Digital Panel Meter Market Size, Trends and Insights By Type (Temperature Meters, Voltage Meters, Current Meters, Power Meters, Multifunction Meters), By Display Type (LED Display, LCD Display, OLED Display), By Application (Industrial Automation, Energy Management, Process Control, Environmental Monitoring), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Red Lion Controls Inc.
- Yokogawa Electric Corporation
- Omega Engineering Inc.
- Schneider Electric SE
- Murata Power Solutions
- Others
Reports Description
The Global Digital Panel Meter Market is set for substantial growth from 2024 to 2033, driven by the increasing demand for precise and real-time measurement and monitoring solutions across various industries.
Digital panel meters (DPMs) provide accurate readouts of parameters such as voltage, current, temperature, and pressure, making them essential in applications ranging from industrial automation to energy management.
The market is projected to witness a Compound Annual Growth Rate (CAGR) of approximately 6.5% during the forecast period, with the market size estimated at USD 3,562.90 Million in 2024 and expected to reach USD 5,754.55 Million by 2033.
The growth of the Digital Panel Meter market is fueled by the rising adoption of automation technologies, the need for energy efficiency, and the increasing focus on precision and accuracy in industrial processes. Innovations in DPM technologies, including advancements in digital displays and connectivity options, are expected to drive market growth.
Additionally, the expansion of industries such as manufacturing, automotive, and energy is further boosting demand for DPMs. The shift towards smart grid solutions and the integration of Internet of Things (IoT) technologies are also contributing to the adoption of advanced DPMs across various sectors.
Digital Panel Meter Market: Overview
A Digital Panel Meter (DPM) is an electronic device used to display precise measurements of various parameters such as voltage, current, temperature, pressure, and frequency. These meters feature a digital display that provides real-time readouts, making them essential in applications where accuracy and reliability are critical.
DPMs are widely used in industrial automation, energy management, automotive, and various other sectors where monitoring and control of electrical and physical parameters are necessary. Modern DPMs are often equipped with advanced features such as programmable settings, multiple input channels, and connectivity options for integration with control systems.
Examples of digital panel meters include models from manufacturers like Red Lion Controls and Yokogawa Electric, which offer high-precision measurement and monitoring capabilities.
Digital Panel Meter Market: Growth Factors
- Rise in Industrial Automation: The increasing adoption of automation technologies in industries such as manufacturing, automotive, and energy is driving demand for digital panel meters. DPMs play a crucial role in monitoring and controlling various parameters in automated systems, ensuring precision and efficiency.
- Need for Energy Efficiency: The growing focus on energy efficiency and management is propelling the Digital Panel Meter market. DPMs enable accurate monitoring of energy consumption, helping industries optimize their energy usage and reduce operational costs.
- Advancements in Display Technology: Innovations in display technology, including high-resolution and multi-function displays, are enhancing the functionality and usability of DPMs. These advancements are making digital panel meters more versatile and user-friendly.
- Growth of Smart Grids: The expansion of smart grid infrastructure is boosting the demand for advanced digital panel meters. DPMs are integral to smart grid applications, providing real-time monitoring and control of electrical parameters in power distribution systems.
- Integration of IoT: The integration of Internet of Things (IoT) technologies with digital panel meters is driving market growth. IoT-enabled DPMs offer remote monitoring and data analysis capabilities, improving operational efficiency and decision-making in various industries.
Digital Panel Meter Market: Trends
The Digital Panel Meter market is influenced by several key trends that are shaping the development of measurement and monitoring technologies:
- Increased Demand for Programmable Meters: The demand for programmable digital panel meters is rising as industries seek more flexible and customizable solutions. Programmable DPMs allow users to set specific measurement parameters, thresholds, and alarm functions, enhancing their applicability in various environments.
- Emphasis on Connectivity and Integration: Connectivity options, such as Ethernet, RS-485, and USB interfaces, are becoming standard features in digital panel meters. This trend is driven by the need for seamless integration with control systems and data acquisition networks.
- Focus on Miniaturization: The trend towards miniaturization is impacting the design of digital panel meters. Compact and space-saving designs are becoming increasingly popular, especially in applications where space is limited.
- Rise of Multi-Function Meters: Multi-function digital panel meters that can measure and display multiple parameters simultaneously are gaining traction. These meters offer cost savings and improved efficiency by consolidating multiple measurement functions into a single device.
