Digital Panel Meter Market Size is expected to reach USD 9,904.8 million by 2030 | Analysis by Type and Applications

According to MRFR analysis, the global Digital Panel Meter Market is expected to register a CAGR of ~ 6.9% from 2021 to 2030 and hold a value of over ~USD 9,904.8 million by 2030.

Worldwide the demand for digital meters has been steady and growing for the last couple of years. Convenience and efficiency of new technology is the main component for the growth of the said market. Understanding the limitation of analog meters, there has been a rapid adaption of digital meters in numerous industries. There are multiple extra benefits to using these digitized meters for several purposes.

A digital panel meter has a display that shows the essential measurement based on your input. Dissimilar the analog system, these meters are capable of recording the measurements of time, pressure etc separately from the unit count of the voltage. An added benefit is that these meters can be used for measuring numerous kinds of electric currents and outputs. The panel meter market is increasing for the goodwill of measurement accuracy and the ability to take fast readings. In some industry verticals, these digitized meters are getting extremely popular.  

A decent impact of COVID-19 was observed on the global market during the original days of the pandemic. Owing to the halt in industrial activities and disturbances in supply chains, various important raw materials used in manufacturing digital panel meters were on hold, affecting their demand significantly. This has led to a delay in manufacturing and an upsurge in the prices of essential parts.

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Key Players

Some of the key market players are-

• Siemens AG (Germany)
• Murata Power Solutions Inc (US)
• The Danaher Corporation (US)
• Precision Digital Corporation (US)
• Red Lion Controls (US)
• Omron Corporation (Japan)
• Phoenix Contact (Germany)
• PR Electronics (Denmark)

Report Scope:

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Regional Analysis

The Global Digital Panel Meter Market is ordered into North America, Europe, Asia Pacific, and the Rest of the world, In terms of revenue, North America is projected to dominate the Global Digital Panel Meter Market. The existence of multiple end-user industries and well-established infrastructures is contributing to the growth of the Digital Panel Meter Market in North America.

Europe is projected to upsurge at the fastest rate during the projection period. It’s because there are a lot of consumer electronics firms, there’s a lot of demand for electronic devices, and there’s a lot of demand for electronic items with built-in overload safety which rises the demand for the Digital Panel Meter Market.

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Digital Panel Meter Market Segmentation

The global Digital Panel Meter Market has been segmented into product type and application

Based on type, the global Digital Panel Meter 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 growing demand from numerous industries for process control and temperature measurement.

Based on application, the global Digital Panel Meter market is categorized into display voltage, display current, display temperature, and others. The display voltage segment is projected to dominate the market due to its wide application in the power sector and industrial equipment.

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