Digital Panel Meter Market Size, Share & Industry Analysis, By Type (Temperature & Process Panel Meters, Totalizers, and Multi-Input Indicators & Scanners), By Application (Display Voltage, Display Current, Display Temperature, and Others), and Regional Forecast, 2024-2032

The global digital panel meter market size was valued at USD 3.58 billion in 2023. The market is projected to be worth USD 3.76 billion in 2024 and reach USD 5.59 billion by 2032, exhibiting a CAGR of 5.1% during the forecast period.

Panel meters display an input signal in analogue or digital form. Most panel meters include alarm options and can transfer data to a server. Voltage measurements are taken across the line while current measurements are taken in series with the load, sometimes using shunts or current transformers when the load current exceeds a 10 Ampere overload protection device. When used in such applications, they are called Motor Protection Circuit Breakers (MCPs). These meters offer the highest resolution among different panel meters. Digital gauges provide a more readable display, especially in low light conditions, and deliver better resolution. Digital meters may offer superior functionality. They can be reconfigured to read various parameters such as current, voltage, temperature, and others.

The global COVID-19 pandemic was unprecedented and staggering, with digital panel meters experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The outbreak caused widespread disruptions in the supply chain for various critical raw materials used in manufacturing digital panel meters. Most of the parts of digital panel meters are manufactured in China and other Asian countries, which were affected by the extremely contagious COVID-19. The trade routes from these countries were also affected, causing a delay in manufacturing digital panels. This ultimately led to a massive rise in the production costs of the meters, affecting their demand. Furthermore, the global halt in industrial activities added to the reduced order.

Digital Panel Meter Market Trends

High Adoption of Digitization across Industries is a Vital Trend

With the rising adoption of technological development and automation, many industries are adopting new technologies to smoothen their workflow process. Moreover, manufacturers continuously improve their products with techniques such as AI, machine learning, and IoT to connect easily. For instance, in April 2022, Yokogawa Electric Corporation announced the release of its Equipment/Quality Predictive Detection Tool. This AI-based tool is an addition to the OpreX Data Acquisition family. It was developed for building equipment and quality anomaly predictive detection systems for paperless recorders and data loggers. This tool was created to help companies improve production efficiency by identifying equipment defects early.

New Technological Advancements in Digital Panel Meters will favor the Market Growth.

Rising technological advancements are anticipated to enhance the digital panel meter market growth. Digital panel meters are available in different screen sizes and colors, such as red, green, amber, blue, yellow, orange, and aqua, and are easily recognized in low light. Moreover, they have various features such as an alarm, adjustment display, set point option, extra channels, and USB ports to the equipment or device. Furthermore, there is a rising adoption of multi-channel indicators and scanners. It is extensively installed for sensing, indicating the system's different parameters. It might have built-in alarms to alert in case of fluctuations beyond the set range in the output signals. In June 2019, Trumeter announced the launch of a single, split, and three-phase digital APM power meter with features such as a colour-changing display, Modbus connectivity, and compact size. This product launch is anticipated to surge the demand for digital panel meters over the market forecast period.

Digital Panel Meter Market Growth Factors

Rising Industrialization to Propel Market Growth

Digital meters are widely used in multiple end-user industries to measure voltage temperature, pressure, flow, and speed. Industries prefer digital meters as they show accurate and fast indications and reduce errors. Owing to these features, the global market for digital panel meters is anticipated to grow. In addition, it is also used for oven temperature monitoring, motor current monitoring, cooling water temperature, water flow, exhaust temperature in an engine dyno cell, welding current, liquid level measurement, and humidity measurement. Additionally, digital panels are used in major industries such as power generation, food & beverages, wastewater plants, oil and gas, bioprocess, drug manufacturing, and automotive. Hence, their wide usage for accurate measurements of multiple parameters in diverse processes and industries increases their demand. Moreover, increasing trade, investment and FDI are encouraging the development of digital technologies, such as digital panel meters in different sectors, thus driving the demand for them.

For instance, UNCTAD’s latest Global Investment Trends Monitor shows that global foreign direct investment grew 3% in 2023, finishing the year at an estimated USD 1.37 trillion. The sectoral analysis showed increased project numbers that rely on global value chains, including textiles, automotive, machinery, and electronics. The Greenfield projects, which align with SDGs, recorded 12% growth in number and a 6% rise in value. The FDI flows to developing countries increased by 4%, with a few large emerging countries attracting most of the investment.

Rising Adoption of Digital Panel in Consumer Electronics Boosts the Market

Digital panel meters are commonly used in all electronic appliances such as a microwave oven's instrument panel that contains panel meters that measure weight, time, and power. A water pump uses a pressure gauge panel meter and a motor RPM panel meter to control water flow in a tank or swimming pool. Furthermore, digital meters are also used in the car and sports bikes to convert motion into digital indications such as speed, total kilometers, service indicators, RPM, and fuel indication with a channel screen. They are widely used in medical devices, such as glucometers, digital thermometers, and oximeters, which indicate various parameters such as sugar level, heart rate, and blood pressure. The wide range of applications of digital panel meters in consumer electronics, coupled with massive growth in consumer electronics globally, provides driving factors for market growth. One such new implementation of digital panel meters is smart meters, modern electronic equipment of old rotating disc mechanical meters. Major market players are also developing new technology-based display panel meters to meet consumers' modern demands.

For instance, in 2023, Power and Water, an Australian Government power agency, rolled out the installation of a new solar panel-compatible digital smart display panel meters. By 2024, the government aims to install 20,000 smart meters, which will assist Power and Water in modernizing its business and safely delivering power to homes and businesses. Moreover, the new smart meters are compatible with solar panel installations.

