Dublin, April 20, 2023 (GLOBE NEWSWIRE) -- The "Digital Panel Meter Market -Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type, By Display Technology, By Display Type, By End User, By Applications, By Region, By Competition" report has been added to ResearchAndMarkets.com's offering.
The global digital panel meter market is anticipated to grow robustly in the forecast period, 2022-2028.
Company Profiles
- Siemens AG
- Murata Power Solutions, Inc
- Red Lion Controls
- OMRON Corporation
- The Danaher Corporation
- Alipay.com Co Ltd
- Phoenix Contact
- PR Electronics
- OMEGA Engineering inc
Digital panel meters are the meters that are used to display the data output from signals in digital numbers. The rising demand from the electronics sector is known to drive the digital panel meter market. It is also anticipated to fuel the development of the global market over the forecast period.
The demand for digital panel meters is driven mainly by consumer electronics due to the widespread usage of these meters in the electronics sector. Today, the utilization of digital displays to show output results in digital data format is becoming more and more prevalent in many commercial processes. Manufacturing, pharmaceuticals, healthcare, and other industry utilize these digital display meters to monitor the desired output from the data signals such as current, time, voltage, and others in the form of digital numbers on the screen.
Adoption of LCD and LED Screens
The displays used in LCDs or LEDs are the primary aspects responsible for the ever-increasing demand for display panel meters in the consumer electronics market. They show only the needed units instead of the needle and device used in the analog meters.
This remarkable accuracy of the constant calculation done by the digital panel meters is a significant driving factor in the demand for digital display meters during the forecast period. The signal to the digital panel meter can be in many different forms, including resistance, Temperature, AC voltage, DC voltage, AC, and AC power. These meters are frequently used in electronic instruments, especially in consumer electronics. Several factors are considered when choosing a digital panel meter. Due to the advanced features, digital panel adoption is increasing rapidly.
Digital panel meters are preferred over traditional ones since the numbers are displayed on the screen. The number of digits, size, and color of the displayed number are some of the characteristics responsible for its rapid growth.. Thus, digital panel meters are simpler and more convenient than their analog version, and the data shown is more accurate. Owing to this, its market is expected to grow with a high CAGR in the forecast period.
Latest Trend of using Digital Glucometers & water pumps
A digital panel meter is commonly used in electronic applications such as microwave ovens and instrument panels containing panel meters that measure time, weight, and power. Medical centers use digital meters such as glucometers, digital thermometers, and oximeters, indicating various parameters. Due to the increase in the number of latest developments and adoption of digitalization, its global market is expected to expand.
Furthermore, a water pump works a pressure gauge panel meter and a motor RPM panel gauge to monitor water flow in a tank and swimming group. Moreover, digital panel meters are also used in cars and sports bikes to translate motion into digital indications such as time, speed, total distance in kilometers or miles, etc. For instance, in June 2019, Trumeter declared the launch of a single split, three-phase digital APM power meter with features such as a color-changing display, Modbus connectivity, and compact size.
Digital panel meters are employed in multitude industries with different parameters and dimension, contributing to the increasing demand of the digital panel meter market through 2028. For instance, the United Nations conference on trade developments FDI investments in Asia-Pacific developing countries reached USD 619 Billion in 2021. Therefore, the growing industrial developing project in the region is the key factor driving the market expansion.
High Cost of Digital Panels
Price of the digital panel meters is higher than that of analog panel meter besides increased cost of implementation acts as a potential barrier for adoption of digital panel meters in end use industries.
Market Dynamics
Drivers
- Rising adoption of digital panel meters in consumer electronics.
- Extensively utilized in electronics and other equipment.
- Increasing adoption of LED and LCD screens.
Challenges
- Technical challenges
- Digital meter is costlier compared to analog meter
Report Scope:
In this report, the Digital Panel Meter Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Digital Panel Meter Market, By Type:
- Totalizers
- Multi-Input Indicators and Scanners
- Temperature and Process Panel Meters
- Others
Digital Panel Meter Market, By Display Technology:
- LED
- LCD
- Sunlight Readable
- Dual Line
- Single Line
- Bar Graph
- Others (Large Display, Etc.)
Digital Panel Meter Market, By Display Type:
- Numeric
- Alphanumeric
- Combination
Digital Panel Meter Market, By End-User:
- IT and telecom
- Manufacturing
- Government
- Healthcare
- Retail
- Transportation
- Others
Digital Panel Meter Market, By Application:
- Display Current
- Display Voltage
- Displays Temperature
- Others
For more information about this report visit https://www.researchandmarkets.com/r/ft4jl9
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