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.
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.
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.
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.
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.