- Growing Adoption of Touchscreen Displays: The adoption of touchscreen displays in digital panel meters is on the rise, providing users with a more intuitive and interactive interface for setting parameters and viewing data.
Digital Panel Meter Market: Market Dynamics
The Digital Panel Meter market is characterized by continuous innovation and a focus on enhancing measurement accuracy and functionality. The market’s growth is driven by the increasing need for real-time monitoring in industrial processes, energy management, and automation.
Additionally, advancements in display and connectivity technologies are contributing to the development of more sophisticated and versatile DPMs. The rise of IoT and smart grid applications is also driving demand for digital panel meters with advanced features and capabilities.
Digital Panel Meter Market: Challenges
- Cost Constraints: The high cost of advanced digital panel meters may pose a challenge to their adoption, particularly among small and medium-sized enterprises (SMEs) with limited budgets.
- Complexity of Integration: Integrating digital panel meters with existing systems and infrastructure can be complex and time-consuming. Ensuring compatibility and seamless operation across various platforms requires significant technical expertise.
- Competition from Analog Meters: Despite the advantages of digital panel meters, analog meters continue to be used in certain applications due to their simplicity and cost-effectiveness. This ongoing preference for analog meters may limit the growth of the digital panel meter market.
- Technical Issues: Ensuring the accuracy, reliability, and durability of digital panel meters in harsh or challenging environments can be difficult. Technical issues such as electromagnetic interference, power surges, and environmental conditions may affect the performance of DPMs.
Digital Panel Meter Market: Recent Developments
- In February 2024: Schneider Electric introduced a new series of digital panel meters with enhanced connectivity features, including IoT integration, to support real-time energy monitoring and management in industrial settings.
- In May 2024: Siemens AG launched a next-generation digital panel meter designed for high-precision measurement applications, featuring a multi-function display and advanced data logging capabilities.
Digital Panel Meter Market: Recent News
- Digital Panel Meter in 2024: Red Lion Controls announced the expansion of its product line with the introduction of programmable digital panel meters designed for industrial automation and energy management applications.
- Digital Panel Meter in 2024: Yokogawa Electric Corporation unveiled a new digital panel meter model with a high-resolution display and extended measurement range, targeting the growing demand in the energy sector.
Digital Panel Meter Market: Segmentation
By Type:
- Temperature Meters: Digital panel meters specifically designed to measure and display temperature readings, typically in Celsius or Fahrenheit.
- Voltage Meters: Digital panel meters engineered to measure and display voltage levels within electrical circuits.
- Current Meters: Digital panel meters specialized in measuring and displaying the electric current flowing through a circuit.
- Power Meters: Digital panel meters that measure and display power usage or generation, typically in watts or kilowatts.
- Multifunction Meters: Versatile digital panel meters capable of measuring and displaying a range of parameters, including voltage, current, power, frequency, and energy.
By Display Type:
- LED Display: Digital panel meters with LED (Light Emitting Diode) screens, offering high visibility and energy-efficient performance.
- LCD Display: Digital panel meters featuring LCD (Liquid Crystal Display) screens, providing clear and detailed visualization of parameters.
- OLED Display: Digital panel meters utilizing OLED (Organic Light Emitting Diode) screens, delivering superior contrast and wider viewing angles.
By Application:
- Industrial Automation: Digital panel meters utilized in industrial environments to monitor and control parameters like voltage, current, temperature, pressure, and flow.
- Energy Management: Digital panel meters are used in energy management systems to track power consumption, generation, and distribution in both commercial and residential buildings.
- Process Control: Digital panel meters are applied in process control systems to monitor and optimize manufacturing processes in industries such as chemicals, pharmaceuticals, and food processing.
- Environmental Monitoring: Digital panel meters are employed to monitor environmental parameters like air quality, humidity, and radiation levels in environmental monitoring systems.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 3,562.90 Million |
| Projected Market Size in 2033 | USD 5,754.55 Million |
| Market Size in 2023 | USD 3,342.78 Million |
| CAGR Growth Rate | 6.5% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Type, Display Type, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Digital Panel Meter Market: Regional Analysis
- North America: North America held the largest revenue share of 34.8% in the digital panel meter market in 2023 and is anticipated to grow at a CAGR of 6.5% during the forecast period. The region’s dominance is attributed to the strong presence of key market players, technological advancements, and the growing demand for automation solutions in industries such as manufacturing and energy.
