The global digital panel meter market is poised to touch USD 3,251 million at a notable 6% CAGR over the estimated years (2017–2023). Digital panel meters simply put are instruments which display an input signal such as resistance, current or voltage in the digital form. Some include alarm options and also the ability of transferring data to a PC. It gets these input signals in various forms including resistance, temperature, DC power, AC power, DC current, AC current, DC voltage or AC voltage. Digital panel meters are mostly utilized in electronics instruments particularly consumer electronics. The various specifications that are taken into consideration while selecting this meter include color, size and digits to be displayed. A key reason why digital panel meters are preferred over analog meters is because the former is convenient and easy to operate and above all the displayed data is more accurate. Some of its common applications include oven temperature monitoring, motor current monitoring, cooling water temperature, monitoring water flow at wet stations, pressure monitoring, welding current, humidity measurement, liquid level measurement and more.
There are plentiful factors that are propelling the growth of the digital panel meter market. Some of these factors according to the Market Research Future (MRFR) report include growing demand in consumer electronics especially for LED or LCD displays, remarkable accuracy, ease of reading, rising government initiatives, increasing use in commercial applications especially automobiles for measuring the consumption of fuel, revolutions per minute and speed, and built-in overload protection. On the contrary, high cost and complicated implantation compared to analog panel meters are factors that may hamper the growth of the digital panel meter market over the estimated years.
MRFR report provides a complete segmental analysis of the digital panel meter market on the basis of cover types and applications.
Based on cover types, the digital panel meter market is segmented into process panel meters, temperature, multi-input indications and scanners, tantalizers and others.
Based on applications, the digital panel meter market is segmented into display temperature, display voltage and display current.
Based on region, the digital panel meter market covers latest trends and growth opportunities across North America, Rest of the World, Europe and Asia Pacific. Of these, North America will steer the market over the estimated years. This is due to extensive use of digital panel meters in the electronics sector for electronic measurement coupled with rapidly advancing technologies. The US is the key contributor here due to the growth of the electronics industry. The digital panel meter market in the APAC region will increase rapidly over the estimated years owing to the development of the electronic sector here. The developing countries mainly China and India backed by both their well-established and huge electronics market will boost the market growth in this region. The digital panel meter market in the European region is poised to have a substantial growth owing to the growing investments due to government initiatives as well as roll-outs here. The market is expanding owing to increasing use of the digital panel meter and rising technological enhancements.
Leading players profiled in the digital panel meter market include Laurel Electronics (US), Autonics USA, Inc. (US), PR Electronics (Denmark), Precision Digital Corporation (US), Phoenix Contact (Germany), OMRON Corporation (Japan), The Danaher Corporation (US), Red Lion Controls (US), Siemens AG (German), and Murata Power Solutions, Inc., (US).
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