Rapid digitalization and increasing requirement of display in public places are the factors driving the market in the forecast period 2022- 2028
According to TechSci Research report, Digital Panel Meter Market – By Region, Competition Forecast & Opportunities, 2018-2028, the Digital Panel Meter Market is expected to register robust growth during the forecast period, 2028. Digital panel meters are primarily used to measure temperature. For illustration, panel meters are used to display temperature information out of an air conditioner’s information panel. Analog panel meters are being replaced increasingly by electronic versions due to their accuracy and readability. Consequently, the use of digital panel meters is rising rapidly, expanding its market size on a global scale.
Increasing government regulations and initiatives to deploy digital panel meters drive market expansion, particularly in domestic applications. These panel meters are also being commercially utilized in automotive sectors, concerning the measurement and display of fuel economy, speed, and revolutions per minute (rpm). Digital panel meters also encapsulate the aerospace industry to measure important data for aircraft operations which includes speed, altitude, and other relevant information. On the contrary, the excessive cost of digital panel meters is restraining the market growth in the forecast period.
In terms of region, North America in 2019, accounted for the most significant market share and is anticipated to maintain its dominance at a high CAGR throughout the projection period. We and Canada dominate the market. This is projected by the region’s high density of end-user businesses and manufacturers of digital panel meters.
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The global Digital Panel Meter Market is segmented into type, display technology, display type, end-user, and application. Based on type, the market is segmented into totalizers, multi-input indicators and scanners, temperature and process panel meters, and others. Based on display technology, the market is segmented into LED, LCD, Sunlight Readable, Dual Line, Single Line, Bar Graph, Others (Large Displays), etc. The market is divided into numeric, alphanumeric, and combination based on display type. Based on end users, the market is divided into IT and telecom, manufacturing, government, healthcare, retail, transportation, and others. Based on the application, the market is segmented into display current, display voltage, display temperature, and others.
Based on type, the market is segmented into totalizers, multi-input indicators and scanners, temperature and process panel meters, and others. The commonly used form of digital panel meter is the temperature and process panel meter. It only takes one input and displays the signal on a digital screen. These meters typically handle signals such as 4-20 mA, 0-5 Vdc, and 0-10 Vdc in addition to receiving inputs from temperature sensors such as RTDs and temperature sensors. Process meters are highly accurate electronics that monitor, display, and regulate various process variables. As a result, he market is expanding due to the increasing use of these panel meters in the manufacturing, transportation, and healthcare industries.
Based on display technology, the market is segmented into LED, LCD, Sunlight Readable, Dual Line, Single Line, Bar Graph, and thers (Large Display), etc. Sunlight Readable offers a clear display even in extreme sunlight and gives accuracy at a constant rate which account it for the most significant market share and is likewise expected to maintain its dominance at a high CAGR throughout the estimated period.
Based on end-user, the market is split into IT and telecom, manufacturing, government, healthcare, retail, transportation, and others. The manufacturing accounted for the biggest market share in 2022 and is expected to maintain its dominance at a high CAGR throughout the projected period. Manufacturing segment is on the rise since industries are adopting digital panel meters globally.
Key market players in the Qatar Landscaping Market:
- Siemens AG
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- Red Lion Controls
- OMRON Corporation
- The Danaher Corporation
- Phoenix Contact
- PR Electronics
- Precision Digital Corporation
- PR Electronics
- OMEGA Engineering Inc.
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“Rapid digitalization in medical automotive and IT sector are the main driving factors of global digital panel meters. Panel meters are utilized to display digital output on the screen, making it a cost-effective and highly preferable option, making this market to potentially grow with the high CAGR in the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Digital Panel Meter –Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018-2028 Segmented By Type (Totalizers, Multi-Input Indicators and Scanners, Temperature and Process Panel Meters, Others), By Display Technology (LED, LCD, Sunlight Readable, Dual Line, Single Line, Bar Graph, Others (Large Display, Etc.)), By Display Type (Numeric, Alphanumeric, Combination), By End User (IT and telecom, Manufacturing, Government, Healthcare, Retail, Transportation, Others), By Applications (Display Current, Display Voltage, Displays Temperature, Others), By Region, By Competition has evaluated the future growth potential of Digital Panel Meter Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Digital Panel Meter Market.
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