The growing applications of a wide variety of electric and electronic equipment in industrial settings are creating newfound business possibilities for many markets. Among these, the global digital panel meter market is exhibiting tremendous growth outcomes. These meters are used for measuring a plethora of metrics in the automotive, electronics, manufacturing, food and beverages, pharmaceutical and energy industries. Besides, it is proving to be highly viable in medical equipment such as digital thermometers, glucometers, and oximeters that display blood pressure, heart rate, sugar level, and several other health parameters. In addition, paced digitalisation across industries and the adoption of Artificial Intelligence (AI), Internet of Things (IoT), data science, and automation are considerably boosting the demand for such digital meters in the forecast period.
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Growing Employment Across Industries to Bode Well for Digital Panel Meter Market Growth
Of late, many end-user industries utilise digital meters to measure electricity flow, voltage, room temperature, pressure, and speed. The growing propensity for these meters originates from their precise and quick signals and relatively low error rates. Moreover, these meters are now used for monitoring a plethora of metrics. These include motor current, water flow, water temperature, exhaust temperature in engine dyno cells, liquid level measurement, welding current, and humidity levels among others. Owing to these attributes, they are being used throughout food and beverages, waste management, electrical, pharmaceuticals, biotechnology, and manufacturing industries. Such a deep application pool is sustaining the growth of the global digital panel meter market.
Significant End-Uses in Automotive and Consumer Electronics Domains to Sustain Promising Trajectory
The digital nature of these panels has significantly diversified their use-cased in the consumer electronics industry. They are used in microwave ovens to monitor weight, time, and power. Meanwhile, water pumps use them to measure the motor RPM and water pressure. The automotive industry is also a leading employer of digital panel meters. These are used for gauging speed, distance, service cycles, RPM, and fuel consumption. Moreover, modern sports-oriented cars and bikes have to measure many other metrics, thereby increasing their applications. The consistently growing end-uses in consumer electronics and automotive industries, and these industries promising economic outcomes are boding well for the global digital panel meter market.
Asia Pacific to Lead in Revenue Share Amidst Growing Participation of Major Industry Players
The paced expansion of the automotive, healthcare, manufacturing, energy, and consumer electronics industries in Asia Pacific is stimulating paced regional digital panel meter market expansion. The region is expected to hold on to its largest revenue share on account of the high concentration of major industry participants. Digital meters are actively being deployed in industrial and production units to boost safety and awareness. Moreover, its application for detecting gas leaks is providing to be highly valuable. Elsewhere, Europe is also showcasing paced market growth amidst an ongoing push for establishing robust safety regulations.
Major Market Players
Some of the most prominent players in the global digital panel meter market include Siemens (Germany), Murata Manufacturing (Japan), Omron Corporation (Japan), Phoenix Contact (Germany), Crouzet (France), Yokogawa Meters & Instrumentation (Japan), Carlo Gavazzi (Switzerland), Trumeter (U.K.), P.R. Electronics (Denmark), Lascar Electronics (U.S.), Autonics (South Korea), Red Lion Controls (U.S.), Precision Digital (U.S.), and Zhejiang CHINT (China).
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