Digital Panel Meter Market Size - By Product, By Display Type, By Application, Growth Forecast, 2025 - 2034

Digital Panel Meter Market Size

The global digital panel meter market was valued at USD 3.9 billion in 2024. The market is expected to reach USD 7.8 billion in 2034, at a CAGR of 7.2%. Growth of smart factories demanding real-time parameter monitoring along with rising automation in manufacturing requiring precise readouts will augment the business landscape.
 

Expansion of commercial building management systems and introduction of touchscreen-based digital panel meters in line with advancements in microcontroller technology improving meter performance will accelerate the product deployment. Furthermore, the deployment of AI and IoT technologies will improve efficiency, security, and scalability features, thus driving business scenario.
 

For instance, in January 2023, ABB introduced its Cylon Smart Building Management Systems in the Middle East to increase automation and energy efficiency in commercial and industrial buildings. Cylon BMS provides real-time monitoring and control of building operations, with a scalable solution for greatly lowering energy costs through smart energy management.
 

Rising adoption in data centers for energy monitoring and growth in renewable power plants requiring live electrical parameter tracking coupled with increasing adoption of these units in oil & gas facilities will escalate the business momentum. Development of ultra-compact panel meter designs in association with customizable user interfaces for multiple industry needs will amplify the business potential.
 

Producers are increasingly embracing green practices in manufacturing, packaging, and distribution to respond to consumer needs for sustainable products. This trend not only responds to environmental issues but also conforms to regulatory standards encouraging energy efficiency and lower carbon footprints.
 

For instance, in January 2025, OpenAI, SoftBank, and Oracle initiated a joint initiative, Stargate, involving the deployment of USD 100 billion worth of AI infrastructure, which could be ramped up to USD 500 billion. The project involves 10 data centers, one of which is already in the process of being built at Abilene, Texas, and will further expand to 20 centers in other locations.
 

The trump administration tariffs promoted local sourcing and increased interest in domestic production of digital panel meters, possibly making local supply chains more robust. However, higher import costs for key electronic components raised production expenses. This led to increased prices, margin pressures, and reduced competitiveness globally, especially for firms reliant on international trade flows.
 

Digital Panel Meter Market Trends

The industry is witnessing substantial growth, driven by the growth of industrial infrastructure in emerging economies. Increased investment in electrical transmission and distribution along with increasing smart city projects demanding real-time monitoring solutions will spread the industry penetration.
 

The growth in smart grids and energy-efficient infrastructure has driven the need for digital panel meters with enhanced communication features. These meters can send real-time data to central monitoring systems, allowing effective load management, grid balancing, and remote troubleshooting. Additionally, the inclusion of Modbus, CAN, and Ethernet protocols will enhance business growth.
 

For instance, in April 2024, the Philippines Department of Energy awarded contracts for eight hybrid microgrids in unserved areas as part of its first MGSP-SBAC competitive selection. The Maharlika consortium, comprising Maharlika Clean Power Holding, CleanGrid Partners, and WEnergy Global, secured the contract.
 

The industries seek more accurate, readable, and reliable instrumentation, which in turn will boost the demand of these units. Their ability to display multiple measurements in a compact and precise format will strengthen the business scenario. Moreover, the demand for compact electronic devices in control panels and consumer electronics will improve the business outlook.
 

Growing installation in EV charging stations for real-time energy display in conjunction with increasing use of these units in HVAC systems for performance monitoring will augment the business potential. Rising demand for tamper-proof designs in high-security areas in line with shift toward compact and modular designs will elevate the industry prospects.
 

For instance, in Q2 2024, EV charging infrastructure in the Station Locator expanded by 6.3%, led by a 6.5% rise in public ports and 4.4% growth in private ports. DC fast charging ports posted the highest increase at 7.4%. The Northeast recorded the strongest public charging growth, while California retained the largest network nationwide.
 

Low power consumption designs for energy-sensitive systems along with advancements in microcontroller technology, improving meter performance will accelerate the product adoption. Moreover, growing awareness about power quality and efficiency will stimulate the business dynamics.
 

Digital Panel Meter Market Analysis

• The digital panel meter market was valued at USD 3.5, 3.7 & 3.9 billion in 2022, 2023 and 2024 respectively. Based on display type, the market is segmented into LED display and LCD display. Increasing global electricity consumption combined with mandatory energy audits in commercial buildings will fuel the business opportunities.
   
