The digital panel meter market is growing at a CAGR of 6% for the period between 2020 to 2027. Globally the demand for digital meters has been steady and increasing for the last couple of years. Convenience and efficiency of new technology is a key component for the growth of the said market. Understanding the limitation of analog meters, there has been a rapid adaption of digital meters in several industries. There are multiple extra benefits in using these digitized meters for various purposes.
A digital panel meter has a display that shows the required measurement based on your input. Unlike the analog system, these meters are capable of recording the measurements of time, pressure, vibration, etc apart from the unit count of the voltage. An added advantage is that these meters can be used for measuring several kinds of electric currents and outputs. The panel meter market is expanding for the goodwill of measurement accuracy and the ability to take fast readings. In several industry verticals, these digitized meters are getting extremely popular.
The emergence of COVID-19 has been a global catastrophe for the human race. The pandemic has caused multi-faceted damage to the world. Be it the healthcare infrastructure, economy, or public security, the impacts have been heavy. In these conditions, it is obvious that the digital panel system market has faced waves of a challenge due to COVID-19. The manufacturing units of digital meters have been disrupted heavily due to multiple lockdowns in different countries. Also, the distribution channels have faced many bumps during the time.
Due to the lack of manpower in the workforce, the maintenance and service industry has suffered a lot. The market for any product expands when the end-user industries are growing fine. In the pandemic scenario, the commercial and industrial units had shut down for months. Electricity is an essential part of all enterprises. So, the end-user market is vast spread and huge in volume. The digital panel meter manufacturers owe their profit margin and growth to many potential industries. Due to a holistic hit in the market, the market share for digital meters went under weather also. But after the lockdowns are over, markets are recovering fast in industrial regions.
Speed and convenience are two of the most effective factors for the global market. Digital panel meters provide much more accurate and precise readings of electrical consumptions than analog meters. Also, these meters produce a fast reading on the exact required parameter in the display. This helps to take the readings faster than other modes. The digital panel industry heavily relies on the service and maintenance industries. Multifaceted use in AC/DC, advanced LCD or LED display, easy measurement of time, pressure, voltage, etc are the basic qualities of these digital meters.
The latest models of the products provide accurate and precise readings. This factor helps the global market to grow at a steady pace. The multitasking quality of these digital meters contributes to the market expansion of the digital LED panel meters. Rapid growth in the end-user industries is a prominent market pusher for digital meters.
The golden opportunity for digital panel meters is the continuous innovation in electrical technology. The modern settings will require more use of these digitized devices. Analog systems are getting outdated fast. The present conditions need smart devices that can meet up to the need of the hour. These innovations increase system effectiveness and reduce cost in the long run. The global digital panel meter market is going to enjoy a lot of scopes building on those new requirements.
The vast use of digital meters in temperature monitoring, pressure monitoring, humidity measurement, motor current monitoring, etc will bring new avenues for the market to expand. The advent of smart meters will increase the spectrum of digital panel meter applications and efficiency.
The global market for digital meters heavily relies on the maintenance and service units in different industries. Electrical management is a public authority service in a large section of the world. Public or private, the services are done by skilled personnel and staff. There is a lack of professional technicians in the market which is further restricting the growth of the panel meter market growth.
Also, the price of these meters is an important factor in front of many. Digital meters are costlier than analog meters. The installation and maintenance of these devices are expensive too. Since the technology is new, the prices are comparatively high in the market. Due to budget constraints, many potential users turn their heads away from these meters. This reluctance hurts the global digital panel meter market size.
No innovation is complete without the inclusion of market challenges. At present, the limitations associated with digital meters are looming threats in front of the market. For instance, the meters have a tolerance issue. Beyond a limited voltage boundary, the meters get damaged. Also, fluctuations in the voltage can provide errored data. This error is unavoidable in the present infrastructure unless the digital panel meter connection improves.
Since the devices are digital, it is hard for them to adjust tuning responses and circuit tuning. A bigger challenge in the case of these devices is the dependence on batteries. The LCD/LED display is powered by external battery resources. The sensitivity issue of the meters is problematic also. When the device gets warm after use, the temperature can lead to errored readings as well. The latest digital meter market trends have shown, if the manufacturers don’t improve upon the limitation factors, it will be a threat to the market in the future.
The growth of the global market has been steady over the last couple of years. There has been a consistent incline in the demand for digital meters. The market is expected to grow at a CAGR of 6% for the forecast period of 2020 to 2027. The LCD digital meters have shown tremendous results during the forecast period. There was been solid growth in the digital panel meter market demands in North American regions. The market is expected to reach a net valuation of USD 3,251 Million after the end of the forecast period.
Based on current projections, there has been a significant rise in the business of totalizers and digital multi-meters. The current indicators are expected to lead the global market share at the end of the forecast period.
The distribution channel is vast for the market of digital meters. Since, there is a huge variety of applications for the products, the availability of them is depended on various pockets of the global market. Most of the products are available from authorized regional retailers, service providers, branded outlets, and online stores as well. The distribution channel plays a crucial role in the global market. Various end-user industries rely on these channels for the timely availability of the products.
There are different roles of digital meters in the global market. A lot of parameters divide the global market into several effective zones. These segments define the global digital panel meter market size. Based on market type, various applications, regions, the market is fragmented into various segments. These segments can be divided into various subsegments further.
The major key regions of the global market are North America, Europe, and the Asia Pacific. The North American countries, i.e., the US, Canada, Mexico, holds the largest market share in the world. The economic prosperity and technological advancements in these countries, help the market grow. The Asia Pacific countries like India, China, Japan are introducing fast innovations in the field. In the coming years, the APAC region will be the fastest-growing market for digital meters.
There are few global vendors of digital meters that dominate the global market. The key players in the market are –
This report offers digital panel meter software market insights in detail for formulating effective strategies in the future.
| Report Attribute/Metric | Details |
| Market Size 2027 | USD 3,251 Million |
| CAGR | 6% (2020-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Siemens AG (Germany), Murata Power Solutions Inc (US), The Danaher Corporation (US), Precision Digital Corporation (US), Red Lion Controls (US), Omron Corporation (Japan), Laurel Electronics (US), Phoenix Contact (Germany), PR Electronics (Denmark) |
| Key Market Opportunities | The continuous innovation in electrical technology. |
| Key Market Drivers | · The latest models of the products provide accurate and precise readings.· Rapid growth in the end-user industries is a prominent market pusher for digital meters. |
Digital Panel Meter Market Highlights:
Frequently Asked Questions (FAQ) :
By 2027, the growth of the global digital panel meter market is expected to be at 6% CAGR and the market can value at USD 3,251 Mn.
Siemens AG (German), Red Lion Controls (U.S), and Murata Power Solutions, Inc., (U.S.) are some prominent providers of digital panel meter.
The types of digital panel meters are; temperature and process panel meters, totalizers, and multi-input indicators or scanners.
The need for smooth running of industrial equipment can prompt the expansion of the digital panel meter market.
As per MRFR analysis, the market in North America is expected to thrive at the highest CAGR, over other regions.
Senior Research Analyst Ankit gupta is an analyst in market research industry in ict and semi industry. with post-graduation in "telecom and marketing management" and graduation in "electronics and telecommunication" vertical he is well versed with recent development in ict industry as a whole. having worked on more than 150+ reports including consultation for fortune 500 companies such as microsoft and rio tinto in identifying solutions with respect to business problems his opinions are inclined towards mixture of technical and managerial aspects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
