Digital panel meters are digital displays used to represent various parameters such as resistance, current or voltage in a digital format. The display gets the input measurement signal from a sensor which is then converted into a digital signal and presented on a display. 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 widely used in electronics instruments especially in consumer electronics. There are various specifications considered while selecting a digital panel meter. Some of these specifications include number of digits, size, and color of the number to be displayed. Compared to analog meters, digital meters are preferred, as the numbers are directly shown on the display. Further, digital panel meters are easy and convenient to operate and the data displayed is more accurate as compared to its analog versions. Market players are focused on providing customized products for the measurement and display of pressure, vibrations, voltage, time, and current.
Factors such as growing demand from consumer electronics industry, and built-in overload protection in the meters to protect devices from electric loads are anticipated to drive the digital panel meters market during the forecast period. LCD or LED displays are majorly preferred in the consumer electronics industry to display the numeric instead of gauge and needle with analog meters. Further, these meters also calculate the electrical consumption with absolute accuracy. Hence, manufacturing, healthcare, and pharmaceuticals industries are adopting digital panel meters at lucrative growth rate. However, digital panel meters are costlier than analog panel meters. Therefore, small and medium sized industries which are more cost sensitive usually opt for analog panel meters. This is expected to limit the growth of the digital panel meters market to a certain extent. Further, as compared to analog meters, digital panel meters are more complicated to install.
The global digital panel meters market can be segmented based on type, application, end-use, enterprise size, and geography. By type, the digital panel meters market is divided into temperature and process panel meters, multi-input indicators and scanners, totalizers, bench top meters, and others. In terms of application, the digital panel meters market can be divided into temperature measurement, voltage measurement, pressure measurement, current measurement, and others. By end-use, the digital panel meters market is segmented in to IT and telecom, manufacturing, government, health care, retail, transportation, and others. Organizations in the manufacturing industry are witnessing significant adoption of digital panel meters to display computer generated numeric data. Hence, the manufacturing end-use segment is expected to contribute significant share of the market in the near future. By enterprise size, the market is bifurcated into large enterprises and small and medium enterprises. The large enterprises segment is likely to contribute highest market share over the forecast period. Based on geography, the global digital panel meters market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Europe and North America are expected to contribute significant share of the market due to developed economies. Further, the market in the Asia Pacific region is expected to grow at a lucrative growth rate from 2018 to 2026, due to positive growth of manufacturing industry in countries such as China and India.
Some of the prominent players operating in the global digital panel meters market include Siemens AG, Murata Power Solutions, Red Lion Controls, Inc., OMRON Corporation, Danaher Corporation, Phoenix Contact Holdings, Inc., Meco Instruments Pvt. Ltd., Zhejiang CHINT Instrument & Meter Co., Ltd., PR Electronics, Precision Digital Corporation, Laurel Electronics, Inc., Lascar Electronics, and Carlo Gavazzi Automation S.p.A.
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