Market Scenario:
The companies such as Siemens AG (German), Murata Power Solutions, Inc., (U.S.), Red Lion Controls (U.S), OMRON Corporation (Japan), are the leading manufacturers of digital panel meter in the market. In 2016, Murata Power Solutions had announced panel mount digital thermometers which is a series of round, miniature digital panel meters. It was designed to monitor ambient air temperatures by using the sensing element that is NTC thermistor.
The factors that drive the growth market are the increasing demand of electrical and industrial industries which is continuously monitoring vibration, pressure, current, frequency voltage, temperature, and others to keep the devices running smoothly. It also calculate electrical consumption with high accuracy. The other factor which is boosting the market growth of digital panel meter are built-in overload protection which is protect from electrical loads.
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The global digital panel meter market is bifurcated on the basis of cover types, applications and region. The cover types are segmented into totalizers, multi-input indicators and scanners, temperature and process panel meters and others. The applications are segmented display current, display voltage, displays temperature and others. The region includes North America, Europe, Asia Pacific and rest of the world.
The regional analysis of digital panel meter market is being studied for region such as Asia pacific, North America, Europe and Rest of the World. North America is one of the leading region across the world in terms of market share in digital panel meter market as it has huge demand as it is widely used in the electronics industry for electronic measurement. The digital panel meter market in Europe region is expected to witness rapid growth in the forthcoming period. Whereas, Asia-Pacific countries like China, Japan and India is an emerging market for digital panel meter market and expected to be the highest CAGR in the coming years as the companies are taking interest in targeting the digital panel meter in these markets to meet the requirement of customers’ need.
The global Digital Panel Meter Market is expected to grow at USD 3,251 Million by 2023, at 6% of CAGR between 2017 and 2023.
Global Digital Panel Meter Market Key Player Analyze:
The prominent players in the global digital panel meter market are – Siemens AG (German), Murata Power Solutions, Inc., (U.S.), Red Lion Controls (U.S), OMRON Corporation (Japan), The Danaher Corporation (U.S), Phoenix Contact (Germany), PR Electronics (Denmark), Precision Digital Corporation (U.S), Autonics USA, Inc. (U.S), Laurel Electronics (U.S) and among others.
Digital Panel Meter Global Market – Segmentations:
For the enhanced understanding; the market is segmented into three key dynamics:-
By Cover Types: Tantalizers, Multi-Input Indicators & Scanners, Temperature, and Process Panel Meters, among others.
By Applications: Display Current, Display Voltage, and Display Temperature
By Regions: North America, Europe, APAC and Rest-of-the-World (RoW).
Digital Panel Meter Global Market – Regional Analysis:
North America is the largest digital panel meter market, globally. The region is expected to retain its hegemony throughout the forecast period, marking the largest chunk of the market share. Extensive uptake of these meters for electronic measurement in the electronics industry and rapidly advancing technologies are some of the predominant factors accounting for the market growth. The U.S. is the dominating market for the Digital Panel Meter in the region owing to the proliferation of electronics industry.
On the other hand, Asia Pacific digital panel meter market is increasing rapidly, becoming one of the most lucrative markets globally. This is because of the development of the electronics industry in the region. The developing countries like India and China, backed by their huge and well-established electronics markets propel the market growth in the region.
In Europe also, substantial growth is expected in the digital panel meter market because of the increase in the investments on account of government initiatives and roll-outs in the region. The market is increasing due to the rising technological enhancements, and the growing adoption of these meters.
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Global Digital Panel Meter Market – Competitive Analysis
The global Digital Panel Meter market appears to be highly competitive and diversified with the presence of many well-established players having the regional and global presence. Innovation, mergers & acquisitions, and brand reinforcement remain the key trends for leading players in the Digital Panel Meter market.
Intended Audience:
- Digital panel meter companies
- Digital panel meter providers
- Professional service providers
- Digital panel meter providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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