector and industrial equipment.
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Key Industry Development:
April 2021 – Murata introduced a series of DC panel meters developed for industrial and laboratory voltage and current measurement applications. The miniaturized DMR35 provides a unique bar-graph display coupled with the digital absolute value.
February 2021 – CHINT completed the data update from 2D to 3D of 17000 low-voltage components in the EPLAN software database in January 2021. It can be used in all series of EPLAN software, including the electrical design of EPLAN P8 and the 3D cabinet design of EPLAN Pro Panel.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Impact of COVID-19 on the Digital Panel Meter Market
- Global Digital Panel Meter Market Analysis (Thousand Units, USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Temperature & Process Panel Meters
- Totalizers
- Multi-Input Indicators & Scanners
- Market Analysis, Insights and Forecast – By Application
- Display Voltage
- Display Current
- Display Temperature
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Digital Panel Meter Market Analysis (Thousand Units, USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Temperature & Process Panel Meters
- Totalizers
- Multi-Input Indicators & Scanners
- Market Analysis, Insights and Forecast – By Application
- Display Voltage
- Display Current
- Display Temperature
- Others
- Market Analysis, Insights and Forecast – By Country
- United States
- Canada
Continued…
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Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
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