Market Research Future (MRFR) predicts the global digital panel meter market to reach USD 3,251 million at a CAGR of 6% from 2020 to 2027 (forecast period).
Digital panel meters are digital displays that are used to represent numerous parameters in a digital format, such as resistance, current, or voltage. The display gets an input measurement signal from a sensor, which is then translated into a digital signal and displayed. The digital panel meter gets the input signal in many forms, such as AC voltage, DC voltage, AC current, DC current, AC power, DC power, temperature, or resistance. These meters are commonly seen in electrical equipment, particularly in consumer electronics. When choosing a digital panel meter, certain criteria must be taken into account. Some of these criteria are the number of digits, size, and color of the displayed number. Digital meters are favored over analog meters because the numbers are displayed directly on display. Furthermore, digital panel meters are simpler and more convenient to use than analog versions, and the data displayed is more accurate. Market participants are concentrating on providing customized products for measuring and displaying pressure, vibrations, voltage, time, and current.
The increasing need of electrical and industrial industries, which continuously monitor vibration, pressure, current, frequency voltage, temperature, and others to keep the devices working properly, is one of the factors driving the market’s growth. It also calculates electrical consumption with great precision. Another reason driving the growth of the digital panel meter market is built-in overload protection, which protects against electrical loads.
The global digital panel meter industry has been segmented into cover types and applications.
Based on cover types, the global digital panel meter market has been segmented into totalizers, multi-input indicators and scanners, temperature and process panel meters and others.
Based on applications, the global digital panel meter market has been segmented into display current, display voltage, displays temperature and others.
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Notable players in the global digital panel meter market are – Siemens AG (German), PR Electronics (Denmark), Murata Power Solutions, Inc., (U.S.), Red Lion Controls (U.S), Phoenix Contact (Germany), OMRON Corporation (Japan), The Danaher Corporation (U.S), Precision Digital Corporation (U.S), Autonics USA, Inc. (U.S), Laurel Electronics (U.S) and among others.
In the era of advanced technology and automation, precise and accurate measurement and control play a pivotal role in industries across the globe. Digital panel meters have emerged as crucial components in various industrial applications, enabling real-time monitoring, control, and display of critical parameters. The global digital panel meter market is witnessing significant growth, driven by the increasing demand for efficient and reliable measurement solutions. In this blog post, we will delve into the key factors contributing to the market’s growth and explore the latest trends shaping the industry.
- Rising Adoption of Automation and Industrial IoT:
As industries strive for enhanced productivity and efficiency, the adoption of automation and the Industrial Internet of Things (IIoT) is on the rise. Digital panel meters are integral to this transformation, facilitating seamless connectivity, data acquisition, and analysis. With their ability to interface with sensors, transducers, and control systems, digital panel meters provide real-time monitoring and control of crucial parameters, empowering industries to optimize their processes and improve overall productivity.
- Growing Emphasis on Energy Management:
Energy management has become a top priority for industries due to increasing energy costs and environmental concerns. Digital panel meters equipped with energy monitoring capabilities enable precise measurement and analysis of energy consumption. By providing accurate energy data, these meters help businesses identify inefficiencies, implement energy-saving strategies, and reduce operational costs. The ability to monitor and display energy consumption in real-time allows industries to take proactive measures towards sustainable practices.
- Surge in Industrial Automation in Developing Economies:
Developing economies are witnessing a rapid surge in industrial automation, as businesses strive to enhance their manufacturing capabilities and compete on a global scale. Digital panel meters find extensive application in automation systems for measuring parameters such as temperature, pressure, flow rate, and voltage. These meters offer high accuracy, reliability, and user-friendly interfaces, making them essential tools for industries in developing economies as they modernize their manufacturing processes.
- Advancements in Display Technologies:
The digital panel meter market is benefiting from rapid advancements in display technologies. Traditional analog meters are being replaced by digital meters equipped with LED and LCD displays, providing clear and precise readings. These displays offer improved visibility, enabling operators to easily monitor parameters even in challenging environments. Furthermore, the integration of touchscreens and intuitive user interfaces has made digital panel meters more user-friendly and interactive.
- Demand for Customized Solutions:
Industries have diverse measurement and control requirements, necessitating customized solutions. Digital panel meter manufacturers are focusing on providing flexible and configurable solutions to cater to specific customer needs. Advanced meters allow users to customize the display, scaling, and alarming functions based on their applications. This flexibility, combined with the ability to integrate with various communication protocols, enhances the usability and adaptability of digital panel meters across different industries.
- Increasing Adoption in Renewable Energy Systems:
The global transition towards clean energy sources has led to a significant rise in renewable energy installations. Digital panel meters find extensive application in renewable energy systems for monitoring and controlling parameters such as solar radiation, wind speed, battery voltage, and power output. These meters enable efficient energy management in renewable energy installations, contributing to the growth of the digital panel meter market.
The digital panel meter market is witnessing remarkable growth, driven by the increasing adoption of automation, the emphasis on energy management, and advancements in display technologies. As industries continue to embrace digital transformation and seek innovative measurement solutions, digital panel meters will play a vital role in enhancing operational efficiency, optimizing energy consumption, and enabling precise control. With ongoing developments and customization options, the market is poised for continued expansion, catering to the diverse needs of industries across the globe.