- Asia Pacific: Throughout the forecast period, the Asia Pacific digital panel meter market is expected to capture the largest revenue share. This growth is driven by the presence of leading manufacturers in the region, such as Asian Electrical Group, Carlo Gavazzi, Laurel Electronics, Inc., Honeywell, and OMRON Corporation. Companies in the area are consistently expanding their operations through strategic mergers and acquisitions. For instance, Honeywell International Inc. acquired Rebellion Photonics to integrate digital meters with gas leak detection systems, enhancing real-time awareness in industrial and production sectors. This expansion strategy helps businesses strengthen their global presence, thereby contributing to the anticipated market growth.
- Europe: Europe’s digital panel meter market is expected to experience steady revenue growth throughout the forecast period, driven by ongoing government initiatives in energy and the expansion of industrial sectors. The region’s industrialization, particularly in countries like Germany, plays a significant role in this growth. The rising demand for digital panel meters is fueled by the presence of numerous consumer electronics companies and a strong market for electronic devices, including those with built-in overload protection. Customs data indicates that Germany is the leading importer of these meters in the region. This growing demand can be attributed to the nation’s expanding industrial sector. As of 2021, Germany’s manufacturing industry employed over 7.4 million people, according to the German Federal Statistical Office.
List of the prominent players in the Digital Panel Meter Market:
- Red Lion Controls Inc.
- Yokogawa Electric Corporation
- Omega Engineering Inc.
- Schneider Electric SE
- Murata Power Solutions
- Mitsubishi Electric Corporation
- Siemens AG
- Honeywell International Inc.
- Eaton Corporation plc
- Ametek Inc.
- Simex Sp. z o.o.
- Carlo Gavazzi Holding AG
- OMRON Corporation
- Fuji Electric Co. Ltd.
- Danaher Corporation
- Rohde & Schwarz GmbH & Co. KG
- Phoenix Contact GmbH & Co. KG
- Trumeter Technologies Ltd.
- Lascar Electronics Ltd.
- Beijer Electronics Group AB
- Others
The Digital Panel Meter Market is segmented as follows:
By Type
- Temperature Meters
- Voltage Meters
- Current Meters
- Power Meters
- Multifunction Meters
By Display Type
- LED Display
- LCD Display
- OLED Display
By Application
- Industrial Automation
- Energy Management
- Process Control
- Environmental Monitoring
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Digital Panel Meter Market, (2024 – 2033) (USD Million)
- 2.2 Global Digital Panel Meter Market: Snapshot
- Chapter 3. Global Digital Panel Meter Market – Industry Analysis
- 3.1 Digital Panel Meter Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rise in Industrial Automation
- 3.2.2 Need for Energy Efficiency
- 3.2.3 Advancements in Display Technology
- 3.2.4 Growth of Smart Grids
- 3.2.5 Integration of IoT.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Type
- 3.7.2 Market Attractiveness Analysis By Display Type
- 3.7.3 Market Attractiveness Analysis By Application
- Chapter 4. Global Digital Panel Meter Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Digital Panel Meter Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, collaboration, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Digital Panel Meter Market – Type Analysis
- 5.1 Global Digital Panel Meter Market Overview: By Type
- 5.1.1 Global Digital Panel Meter Market Share, By Type, 2023 and 2033
- 5.2 Temperature Meters
- 5.2.1 Global Digital Panel Meter Market by Temperature Meters, 2024 – 2033 (USD Million)
