Global digital panel meter market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Digital Panel Meter Market on the Rise in Line with Rampant Industrialization
The digital panel meter market is expanding due to the rising demand for electrical and industrial products which constantly monitor current, vibration, and pressure to keep the equipment functioning properly. Digital panel meters are also widely used in the expanding industrial sector, so there is expected to be a major increase in demand over the projection period. Many businesses are implementing new technologies to streamline their workflow processes in response to increased technological development, and automation adoption. Additionally, manufacturers constantly enhance their goods using tools like AI, machine learning, and IoT to facilitate connections. As an illustration, Yokogawa Electric Corporation declared the availability of its Equipment/Quality Predictive Detection Tool in April 2022. The OpreX Data Acquisition series now includes this AI-based solution. It was created to create solutions for data loggers and paperless recorders to detect quality and equipment anomalies. This technology was developed to assist businesses in increasing production efficiency by spotting equipment flaws early.
The expansion of the digital panel meter market is predicted to be accelerated by ongoing technological improvements. Digital panel meters come in various screen sizes and colors, including red, green, amber, blue, yellow, orange, and aqua, which are visible in low light. They include several functions like an alarm, adjustment display, set point choice, additional channels, and USB connections for the apparatus or device. Multi-channel indicator and scanner usage is also on the rise. Furthermore, a single, split, and three-phase digital APM power meter with features including a color-changing display, Modbus connectivity, and small size was introduced by Trumeter in June 2019. Over the forecast period, it is projected that this product launch will increase demand for digital panel meters.
Digital Panel Meter Market: COVID-19 Impact
The COVID-19 outbreak significantly impacted the supply chain for several essential raw materials used to produce digital panel meters. Printed circuit boards with holes, chips, electrolytic capacitors, metal film resistors, leaks, switching transistors, Zener diodes, and transformers are typical components that manufacturers construct. Most of these components are produced in Asia, primarily in China and other nations that saw COVID-19's devastating spread. The manufacture of digital panels was delayed due to these nations' impact on international commerce channels. This finally resulted in a sharp increase in the cost of manufacturing the meters, which impacted demand. The global standstill in manufacturing activity also contributed to the decline in order.
Increasing Industrialization will Drive Digital Panel Meter Market Expansion
Numerous end-user industries utilize digital meters extensively to measure voltage, temperature, pressure, flow, and speed. Industries prefer digital meters, providing precise and quick signals while minimizing errors. The global digital panel meter market is expected to expand due to these qualities. Other uses include monitoring motor current, cooling water temperature, water flow, exhaust temperature in engine dyno cells, welding current, liquid level measurement, and humidity measurement. Digital panels are also utilized in significant industries like power generation, food and beverage production, wastewater treatment, oil and gas, bioprocess, pharmaceutical manufacturing, and automotive. Their widespread application for precise measurements of numerous parameters in various processes and sectors as a result, raises their demand. The developing nations of Asia and the Pacific received USD 619 billion in FDI investments in 2021, according to the United Nations Conference on Trade and Development. The main reason for the significant FDI influx in the region is the expanding number of industrial development projects there.
Increasing Use of Digital Panels in Consumer Electronics Industry to Drive Digital Panel Meter Market
All electrical equipment, like the instrument panel of a microwave oven, which has panel meters that monitor weight, time, and power, frequently employs digital panel meters. To regulate the flow of water in a tank or swimming pool, a water pump uses a pressure gauge panel meter and a motor RPM panel meter. Digital meters are further employed in cars and sports bikes to translate motion into digital indications like speed, total kilometers, service signs, RPM, and fuel indication with a channel screen. They are frequently used in medical equipment like glucometers, digital thermometers, and oximeters that display different parameters, including blood pressure, heart rate, and sugar level. Consumer electronics' numerous uses for digital panel meters and the industry's rapid global expansion present potential for digital panel meter market expansion.
Technical Issues Continue to Limit Digital Panel Meter Market Expansion
It is challenging for digital devices to modify tuning circuits and responses. The reliance on batteries for digital meters is a serious obstacle. LCD, and LED display panel meters depend on a battery or other power supply. The display will show a dim indicator of a low battery. Additionally, these meters have voltage restrictions. The meter will be damaged and challenging to fix if the user exceeds this range. Generally, the measurement is correct, but when the conditions are not favorable, such as strong heat created by equipment, it indicates an inaccuracy in indication. Additionally, the meters' sensitivity issue is a problem. In addition, digital meters are more expensive than traditional ones. Due to these factors, digital panel meter market growth is limited over the forecast period.
