Global Digital Panel Meter Market to Reach USD 5,612.34 Million by 2031 | CAGR of 5.70%
Category : Semiconductor And Electronics | Published Date : Oct 2024 | Type : Press Release
Digital Panel Meter Market Scope & Overview:
The newly published report by Consegic Business Intelligence states that Digital Panel Meter Market size was valued at USD 3,472.81 Million in 2022 and is projected to reach USD 5,612.34 Million by 2031, growing at a CAGR of 5.70% during the forecast period from 2023 to 2031. Digital panel meters are electronic devices used to display electrical parameters such as current, voltage, resistance, temperature, and more in digital format. These devices offer features like high accuracy, large display, and ease of maintenance, which make them essential in sectors like electronics, automotive, and residential applications.
The report comprises the Digital Panel Meter Market Share, Size & Industry Analysis, By Type (Temperature and Process Panel Meters, Flow Rate Totalizer, Multi-Input Indicators and Scanners), By End-User (Electronics & Semiconductor, Automotive, Residential, Commercial, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa), and Forecast, 2023-2031.
The report contains detailed information on Digital Panel Meter Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The rising demand for semiconductors and smart consumer appliances is driving the market. Additionally, increasing automotive production and the integration of advanced safety systems present opportunities for growth.
Segmental Analysis :
Based on type, the market is segmented into temperature and process panel meters, flow rate totalizer, and multi-input indicators and scanners.
- Temperature and process panel meters held the largest market share in 2022, driven by their use in electronics, semiconductors, and automotive sectors for monitoring and displaying process variables like temperature and pressure.
- Flow rate totalizer is expected to grow at the fastest rate due to its application in chemical, water treatment, and industrial settings, where reliable flow measurement is critical.
Based on end-user, the market is divided into electronics & semiconductors, automotive, residential, commercial, and others.
- Electronics & semiconductor accounted for the largest share in 2022, benefiting from the demand for digital panel meters in consumer electronics for monitoring power usage and operational settings.
- The automotive sector is projected to grow at the fastest rate, driven by the increasing adoption of digital panel meters in vehicles to display crucial parameters like fuel level, speed, and engine temperature.
Based on regions, the global market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- North America accounted for the largest market share in 2022, with a value of USD 1,229.37 Million, driven by the growing use of digital panel meters in the automotive and electronics sectors.
- Asia-Pacific is expected to witness the fastest growth, supported by rapid industrialization and the growing demand for digital panel meters in smart city projects and residential buildings.
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 5,612.34 Million |
| CAGR (2024-2031) | 5.70% |
| By Type | Temperature and Process Panel Meters, Flow Rate Totalizer, Multi-Input Indicators and Scanners |
| By End-User | Electronics & Semiconductor, Automotive, Residential, Commercial, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The competitive landscape encompasses major innovators, aftermarket service providers, industry giants, and niche players, all of which are thoroughly examined by Consegic Business Intelligence in terms of their strengths, weaknesses, and value-addition potential. This report includes detailed profiles of key players, market share analysis, mergers and acquisitions, resulting market fragmentation, and emerging partnership trends and dynamics.
List of prominent players in the Digital Panel Meter Industry:
- Murata Manufacturing Co. Ltd.
- Precision Digital Corporation
- OMRON Corporation
- Red Lion
- Zhejiang Chint Instrument & Meter Co. Ltd.
- Lascar Electronics
- Carlo Gavazzi
- Phoenix Contact
- PR Electronics
- Jewell Instruments
- Laurel Electronics Inc.
Recent Industry Developments :
- In April 2021, Murata Manufacturing Co. Ltd. introduced a new series of digital panel meters designed for laboratory and industrial current and voltage measurement applications.
