Step 1:
Let's start out by creating a new file. I used a 400x200 pixels canvas set at 72dpi, and I filled my background with #255B31 color shade. Now in a new layer draw a white circle with 92 x 92 px dimensions.
Step 2:
Under Layer Style(Layer > Layer Style) add an Inner Glow, Gradient Overlay and Stroke blending options to the white circle layer.
Step 3:
In a new layer draw a dark circle with #1F1D20 color shade and 78 x 78 px dimensions.
Step 4:
Under Layer Style(Layer > Layer Style) add an Inner Shadow, Inner Glow, Gradient Overlay and Stroke blending options to the dark circle layer.
Step 5:
Create a new layer, using the Pen Tool create a red pointed line on the center of the meter design.
Step 6:
Now in a new layer draw a small white circle with 13 x 13 px dimensions covering the bottom of the red pointed line.
Step 7:
Under Layer Style(Layer > Layer Style) add an Inner Glow, Gradient Overlay and Stroke blending options to the white circle layer.
Step 8:
Select the Horizontal Type Tool then set the font family to Webdings, 14 pt, crisp and white color shade. Now in different text layers type the letters shown below for the random icons on the meter.
Step 9:
In a new layer draw a black circle with 25 x 25 px dimensions as shown below. On the layers window select the first white circle layer from step one then go to Select > Load Selection, use the settings below. Now cut out the outer selection through Edit > Cut.
Step 10:
Under Layer Style(Layer > Layer Style) add a Gradient Overlay blending option to the black circle layer. Then set the layer's blending mode to Lighten.
Step 11:
Duplicate the white circle design layer from step six and resize it by a couple of pixels through Edit > Transform > Scale. Position it on the bottom corner circle.
Step 12:
Add the same set of circle designs from the last couple of step on the opposite side of the meter design.
Result:
