The global digital panel meter market size was US$ 3.1 billion in 2021. The global digital panel meter market is forecast to grow to US$ 5.5 billion by 2030, registering a compound annual growth rate (CAGR) of 6.4% during the forecast period from 2022 to 2030.

Factors Influencing the Market

The significant applications of digital panels in electronic instruments, especially in consumer electronics, will drive the growth of the digital panel meter market during the forecast period.

When choosing a digital panel meter, many factors are taken into account, including the size, color of the numbers, and digits. Moreover, the benefits of digital panel meters over analog meters will contribute to the growth of the overall digital panel meter industry. Digital panel meters are more convenient and easy to use than analog meters. In addition, they are more accurate. Thus, it will propel the digital panel meter market forward.

The growing demand for customized meters to check and measure voltage, pressure, time, current, and vibrations will accelerate the market growth during the forecast period.

The global market for digital panel meters is also driven by increased demand from the electronics sector, which is forecast to propel market expansion throughout the forecast period.

Rising demand for meters with built-in overload protection to protect project gadgets from power loads will accelerate the market growth.

COVID-19 Impact Analysis

The global digital panel meter industry has been severely impacted by the COVID-19 outbreak. Due to the pandemic, there was a significant drop in sales and supply, mainly because of quarantines and plant closures. Thus, it hampered the growth of the overall digital panel meter market.

Regional Analysis

North America is forecast to dominate the global digital panel meter market in terms of revenue. The growth of North America's digital panel meter market is attributed to the presence of numerous end-user industries and well-established infrastructures. In addition, the region is home to prominent developed countries, such as Canada and the US. Thus, it is driving the growth of the industry.

During the forecast period, Europe is expected to register the highest growth rate. It is due to the existence of several consumer electronics firms, expanding demand for electronic devices, and rising demand for electronic products with built-in overload protection.

Competitors in the Market

Siemens AG
Red Lion Controls
The Danaher Corporation
Murata Power Solutions, Inc.
OMRON Corporation
Laurel Electronics
PR Electronics
Autonics USA, Inc.
Precision Digital Corporation
Phoenix Contact
Zhejiang CHINT Instrument & Meters Co., Ltd.
Meco Instrument s Pvt. Ltd.
Carlo Gavazzi Automation S.p.A.
Lascar Electronics
Galco Industrial Electronics
Taik Electric
Other Prominent Players
Market Segmentation

Based on product type, the digital panel meter market is segmented into-

Totalizer
Multi-input Indicators and scanner
Temperature and Process Panel Meters
Others
Based on application, the digital panel meter market is segmented into-

Display Current
Display Voltage
Display Temperature
Others
Based on Region, the digital panel meter market is segmented into-

North America

The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America