Market Overview
Market Research Future (MRFR) anticipates the Digital
Panel Meter Market 2020 to touch USD 3,251 Million by 2023. MRFR also
evaluates the market advancement rate to be 6% between 2017 and 2023
(evaluation period). We will provide COVID-19 impact analysis with the report,
along with all the key developments since the coronavirus disease outbreak.
Market Boosters and Key Deterrents
The digital panel meter market’s decelerated growth has been
the result of the COVID-19 outbreak, with several other markets in the
semiconductor industry heavily impacted. The lockdown imposed to bring down the
spread of SARS-CoV-2 worldwide has slowed down the manufacturing of digital
panel meters, while the consumer demand has also dropped significantly post the
pandemic. Various government bodies across countries have stopped the
manufacturing of consumer electronics, closed down retail stores and have put a
stop to the online sale of electronics. Consumer demand has been hit
drastically since people are spending only on essential items like medicines
and groceries, which can be another demoting factor for the digital panel meter
market.
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The novel coronavirus has posed a challenge to the
semiconductor value chain, which has prompted the companies to strengthen their
supply chain models across the globe. Since the massive revenue loss since the
first case of COVID-19, the market has suffered massive revenue loss in the
first half of 2020. But, it is expected that the digital panel meter industry
can bounce back significantly, with more and more players concentrating on
making their manufacturing and delivery strategy stronger. For example,
Intel Corporation, the global leader in the chipmaker industry, has strategized
a way to maintain more than 90% delivery of products and that too on time, to
deal with the COVID-19 impact on the manufacturing processes.
Speaking of favorable aspects, the market also benefits from
the accelerated demand for consumer electronics, and the ability to give
electric overload protection to devices. The market could also be presented
with numerous opportunities as the consumption of digital panel meters is
increasing in industries like healthcare, pharmaceuticals and manufacturing.
Apart from this, a number of renowned firms are increasingly launching and
adding new and enhanced features in their models that appeal to a larger mass
in the market.
For instance, in June 2020, Audemars Piguet added
various features to its sporty model, the Royal Oak Offshore Selfwinding
Chronograph. The dials of the watch now feature numerous chronograph totalizers
(a type of digital panel meter) along with numerals in Arabic instead of the
traditional indexes.
Market Segmentation
The digital panel meter industry has been dissected with
respect to types and application.
The types of digital panel meter are temperature and process
panel meters, multi-input indicators and scanners as well as totalizers, and
more.
The applications considered in the market study include
displays temperature, display voltage, display current, and others.
Regional Insight
MRFR has reviewed the digital panel meter market size with
respect to the key regions of Europe, North America, APAC/Asia Pacific and
RoW/rest of the world.
North America has remained one of the strongest market
contenders and holds the potential to retain its prowess throughout the
conjectured period. The digital panel meter market in the region observes high
demand as applications in the electronics industry are growing for electronic
measurements.
India, Japan and China are some of the top performing markets
in APAC, with the highest demand and sale of digital panel meters. Therefore,
the APAC market could expect to advance at the highest rate in the forthcoming
period. With more and more vendors setting up manufacturing facilities in the
region for digital panel meters to cater to the growing needs of the customers,
the market is bound to witness favorable prospects in the near future. The
rising use of LED and LCD display screens in digital panel meter coupled with
the soaring adoption rate in facilities such as laboratories, factories and
offices also work in the market’s favor in the region.
Renowned Industry Players
Some of the renowned industry players are Siemens AG (German),
Precision Digital Corporation (U.S), OMRON Corporation (Japan), The Danaher
Corporation (U.S), Phoenix Contact (Germany), Murata Power Solutions, Inc.,
(U.S.), Laurel Electronics (U.S), Red Lion Controls (U.S), PR Electronics
(Denmark), Autonics USA, Inc. (U.S), to name a few.
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Latest Developments
June 2020
Schneider Electric, a well-known entity in the digital
automation and energy management market, launched its latest EasyLogic PM2000
series panel meter. This digital panel meter is the latest offering of the
company as part of its EasyLogic metering product portfolio and has been
designed for applications like energy cost management in commercial
infrastructure.
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