• The LED display digital panel meter market is expected to grow at a CAGR of over 7% by 2034. These types of units are being incorporated into modular instrumentation panels and portable tools where brightness and response time are more critical than graphic sophistication. Additionally, these meters are gaining traction in centralized control rooms, where quick status checks across multiple systems are essential.
   
• For instance, in 2024, international energy demand also experienced a brisk acceleration, headlined by the power sector as electricity consumption went up by a record almost 1,100 TWh and 4.3% on the previous year. This surge almost doubled the decade-long average annual growth to date, pinning the highlights on increasing industrial and digital infrastructure demand.
   
• The LCD display digital panel meter market was valued over USD 900 million in 2024. LCD meters support alphanumeric and graphical presentation of data and thus are apt for multifunction meters where multiple parameters are displayed on a single screen in user-friendly formats. Further, its compact looks and increased user interface functionality will boost the business situation.

• Based on product, the digital panel meter market is segmented into temperature meters, voltage meters, current meters, power meters and multifunction meters. The temperature digital panel meter market holds a share of 42.8% in 2024. These meters are increasingly being embedded with IoT capabilities, allowing remote monitoring in manufacturing and HVAC systems. Moreover, these units enable predictive maintenance by tracking heat-related anomalies before equipment failure.
   
• The voltage digital panel meter market will grow at a CAGR of over 6.5% by 2034. These meters are essential in monitoring grid voltage fluctuations. Their integration into substation control panels and power distribution boards is becoming more sophisticated with real-time analytics. Additionally, it is embedded in solar inverters to measure panel output and optimize voltage regulation.
   
• For instance, global electricity demand is projected to grow at an accelerated pace, averaging 3.4% annually through 2026. This anticipated rise reflects increasing electrification across sectors and expanding digital, industrial, and clean energy infrastructure worldwide.
   
• The current digital panel meter was valued over USD 500 million in 2024. Industries are increasingly deploying current meters to detect motor overloads, phase imbalances, and abnormal consumption patterns. These units are vital in process control to maintain optimal current flow, which will proliferate the business landscape.
   
• The power digital panel meter market is set to reach over USD 650 million by 2034. Power meters are central to energy management systems, providing insights into consumption trends and power factor correction, which are crucial for cost savings and compliance. Moreover, building automation systems increasingly relies on power meters to monitor HVAC, lighting, and machinery loads for better energy optimization.
   
• For instance, global energy financing will hit a record USD 3 trillion in 2024, with over USD 2 trillion being spent on infrastructure and low-carbon energy technologies. The growth is being fueled by high investor enthusiasm and gaining pace in the global energy transition.
   
• The multifunction digital panel meter market will grow at a CAGR of over 6.5% by 2034. These meters are commonly networked into SCADA and energy management platforms, offering real-time data visualization and control across industrial facilities. Regulatory compliance and energy reporting mandates will amplify the business growth.

• The U.S. digital panel meter market was estimated at USD 545.1, 577.4 & 612.3 million in 2022, 2023 and 2024 respectively. Digital transformation policies boosting automation along with rising public sector investment in utilities and infrastructure will strengthen the industry scenario.
   
• North America digital panel meter market will witness at a CAGR of over 6.5% by 2034. Expansion of local manufacturing networks coupled with increasing government budgets for digitalization will elevate the product demand. Growing need for line-to-line and line-to-neutral voltage tracking will augment the business outlook.
   
• For instance, Schneider Electric announced intentions to invest over USD 700 million into its operations in the U.S. by 2027, targeting growth in energy infrastructure and manufacturing. The investment facilitates AI-enabled energy demand control and increases domestic manufacturing capacity.
   
• The Europe digital panel meter market is set to reach over USD 1.5 billion by 2034. Expansion of green building certifications requiring energy monitoring in line with adoption of eco-friendly and recyclable meter components will escalate the region’s growth.
   
• The Asia Pacific digital panel meter market share of over 35% in 2024. Ongoing urban development and smart city projects across the region are boosting demand for intelligent electrical systems. Rising demand for plug-and-play retrofits in older systems along with the expansion of local reseller networks will proliferate industry penetration.
   
• For reference, in June 2024, the European Commission came up with the Net Zero Industry Act whose purpose is to increase the rate at which clean technologies are manufactured in the EU. Its policies aim to meet 40% deployment cap by 2030, mitigate dependence on imports and strengthen competitiveness of the industrial sectors.
   
• The Middle East & Africa digital panel meter market was valued over USD 300 million in 2024. Increasing demand for grid modernization in tandem with growing need for accurate frequency control in microgrids will stimulate the product deployment. Moreover, integration of time-delay relay outputs along with the development of dual-display panel meters for simultaneous readouts will fuel the industry prospects.
   