- 5.3 Voltage Meters
- 5.3.1 Global Digital Panel Meter Market by Voltage Meters, 2024 – 2033 (USD Million)
- 5.4 Current Meters
- 5.4.1 Global Digital Panel Meter Market by Current Meters, 2024 – 2033 (USD Million)
- 5.5 Power Meters
- 5.5.1 Global Digital Panel Meter Market by Power Meters, 2024 – 2033 (USD Million)
- 5.6 Multifunction Meters
- 5.6.1 Global Digital Panel Meter Market by Multifunction Meters, 2024 – 2033 (USD Million)
- 5.1 Global Digital Panel Meter Market Overview: By Type
- Chapter 6. Global Digital Panel Meter Market – Display Type Analysis
- 6.1 Global Digital Panel Meter Market Overview: By Display Type
- 6.1.1 Global Digital Panel Meter Market Share, By Display Type, 2023 and 2033
- 6.2 LED Display
- 6.2.1 Global Digital Panel Meter Market by LED Display, 2024 – 2033 (USD Million)
- 6.3 LCD Display
- 6.3.1 Global Digital Panel Meter Market by LCD Display, 2024 – 2033 (USD Million)
- 6.4 OLED Display
- 6.4.1 Global Digital Panel Meter Market by OLED Display, 2024 – 2033 (USD Million)
- 6.1 Global Digital Panel Meter Market Overview: By Display Type
- Chapter 7. Global Digital Panel Meter Market – Application Analysis
- 7.1 Global Digital Panel Meter Market Overview: By Application
- 7.1.1 Global Digital Panel Meter Market Share, By Application, 2023 and 2033
- 7.2 Industrial Automation
- 7.2.1 Global Digital Panel Meter Market by Industrial Automation, 2024 – 2033 (USD Million)
- 7.3 Energy Management
- 7.3.1 Global Digital Panel Meter Market by Energy Management, 2024 – 2033 (USD Million)
- 7.4 Process Control
- 7.4.1 Global Digital Panel Meter Market by Process Control, 2024 – 2033 (USD Million)
- 7.5 Environmental Monitoring
- 7.5.1 Global Digital Panel Meter Market by Environmental Monitoring, 2024 – 2033 (USD Million)
- 7.1 Global Digital Panel Meter Market Overview: By Application
- Chapter 8. Digital Panel Meter Market – Regional Analysis
- 8.1 Global Digital Panel Meter Market Regional Overview
- 8.2 Global Digital Panel Meter Market Share, by Region, 2023 & 2033 (USD Million)
- 8.3. North America
- 8.3.1 North America Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.3.1.1 North America Digital Panel Meter Market, by Country, 2024 – 2033 (USD Million)
- 8.3.1 North America Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.4 North America Digital Panel Meter Market, by Type, 2024 – 2033
- 8.4.1 North America Digital Panel Meter Market, by Type, 2024 – 2033 (USD Million)
- 8.5 North America Digital Panel Meter Market, by Display Type, 2024 – 2033
- 8.5.1 North America Digital Panel Meter Market, by Display Type, 2024 – 2033 (USD Million)
- 8.6 North America Digital Panel Meter Market, by Application, 2024 – 2033
- 8.6.1 North America Digital Panel Meter Market, by Application, 2024 – 2033 (USD Million)
- 8.7. Europe
- 8.7.1 Europe Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.7.1.1 Europe Digital Panel Meter Market, by Country, 2024 – 2033 (USD Million)
- 8.7.1 Europe Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.8 Europe Digital Panel Meter Market, by Type, 2024 – 2033
- 8.8.1 Europe Digital Panel Meter Market, by Type, 2024 – 2033 (USD Million)
- 8.9 Europe Digital Panel Meter Market, by Display Type, 2024 – 2033
- 8.9.1 Europe Digital Panel Meter Market, by Display Type, 2024 – 2033 (USD Million)
- 8.10 Europe Digital Panel Meter Market, by Application, 2024 – 2033
- 8.10.1 Europe Digital Panel Meter Market, by Application, 2024 – 2033 (USD Million)
- 8.11. Asia Pacific
- 8.11.1 Asia Pacific Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.11.1.1 Asia Pacific Digital Panel Meter Market, by Country, 2024 – 2033 (USD Million)
