Pune, India, Nov. 07, 2022 (GLOBE NEWSWIRE) — The world digital meter market was USD 3.12 billion in 2021. The global market size is expected to grow from USD 3.39 billion in 2022 and is projected to reach USD 4.84 billion by 2029, growing at a CAGR of 5.2% during the forecast period 2021-2029. This information is provided by Fortune Business Insights, in its report titled “Digital Panel Meter Market, 2021-2029”.
According to our analysts, the market is expected to grow rapidly owing to the growing utility of the product in several industries such as food and beverage, sewage treatment plant, oil and gas, and power generation to minimize errors during manufacture.
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Report Highlights:
| Report cover | Details |
| Forecast period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.2% |
| 2029 value projection | $4.84 billion |
| base year | 2021 |
| Market size in 2021 | 3.12 billion |
| Historical data for | 2018-2020 |
| Number of pages | 210 |
| Segments Covered | Type, Application, Region |
| Growth engines | Growing industrialization to propel market growth |
| Growing adoption of digital panel in consumer electronics is driving the market |
Market Highlights:
The growing demand from the consumer electronics industry to fuel product demand
The increasing application of digital panel meter provides better viewing experience, high accuracy and increased functionality, ultimately propelling the growth of the market. Also, growing demand from the consumer electronics industry and built-in overload protection in meters to protect devices from fluctuating loads will drive the demand for the products. Meanwhile, adjustment of tuning circuit and responses might hamper the growth of the digital meter market.
Impact of COVID-19-
Shutdown of industrial activities globally is hampering market growth
A decent impact of COVID-19 was seen in the global market during the early days of the pandemic. Due to the shutdown of industrial activities and disruptions in supply chains, various important raw materials used in the manufacture of digital meters have been suspended, which has significantly affected their demand. This has caused a delay in manufacturing and an increase in the prices of essential parts.
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Competitive landscape:
Several giants are investing in innovation to strengthen their position
A leading company, such as Murata, will likely invest in technological advancements to improve their current products to shape the competitive landscape. For example, to make it ideal for various laboratory and industrial applications, Murata has launched a series of DC panel meters for current and voltage measurement to strengthen its position in the market.
Regional outlook:
Manufacturing potential on the rise across regions feeds Growth in Asia-Pacific
Asia-Pacific held a strong hold in the digital meter market share and is expected to lead the market over the projected period owing to growing manufacturing potential supported by considerable infrastructure projects in the region.
Europe is expected to show exponential growth over the forecast period due to increasing industrial development in the region like Germany and others.
North America is considered to have decent demand due to rapidly improving energy sectors and increasing government efforts in developing industries.
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List of companies featured in the report:
- Manufacture Murata (Japan)
- Zhejiang CHINT (China)
- Siemens (Germany)
- Omron Corporation (Japan)
- Phoenix Contact (Germany)
- Crouzet (France)
- Carlo Gavazzi (Switzerland)
- PR Electronics (Denmark)
- Lascar Electronics (USA)
- Autonics (South Korea)
- Red Lion Controls (US)
- Trumeter (UK)
- Digital Accuracy (US)
- Meters and instrumentation Yokogawa (Japan)
MARKET SEGMENTATION :
Growing adoption of process control devices drives the temperature and process indicator segment
Based on type, the market is categorized into temperature and process indicators, totalizers and indicators and multi-input scanners. The temperature and process indicator segment will dominate owing to the growing demand from several industries for process control and temperature measurement.
Growing applications of Display segment will drive the development of the market
Based on application, the market is categorized into display voltage, display current, display temperature, and others. The voltage display segment is expected to dominate the market owing to its wide application in the energy and industrial equipment sector.
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Industry key development:
April 2021 – Murata introduced a series of DC panel meters developed for industrial and laboratory voltage and current measurement applications. The miniaturized DMR35 provides a unique bar graph display coupled with the digital absolute value.
February 2021 – CHINT finished updating data from 2D to 3D of 17000 low voltage components in EPLAN software database in January 2021. It can be used in all series of EPLAN software including EPLAN electrical design P8 and the 3D cabinet design of EPLAN Pro Panel.
Contents:
- Introduction
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Summary
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends – for main countries
- Latest technological advancement
- Regulatory landscape
- Analysis of the five forces of carriers
- Impact of COVID-19 on the Digital Meter Market
- Global Digital Meters Market Analysis (Thousands of Units, Billion USD), Outlook and Forecast, 2018-2029
- Main results/summary
- Market Analysis, Outlook and Forecast – By Type
- Temperature and process panel indicators
- Totalizers
- Multi-input indicators and scanners
- Market Analysis, Outlook and Forecast – By Application
- Display voltage
- Show Current
- Display temperature
- Others
- Market Analysis, Outlook and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- North America Digital Meter Market Analysis (Thousands of Units, Billion USD), Outlook and Forecast, 2018-2029
- Main results/summary
- Market Analysis, Outlook and Forecast – By Type
- Temperature and process panel indicators
- Totalizers
- Multi-input indicators and scanners
- Market Analysis, Outlook and Forecast – By Application
- Display voltage
- Show Current
- Display temperature
- Others
- Market Analysis, Outlook and Forecast – by Country
Continued…
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