Digital Panel Meter Market Revenue, Growth Factors, Future Trends and Forecast to 2027 | Impact of COVID-19
Research Reports
Jan 13, 2022
Market Analysis
Market Research Future (MRFR) predicts the global Digital Panel Meter Market to reach USD 3,251 million at a CAGR of 6% from 2017 to 2023 (forecast period).
Digital panel meters are digital displays that are used to represent numerous parameters in a digital format, such as resistance, current, or voltage. The display gets an input measurement signal from a sensor, which is then translated into a digital signal and displayed. The digital panel meter gets the input signal in many forms, such as AC voltage, DC voltage, AC current, DC current, AC power, DC power, temperature, or resistance. These meters are commonly seen in electrical equipment, particularly in consumer electronics. When choosing a digital panel meter, certain criteria must be taken into account. Some of these criteria are the number of digits, size, and color of the displayed number. Digital meters are favored over analog meters because the numbers are displayed directly on display. Furthermore, digital panel meters are simpler and more convenient to use than analog versions, and the data displayed is more accurate. Market participants are concentrating on providing customized products for measuring and displaying pressure, vibrations, voltage, time, and current.
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Key Players
Notable players in the global digital panel meter market are – Siemens AG (German), PR Electronics (Denmark), Murata Power Solutions, Inc., (U.S.), Red Lion Controls (U.S), Phoenix Contact (Germany), OMRON Corporation (Japan), The Danaher Corporation (U.S), Precision Digital Corporation (U.S), Autonics USA, Inc. (U.S), Laurel Electronics (U.S) and among others.
The increasing need of electrical and industrial industries, which continuously monitor vibration, pressure, current, frequency voltage, temperature, and others to keep the devices working properly, is one of the factors driving the market’s growth. It also calculates electrical consumption with great precision. Another reason driving the growth of the digital panel meter market is built-in overload protection, which protects against electrical loads.
COVID-19 Impact on the Global Digital Panel Meter Market
The introduction of a range of regulations by governments around the world to deal with the COVID-19 outbreak, like a complete shutdown of manufacturing units, has been found to have an impact on the development of the global digital panel meter market.
Market Segmentation
The global digital panel meter industry has been segmented into cover types and applications.
Based on cover types, the global digital panel meter market has been segmented into totalizers, multi-input indicators and scanners, temperature and process panel meters and others.
Based on applications, the global digital panel meter market has been segmented into display current, display voltage, displays temperature and others.
Regional Analysis
The regional analysis of the global digital panel meter market is being studied for regions such as Asia Pacific, North America, Europe and the Rest of the World.
North America is one of the world’s leading regions in terms of market share in the digital panel meter market because it is widely utilized in the electronics industry for electronic measurement. The digital panel meter industry in Europe is predicted to expand rapidly in the future years. In comparison, Asia Pacific nations such as China, Japan, and India are emerging markets for the digital panel meter market and are predicted to have the highest CAGR in the next years as firms seek to target the digital panel meter in these markets to satisfy the needs of customers.
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