Digital Panel Meter Market Forecast 2023 - 2031

By Type :

Based on the type, the market is bifurcated into temperature and process panel meters, flow rate totalizer, multi-input indicators and scanners. The temperature and process panel meters segment accounted for the largest revenue share in the year 2022. Temperature and process panel meters are instruments designed for monitoring and displaying of process variables including temperature, pressure, and others. Temperature and process panel meters typically accept inputs from temperature sensors including thermocouples and resistance temperature detectors (RTDs) along with a wide range of current and DC voltage inputs for covering any typical process application. Moreover, temperature and process panel meters offer several benefits including set points options for process variables, adjustable displays, on/off control, alarm functions, and integration of additional channels to enable meters to obtain and interpret multiple signals from various sources. The above benefits of temperature and process panel meters are primary determinants for increasing its utilization in electronics & semiconductors, automotive, and other sectors.

For instance, Precision Digital Corporation is a digital panel manufacturer that offers a range of temperature and process panel meters in its PD765 series of digital panel meters. The temperature and process panel meters are designed for industrial applications including electronics, semiconductors, and others. Hence, the rising availability of temperature and process digital panel meters, particularly for industrial applications is driving the growth of the segment.

The flow rate totalizer segment is anticipated to register the fastest CAGR growth during the forecast period. A flow rate totalizer is an instrument that is designed to condition the electrical signal generated by the flowmeter for scaling the resultant flow information into a flow rate and flow total display in measurement units required by the end user. Moreover, the primary benefits of flow rate totalizer include high reliability and lower cost for flow measurement. Additionally, flow rate totalizers are often used in chemicals, water treatment, and other related industries.

For instance, in June 2023, Fluidwell introduced its upgraded F018 flow rate digital totalizer with pulse input retransmission for redundancy and improved calibration purposes. Therefore, the rising advancements associated with flow rate totalizers is among the vital factors expected to drive the growth of the market during the forecast period.

By End-User :

Based on the end-user, the market is segregated into electronics & semiconductors, automotive, residential, commercial, and others. The electronics & semiconductor segment accounted for the largest revenue share of 37.6% in the year 2022. Factors including the increasing investments in expansion of semiconductor manufacturing facilities and rising penetration of smart and energy-efficient consumer appliances with advanced features are major aspects driving the growth of the electronics & semiconductor segment.

For instance, according to the Brazilian Electrical and Electronics Industry Association (ABINEE), the electrical and electronics industry in Brazil was valued at USD 42.2 billion in 2022, witnessing a growth of nearly 8% in comparison to USD 39.2 billion in 2021. Additionally, companies in the United States have announced over USD 166 billion in investments in semiconductors and electronics sector since CHIPS and Science Act became effective in August 2022.

Therefore, the growing electronics & semiconductor sector is driving the adoption of digital panel meters for displaying several settings and parameters in electronic appliances and monitoring water flow rate during silicon wafer washing and cleaning, in turn driving the growth of the market.

The automotive segment is expected to witness the fastest CAGR growth during the forecast period. The growth of automotive segment is driven by multiple factors including increasing automobile production, rising investments in expansion of automotive production facilities, and advancements in autonomous driving systems among others.

For instance, according to the China Association of Automobile Manufacturers, passenger car manufacturing in China reached 14.8 million units in January-August 2022, witnessing a progression of 14.7% year-over-year. Digital panel meters are used in the automotive industry, particularly for displaying crucial vehicle parameters including fuel level, speed, engine temperature and others to ensure safe vehicle operations. Thus, rising automotive production is projected to drive the adoption of digital panel meters, in turn contributing the market growth during the forecast period.

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

North America accounted for the largest revenue share of USD 1,229.37 Million in 2022 and is expected to reach USD 1,992.38 Million by 2031, registering a CAGR of 5.7% during the forecast period. In addition, in the region, the U.S. accounted for the maximum revenue share of 48.64% in the same year. The adoption of digital panel meters in the North American region is primarily driven by its usage in electronics & semiconductors, commercial, automotive, and other sectors. Moreover, the rising utilization of digital panel meters in automobiles for displaying vital vehicle parameters including speed, fuel level, engine temperature, and others to ensure safe vehicle operations are among the significant factors driving the market growth in the region.

For instance, according to the OICA (International Organization of Motor Vehicle Manufacturers), the total production of automobiles in North America reached 14.8 million in 2022, depicting an incline of approximately 10% from 13.5 million in 2021. Thus, the growing automotive industry is driving the deployment of digital panel meters, in turn fostering market growth in the North American region. Additionally, increasing investments in residential and commercial construction are expected to facilitate lucrative growth prospects for the market in North America during the forecast period.

Asia-Pacific is expected to register the fastest CAGR growth of 5.9% during the forecast period. The rising pace of industrialization and development is stimulating lucrative growth aspects for the market in the region. Moreover, factors including the growth of industrial sectors and rising government initiatives for the development of smart cities are contributing to the market growth for digital panel meters in the Asia-Pacific region. For instance, the government of China launched multiple initiatives including China's 14th five-year Development Plan (2021 to 2025), National New-type Urbanization Plan, and smart cities projects with the aim of supporting the development of smart homes in the country.

Additionally, several factors including the rise in commercial and residential construction along with growing need for digital panel meters for monitoring current flow, voltage levels, and power consumption in residential and commercial buildings to ensure safe building operations are projected to drive the market growth in the Asia-Pacific region during the forecast period.