• The Latin America digital panel meter market will grow at a CAGR of over 4.5% by 2034. Growing R&D in instrumentation technologies and increasing awareness of equipment monitoring for safety in conjunction with increasing preference for meters with visual alarms and indicators will accelerate the region’s potential.
   

Digital Panel Meter Market Share

• The top 5 players, including Murata Manufacturing, OMRON Corporation, Trumeter, Autonics Corporation, and BEEMET together hold 40% share in the digital panel meter industry. Siemens has acquired additional capabilities in industrial automation and smart grid systems by digitally augmenting his portfolio.
   
• For instance, Siemens strengthened its digital enterprise services portfolio by acquiring UK-based AI predictive maintenance and asset intelligence provider Senseye. The acquisition enhanced Siemens' ability to reduce unplanned machine downtimes by 50% and maintenance staff productivity by 30%.
   
• Murata Manufacturing focused on developing its digital portfolio in advanced sensing and measurement technologies. The company is combining IoT modules into digital panel meters for enhanced accuracy monitoring in the industrial and automotive industries.
   

Digital Panel Meter Market Companies

Major players operating in the digital panel meter industry are:

• Autonics Corporation
• BEEMET
• Cebeo
• Himel
• Honeywell International
• Jewell Instruments
• Lascar Electronics
• Lauritz Knudsen Electrical & Automation
• LUMEL
• Murata Manufacturing
• Omega Engineering
• OMRON Corporation
• Phoenix Contact
• Powertrac Meters
• Schneider Electric
• Secure Meters
• Selec Controls
• Siemens
• TE Connectivity
• Trumeter
   
• In 2024, Siemens generated USD 86.6 billion in revenue, which marks a growth of 1.4% relative to the preceding year. In comparison to the previous fiscal year, the company recorded a gross profit equaling USD 34 billion while simultaneously increasing R&D funding to USD 7.2 billion, an increase of 2.7% from 2023, further demonstrating a commitment to technological advancements and new product development.
   
• In 2024, Schneider Electric reported a revenue of USD 43.5 billion, growing by 6.3% compared to the previous year. The company functions within the sectors of energy management and industrial automation, with the energy management segment accounting for USD 35.5 billion and industrial automation contributing USD 8 billion for the year.
   
• In the first three quarters of 2024, OMRON Corporation’s net sales reached USD 4 billion. Its gross profit also increased to USD 1.8 billion due to profit margins increasing by 1.4% year on year. Operating income grew USD 0.3 billion which was a 35% increase. This reflects an increase in company efficiency leading towards greater profitability.
   

Digital Panel Meter Industry News

• In March 2025, Siemens invested USD 285 million into two new advanced manufacturing facilities located in Fort Worth, Texas and Pomona, California. The initiative is expected to provide more than 900 skilled jobs and increase production capacity by over 100%. The newly constructed facilities will provide fulfillment for important U.S. infrastructure requirements such as the electric power supply for AI data centers and sustaining grid functionality.
   
• In February 2025, Schneider Electric will augment its manufacturing footprint in India with an investment of USD 370.2 million. The firm intends to build new production plants in Kolkata and Hyderabad, in addition to augmenting capacity at other locations. This initiative seeks to improve the electrical products and supply chain resilience and support the increasing need for sustainable energy solutions while enabling India to emerge as a global manufacturing powerhouse.
   
• In January 2025, GE Vernova plans to spend almost USD 600 million over the subsequent two years to enhance its factories and facilities in the U.S. The intent is to increase the manufacturing capacity of advanced power systems to meet the increasing domestic and international infrastructural power system requirements.
   
• In November 2022, Murata Power Solutions introduced DMR35 series of digital panel meters, expanding the capability for measuring AC voltage and current, relevant for industrial and factory automation systems, by adding five new models to the existing ones. These models are intended as direct form-fit substitutes for 2-1/4” analog meters, substituting with true power and LED windows of high brightness, marker lamps, measuring between one and four marks, and with a range of true RMS and averaging modes.
   

The digital panel meter market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) & volume (‘000 Units) from 2021 to 2034, for the following segments:

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Market, By Product

• Temperature meters
• Voltage meters
• Current meters
• Power meters
• Multifunction meters

Market, By Display Type

• LED display
• LCD display

Market, By Application

• Industrial automation
• Energy management
• Process control
• Renewable energy systems
• HVAC systems
• Data centers
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
• Latin America
  • Brazil
  • Argentina