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Market Highlights:
Digital Panel Meters are majorly used to measure the temperature, for instance, the temperature details mentioned in the information panel of an air conditioner; this information is displayed with a panel meter. Digital panel meters owing to their accuracy and ease of reading, are increasingly replacing analog panel meters. Resultantly, the uptake of digital panel meters is growing rapidly, escalating its market size on the global platform.
In North America region, the digital panel meter demand are growing with huge demand in the industries due to more tamper resistant than analog. The prominent companies such as Precision Digital Corporation (U.S), Autonics USA, Inc. (U.S), Laurel Electronics (U.S) are manufacturing digital panel meter that can improve the performance at reduced cost. Due to the changing market trends & emerging opportunities, digital panel meter market are estimated to grow with huge demand in the market.
The global digital panel meter market is growing rapidly over ~6% of CAGR and is expected to reach at USD ~ 3,251 Million by the end of forecast period.
Factors driving the market growth of digital panel meter include; augmenting demand from the burgeoning electrical and industrial industries. Besides, the panel meter has a special built-in unit for overload protection, to protect electrical devices from electrical loads which are boosting the market growth, increasing its adoption.
Rising government initiatives and mandates to implement digital panel meters especially in household applications are driving the market growth mostly. Commercial applications of these panel meters are increasing too. Such as in automobiles to measure the fuel consumption, speed, and revolutions per minute (rpm) which are then displayed on the dashboard. In aerospace, digital panel meters are used to measure vital statistics such as speed, altitude, and other pertinent information required in operations of airplanes.
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Global Digital Panel Meter Market Segmentation
The global digital panel meter market are 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.
Regional Analysis
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 market to meet the requirement of customers’ need.
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Global Digital Panel Meter Market, By Type, Cover (Totalizers, Multi-Input Indicators & Scanners, Temperature, Process Panel Meters), By Applications (Display Current, Display Voltage, Displays Temperature) – Forecast 2027
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