Digital Panel Meter Market Size Worth $5,578.85 million By 2032 | CAGR: 5.3%

Digital Panel Meter Market Size Worth $5,578.85 million By 2032 | CAGR: 5.3%

The global digital panel meter market size is expected to reach USD 5578.85 million by 2032, according to a new study by Polaris Market Research. The report “Digital Panel Meter Market Share, Size, Trends, Industry Analysis Report, By Type (Temperature & Process Panel Meters, Totalizers, and Multi-Input Indicators and Scanners); By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Increasing technological developments and major players' focus on the creation are predicted to accelerate the growth of the market. Different screen sizes and hues, including red, green, golden, blue, yellow, orange, and aqua, make digital panel meters readily recognizable in low light. In June 2019, a single-, & 3-phase digitally powered APM power-meter with features including a color changing facility, Modbus connection, and small size has been introduced by Trumeter. The APM Power Meter is a new tool that OEMs can use to increase usability, safety, and productivity without raising costs. It is intended for precise monitoring of the operation of electrical circuits.

Furthermore, digital panel meters can contain several features, including USB ports for the apparatus or device and alarms, adjustment displays, set point options, and extra channels. For instance, in February 2022, ABB India introduced a new line of power monitoring and electrical measuring meters for electrical & control panels. The newly released meters are a component of ABB's M1M product series, which also includes the M1M11, M1MDS, M1M20B, & M1M30B models. These new digital meters of the ABB have various benefits such as alarms, displays, and USD ports among others. Additionally, the use of multi-channel indicators and scanners is growing. It is widely installed for sensing, indicating the many parameters of the system. It might have built-in alarms that sound if the output signals fluctuate outside of a predetermined range. Over the market forecast period, it is projected that this product launch will increase demand for digital panel meters.

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Additionally, digital panel meters are increasingly being used, which improves viewing quality, increases accuracy, and enhance functionality—all of which contribute to the market's expansion. Demand for the product will also increase due to rising demand from the consumer electronics sector and built-in overload protection in meters that safeguard machinery from changing loads. The market for digital panel meters may also be hampered by the need to tune circuits and modify responses.

Digital Panel Meter Market Report Highlights

  • Temperature & process meters segment registered a  highest CAGR during the forecast period due to rise in the demand for process control & temperature measurement across numerous industries.
  • The display current segment accounted for major global revenue share due to its extensive use in the industrial equipment and power sectors.
  • Europe is expected to grow at a highest CAGR during the projected period. The need for the digital panel meter market is rising because there are many consumer electronics firms, there is a large market for electronic devices, and there is a large market for electronic products with built-in overload protection.
  • The global players include Autonics USA, Galco Industrial Electronics, Lascar Electronics, Murata Power Solutions, Omron Corporation, Phoenix Contact, Siemens, Trumeter, Yokogawa Meters, & Zhejiang CHINT Instrument.

Polaris Market Research has segmented the Digital Panel Meter market report based on type, application, and region:

Digital Panel Meter, Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Temperature  & Process Panel Meters
  • Totalizers
  • Multi-Input Indicators and Scanners

Digital Panel Meter, Application Outlook (Revenue - USD Million, 2019 - 2032)

  • Display Current
  • Display Voltage
  • Displays Temperature
  • Others

     Digital Panel Meter, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

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