- 8.11.1 Asia Pacific Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.12 Asia Pacific Digital Panel Meter Market, by Type, 2024 – 2033
- 8.12.1 Asia Pacific Digital Panel Meter Market, by Type, 2024 – 2033 (USD Million)
- 8.13 Asia Pacific Digital Panel Meter Market, by Display Type, 2024 – 2033
- 8.13.1 Asia Pacific Digital Panel Meter Market, by Display Type, 2024 – 2033 (USD Million)
- 8.14 Asia Pacific Digital Panel Meter Market, by Application, 2024 – 2033
- 8.14.1 Asia Pacific Digital Panel Meter Market, by Application, 2024 – 2033 (USD Million)
- 8.15. Latin America
- 8.15.1 Latin America Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.15.1.1 Latin America Digital Panel Meter Market, by Country, 2024 – 2033 (USD Million)
- 8.15.1 Latin America Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.16 Latin America Digital Panel Meter Market, by Type, 2024 – 2033
- 8.16.1 Latin America Digital Panel Meter Market, by Type, 2024 – 2033 (USD Million)
- 8.17 Latin America Digital Panel Meter Market, by Display Type, 2024 – 2033
- 8.17.1 Latin America Digital Panel Meter Market, by Display Type, 2024 – 2033 (USD Million)
- 8.18 Latin America Digital Panel Meter Market, by Application, 2024 – 2033
- 8.18.1 Latin America Digital Panel Meter Market, by Application, 2024 – 2033 (USD Million)
- 8.19. The Middle-East and Africa
- 8.19.1 The Middle-East and Africa Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.19.1.1 The Middle-East and Africa Digital Panel Meter Market, by Country, 2024 – 2033 (USD Million)
- 8.19.1 The Middle-East and Africa Digital Panel Meter Market, 2024 – 2033 (USD Million)
- 8.20 The Middle-East and Africa Digital Panel Meter Market, by Type, 2024 – 2033
- 8.20.1 The Middle-East and Africa Digital Panel Meter Market, by Type, 2024 – 2033 (USD Million)
- 8.21 The Middle-East and Africa Digital Panel Meter Market, by Display Type, 2024 – 2033
- 8.21.1 The Middle-East and Africa Digital Panel Meter Market, by Display Type, 2024 – 2033 (USD Million)
- 8.22 The Middle-East and Africa Digital Panel Meter Market, by Application, 2024 – 2033
- 8.22.1 The Middle-East and Africa Digital Panel Meter Market, by Application, 2024 – 2033 (USD Million)
- Chapter 9. Company Profiles
- 9.1 Red Lion Controls Inc.
- 9.1.1 Overview
- 9.1.2 Financials
- 9.1.3 Product Portfolio
- 9.1.4 Business Strategy
- 9.1.5 Recent Developments
- 9.2 Yokogawa Electric Corporation
- 9.2.1 Overview
- 9.2.2 Financials
- 9.2.3 Product Portfolio
- 9.2.4 Business Strategy
- 9.2.5 Recent Developments
- 9.3 Omega Engineering Inc.
- 9.3.1 Overview
- 9.3.2 Financials
- 9.3.3 Product Portfolio
- 9.3.4 Business Strategy
- 9.3.5 Recent Developments
- 9.4 Schneider Electric SE
- 9.4.1 Overview
- 9.4.2 Financials
- 9.4.3 Product Portfolio
- 9.4.4 Business Strategy
- 9.4.5 Recent Developments
- 9.5 Murata Power Solutions
- 9.5.1 Overview
- 9.5.2 Financials
- 9.5.3 Product Portfolio
- 9.5.4 Business Strategy
- 9.5.5 Recent Developments
- 9.6 Mitsubishi Electric Corporation
- 9.6.1 Overview
- 9.6.2 Financials
- 9.6.3 Product Portfolio
- 9.6.4 Business Strategy
- 9.6.5 Recent Developments
- 9.7 Siemens AG
- 9.7.1 Overview
- 9.7.2 Financials
- 9.7.3 Product Portfolio
- 9.7.4 Business Strategy
- 9.7.5 Recent Developments
- 9.8 Honeywell International Inc.
- 9.8.1 Overview
- 9.8.2 Financials
- 9.8.3 Product Portfolio
- 9.8.4 Business Strategy
- 9.8.5 Recent Developments
- 9.9 Eaton Corporation plc
- 9.9.1 Overview
- 9.9.2 Financials
- 9.9.3 Product Portfolio
- 9.9.4 Business Strategy
- 9.9.5 Recent Developments
- 9.10 Ametek Inc.
- 9.10.1 Overview
- 9.10.2 Financials
- 9.10.3 Product Portfolio
- 9.10.4 Business Strategy
- 9.10.5 Recent Developments
- 9.11 Simex Sp. z o.o.