Totalizers Category Dominates Digital Panel Meter Market as Demand Surges to Keep Track of Substance
The totalizers category held the largest digital panel meter market share, and it is anticipated that it will continue to rule the market during the forecast period. Some meters have a measurement device called a totalizer that records or keeps track of the total amount of a substance over time. Totalizers can be set to begin at a given time or after a predetermined amount of work has been completed. Totalizers, often known as total flow meters, measure the total volume of flow within a closed pipe system. Today, many totalizer types serve numerous functions. Some people may monitor more information, like flow rate. Some totalizers run on electricity, while others are mechanical. The amount of fluid (gas, liquid, or steam) that has passed through the sensor over time is recorded by a totalizer. It accelerates the global digital panel meter market growth. On the other hand, the temperature & process panel meters category is anticipated to grow significantly over the forecast period. The temperature & process panel meters market is expected to grow due to rising demand for process control and temperature measurement across numerous industries, including metal & mining, power, automotive & transportation, and many more.
Digital Voltage Category Dominates Digital Panel Meter Market to Check Voltage Variations
The digital voltage category held the largest market share. It is anticipated that it will continue to rule the market during the forecast period since voltage variations are typically checked using display panel meters. However, due to its widespread use in the industrial equipment and power sector, the display current market category is also predicted to hold a sizable part of the digital panel meter market. Display temperature panel meters are mostly used in sectors with temperature-controlled processes like power, food & beverage, and pharmaceuticals. In manufacturing, they are used to show any digital parameter and to give alarm signs. They are extensively employed in chemical, steel, paper, plastic, oil refineries, fertilizer, and beverage facilities, propelling the market expansion.
Europe to Dominate Digital Panel Meter Market due to Presence of producers of Digital Panel Meters
Over the forecast period, it is anticipated that the Asia Pacific digital panel meter market will account for the largest revenue share. The region's growth is being aided by the presence of producers of digital panel meters throughout the area, including Asian Electrical Group, Carlo Gavazzi, Laurel Electronics, Inc., Honeywell, and OMRON Corporation. The businesses operating in the area are continually working to grow their operations through tactical mergers and acquisitions. To streamline digital meters with gas leak detection systems for quicker awareness throughout industrial and production divisions, Honeywell International Inc., for example, bought Rebellion Photonics. This assists businesses in broadening their global footprint and, in turn, contributing to the projected growth of the market.
Europe’s digital panel meter market is anticipated to experience stable revenue growth throughout the forecast period due to ongoing government initiatives in energy and growing industrial areas. The region's industrialization contributes to the expansion, particularly in countries like Germany. Demand for digital panel meter is rising because there are many consumer electronics firms, a large market for electronic devices, and a large market for electronic products with built-in overload safety. According to customs data, Germany imported most of these meters into the area. The nation's increasing demand for digital meters can be ascribed to industry expansion. As of 2021, the manufacturing sector in Germany employed more than 7.4 million people, according to the German Federal Statistical Office (Destatis).
Global Digital Panel Meter Market: Competitive Landscape
In June 2022, Siemens purchased Senseye, a top supplier of AI-powered solutions for industrial machine performance and dependability. Siemens hopes that this acquisition will aid in the consolidation of its digital enterprise services portfolio. It is anticipated that there will be an increase in demand for digital meters due to the acquisition's increased focus on predictive maintenance. Similarly, in April 2021, Murata unveiled a line of D.C. panel meters designed for laboratory and industrial voltage and current measurement applications. In addition to the digital absolute value, the miniature DMR35 has a distinctive bar-graph display.
A few of the players in the digital panel meter market include Murata Manufacturing (Japan), Zhejiang CHINT (China), Siemens (Germany), Omron Corporation (Japan), Phoenix Contact (Germany), Crouzet (France), Carlo Gavazzi (Switzerland), P.R. Electronics (Denmark), Lascar Electronics (U.S.), Autonics (South Korea), Red Lion Controls (U.S.), Trumeter (U.K.), Precision Digital (U.S.), and Yokogawa Meters & Instrumentation (Japan).
Global Digital Panel Meter Market is Segmented as Below:
Key Elements Included In The Study: Global Digital Panel Meter Market
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