RESTRAINING FACTORS

Technical Challenges Restrain the Market Growth

Since the devices are digital, it is difficult for them to adjust tuning circuits and responses. A significant challenge for digital meters is the dependence on batteries. LCD and LED display panel meters also depend on a battery or external power source. When a battery is deficient, the display indication will be dim. These meters also have voltage limitations. If the user goes beyond this range, the meter will be damaged and difficult to repair. Generally, the measurement is accurate, but when the conditions are not suitable, such as high heat generated by equipment, it shows an error in indication.

Digital panel meters are vulnerable to technical problems, such as malfunctions or glitches that can disrupt the display of content, and sometimes, when the malfunction occurs, it is difficult to diagnose. Additionally, the sensitivity issue of the meters is also problematic. Moreover, digital meters are costlier compared to analog meters. Due to these factors, the market is likely to grow slower.

Digital Panel Meter Market Segmentation Analysis

By Type Analysis

Temperature & Process Panel Meters Segment to Hold Lion’s Share Owing to High Adoption

On the basis of type, the market is divided into temperature & process panel meters, totalizers, and multi-input indicators & scanners. Increasing demand for process control and temperature measurement across different industries such as metal & mining, power, automotive & transportation, and many more are set to propel the temperature & process panel meters segment. Additionally, the growth of the multi-input indicators & scanners segment to analyze various parameters at once and the totalizers segment used to study the flow rate is anticipated to drive the segmental growth.

By Application Analysis

Voltage Display Panel Meters are poised to Grow during the Forecast Period

Based on application, the market is divided into display voltage, display current, display temperature, and others. The display voltage segment dominated the market in 2021, as most display panel meters are used to check voltage fluctuations. However, the display current segment is also anticipated to hold a considerable digital panel meter market share, owing to its wide application in the industrial equipment and power sector. Display temperature panel meters majorly find utilization in industries with temperature-controlled processes, such as pharmaceuticals, food & beverage, and power. The other segment includes display panel meters to measure various other parameters such as flow rate, RPM, frequency, power, resistance, and pressure.

REGIONAL INSIGHTS

The market has been analyzed across five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Asia Pacific holds the dominating share and is anticipated to stay the market leader during the forecast period. Asia Pacific’s rapid industrialization, backed by significant infrastructure projects and ever-growing manufacturing potential, especially in China, is a crucial factor contributing to the region's development. According to the State Council of the People’s Republic of China, the government is rolling out initiatives to bolster manufacturers' development, especially in niche sectors. Many favourable policies for technological advancements and financial aid for businesses are set to develop China's industrial landscape.

The European digital panel meter market holds a significant share in the global market. According to customs data, Germany was the region's highest importer of these meters. The country’s high demand for digital meters can be attributed to the growing industrial development. According to the German Federal Statistical Office (Destatis), the country's manufacturing industry employs over 7.4 million people as of 2021. The U.K., France, Italy, and Russia also account for significant shares in the regional market.

North America is anticipated to grow at a moderate rate over the forecast period owing to consistent government efforts in developing industries and various energy sectors. The U.S. is expected to drive the regional market. In February 2022, the government announced its intention to propose a plan to develop domestic manufacturing using the Export-Import Bank to strengthen the country’s exports. Latin America and the Middle East & Africa are likely to witness steady growth owing to growing industrial development in the regions.

List of Key Companies in Digital Panel Meter Market

Leading Players are concentrating on Technological Advancement to fortify their Presence

The global market is fragmented and has seen numerous global, regional, and country players. Key players are developing newer technologies and enhancing the current products to shape the competitive landscape. Murata is one of the market leaders continuously focusing on developing new products to cater to varying demands.

• For example, in April 2021, the company introduced a series of DC panel meters for current and voltage measurement. Its superior features, in addition to its small size, make it ideal for various laboratory and industry applications.

LIST OF KEY COMPANIES PROFILED:

• Murata Manufacturing (Japan)


• Zhejiang CHINT (China)


• Siemens (Germany)


• Omron Corporation (Japan)


• Phoenix Contact (Germany)


• Crouzet (France)


• Carlo Gavazzi (Switzerland)


• PR Electronics (Denmark)


• Lascar Electronics (U.S.)


• Autonics (South Korea)


• Red Lion Controls (U.S.)


• Trumeter (U.K.)


• Precision Digital (U.S.)


• Yokogawa Meters & Instrumentation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• June 2022 – Siemens acquired Senseye, a leading AI-powered solutions provider for industrial machine reliability and performance. This acquisition is anticipated to help Siemens consolidate its portfolio of digital enterprise services. The increased efforts toward predictive maintenance due to the acquisition are expected to generate greater demand for digital meters.


• June 2021 – Lascar Electronics and Corintech Ltd officially opened their new 15,000 sq. ft. Far East warehouse in Hong Kong. The ample space will allow the companies to streamline their manufacturing processes.


• 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 completed the data update from 2D to 3D of 17000 low-voltage components in the EPLAN software database in January 2021. It can be used in all series of EPLAN software, including the electrical design of EPLAN P8 and the 3D cabinet design of EPLAN Pro Panel.


• March 2020 – OMRON Corporation announced that it would be the first in the industry to provide Sysmac Studio 3D simulations that can integrate and verify the movements of robots and peripheral devices that make up the facilities. This is anticipated to use digital panel meters for monitoring purposes.

REPORT COVERAGE

The research report comprehensively assesses the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information on the market’s segments, helping our readers get a comprehensive global industry overview. 

Report Scope & Segmentation