- 9.11.1 Overview
- 9.11.2 Financials
- 9.11.3 Product Portfolio
- 9.11.4 Business Strategy
- 9.11.5 Recent Developments
- 9.12 Carlo Gavazzi Holding AG
- 9.12.1 Overview
- 9.12.2 Financials
- 9.12.3 Product Portfolio
- 9.12.4 Business Strategy
- 9.12.5 Recent Developments
- 9.13 OMRON Corporation
- 9.13.1 Overview
- 9.13.2 Financials
- 9.13.3 Product Portfolio
- 9.13.4 Business Strategy
- 9.13.5 Recent Developments
- 9.14 Fuji Electric Co. Ltd.
- 9.14.1 Overview
- 9.14.2 Financials
- 9.14.3 Product Portfolio
- 9.14.4 Business Strategy
- 9.14.5 Recent Developments
- 9.15 Danaher Corporation
- 9.15.1 Overview
- 9.15.2 Financials
- 9.15.3 Product Portfolio
- 9.15.4 Business Strategy
- 9.15.5 Recent Developments
- 9.16 Rohde & Schwarz GmbH & Co. KG
- 9.16.1 Overview
- 9.16.2 Financials
- 9.16.3 Product Portfolio
- 9.16.4 Business Strategy
- 9.16.5 Recent Developments
- 9.17 Phoenix Contact GmbH & Co. KG
- 9.17.1 Overview
- 9.17.2 Financials
- 9.17.3 Product Portfolio
- 9.17.4 Business Strategy
- 9.17.5 Recent Developments
- 9.18 Trumeter Technologies Ltd.
- 9.18.1 Overview
- 9.18.2 Financials
- 9.18.3 Product Portfolio
- 9.18.4 Business Strategy
- 9.18.5 Recent Developments
- 9.19 Lascar Electronics Ltd.
- 9.19.1 Overview
- 9.19.2 Financials
- 9.19.3 Product Portfolio
- 9.19.4 Business Strategy
- 9.19.5 Recent Developments
- 9.20 Beijer Electronics Group AB
- 9.20.1 Overview
- 9.20.2 Financials
- 9.20.3 Product Portfolio
- 9.20.4 Business Strategy
- 9.20.5 Recent Developments
- 9.21 Others.
- 9.21.1 Overview
- 9.21.2 Financials
- 9.21.3 Product Portfolio
- 9.21.4 Business Strategy
- 9.21.5 Recent Developments
- 9.1 Red Lion Controls Inc.
List Of Figures
Figures No 1 to 28
List Of Tables
Tables No 1 to 77
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Red Lion Controls Inc.
- Yokogawa Electric Corporation
- Omega Engineering Inc.
- Schneider Electric SE
- Murata Power Solutions
- Mitsubishi Electric Corporation
- Siemens AG
- Honeywell International Inc.
- Eaton Corporation plc
- Ametek Inc.
- Simex Sp. z o.o.
- Carlo Gavazzi Holding AG
- OMRON Corporation
- Fuji Electric Co. Ltd.
- Danaher Corporation
- Rohde & Schwarz GmbH & Co. KG
- Phoenix Contact GmbH & Co. KG
- Trumeter Technologies Ltd.
- Lascar Electronics Ltd.
- Beijer Electronics Group AB
- Others
FAQs
The key factors driving the Market are Rise in Industrial Automation, Need for Energy Efficiency, Advancements in Display Technology, Growth of Smart Grids, Integration of IoT.
The “Industrial Automation” had the largest share in the global market for Digital Panel Meter.
The “Temperature Meters” category dominated the market in 2023.
The key players in the market are Red Lion Controls Inc., Yokogawa Electric Corporation, Omega Engineering Inc., Schneider Electric SE, Murata Power Solutions, Mitsubishi Electric Corporation, Siemens AG, Honeywell International Inc., Eaton Corporation plc, Ametek Inc., Simex Sp. z o.o., Carlo Gavazzi Holding AG, OMRON Corporation, Fuji Electric Co. Ltd., Danaher Corporation, Rohde & Schwarz GmbH & Co. KG, Phoenix Contact GmbH & Co. KG, Trumeter Technologies Ltd., Lascar Electronics Ltd., Beijer Electronics Group AB, Others.
“Asia Pacific” had the largest share in the Digital Panel Meter Market.
The global market is projected to grow at a CAGR of 6.5% during the forecast period, 2024-2033.
The Digital Panel Meter Market size was valued at USD 3,562.90 Million in 2024.