Level Sensor Market Set to Reach US$ 8.6 Billion by 2033 with 7% CAGR

Posted on 2024-02-16 by Future Market Insights in Technology // 0 Comments

The level sensor market is poised for significant growth in the coming decade, with projections indicating a substantial increase in its value. In 2023, the level sensor market is expected to reach US$ 4.3 billion, and this figure is forecasted to double, reaching US$ 8.6 billion by the year 2033

This impressive growth trajectory can be attributed to various factors, including increasing industrial automation and the demand for precise liquid level measurement across various industries.

The global level sensor market is projected to maintain a steady CAGR of 7% from 2023 to 2033, highlighting the industry’s resilience and its pivotal role in modern manufacturing and process control systems. As businesses continue to prioritize efficiency and accuracy, level sensors are set to play a crucial role in the meeting.

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Demand for ultrasound technology creates new growth opportunities:
According to the FMI analysis, it is estimated that ultrasonic sensors will gain preference with a wide margin among end users due to their high sensitivity, high frequency, and high transmittance. However, an increase in the transition to microwave/radar technology will be observed until the end of 2029, which will be driven by the growing demand for continuous level measurement of bulk solids. The oil and gas segment is expected to account for a significant portion of the global market share due to the growing adoption of tank-level monitoring, fuel and chemical injection, and various other applications. The need to continuously monitor the level of wastewater in sewage treatment plants will not diminish the adoption of level sensors in waste and wastewater treatment applications.

The report highlights several prominent market players who have established themselves as leaders in the level sensor market. With a portfolio of ‘best-in-class’ products, these leaders continue to set a path for profitable growth through personalized innovation and new model launches. For example, in 2017 Vega Grieshaber KG announced the launch of a new wirelessly operated process sensor ‘PLICSCOM’. In 2016, Endress+Hauser AG announced the official launch of the ‘Tank Gauge’ platform, a holistic monitoring and inventory control system for tank farms as well as terminals for bulk storage and transportation of oil and gas, chemical and refining application units. . liquid and solid.

Mergers and acquisitions will continue to occupy a significant place on manufacturers’ agendas, given that these strategic alliances provide tremendous scope for growth through a pool of combined expertise and shared resources. For example, in 2022 Rochester Gauges, LLC announced the official acquisition of FPI Sensors, which will further expand Rochester’s market share in the liquid-level sensor space. As Rochester’s acquisitions continue to grow on its legacy of providing high-quality products and industry-leading customer service, Rochester will gain access to and benefit from a greater pool of untapped opportunities.

How has the COVID-19 crisis impacted level sensor sales?
With the onset of COVID-19, several end-user industries such as manufacturing, oil, and gas that are being marketed have been impacted by downsizing operations, temporary plant closures, and more. Due to COVID-19, many ongoing or new projects across the oil and gas value chain are likely to face many challenges in terms of project execution, planning, and risk management. A major concern in the renewable energy industry is global supply chains that are slowing production significantly, to reduce spending on new measurement systems and sensors. In addition to automobiles and oil and gas, many other industries around the world, including power generation and mining, have halted production in almost all countries due to the pandemic. This is expected to lower the demand for level sensors and significantly impact the market growth during the forecast period.

Leading Key Players:

ABB
WIKA Group
Emerson Electric
Endress+Hauser AG
Anderson-Negele
SICK AG
Aplus Finetek Sensor, Inc.
Pepperl+Fuchs
AMETEK, Inc.
Honeywell International Inc.
Vega Grieshaber Kg
FAFNIR GmbH
Senix Corporation
First Sensor
BinMaster (Garner Industries)
Waterline Controls
Ifm Electronic GmbH
PIC GmbH
Nohken, Inc.

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Level Sensor Market Segmentation:

By Technology:

Ultrasonic
Capacitance
Conductive
Pneumatic
Vibratory Probe
Optical
Microwave/Radar
Magnetostrictive
Hydrostatic
Magnetic and Mechanical probe
Guided wave
Laser
Nuclear
Air bubbler
Load cell

By Application Media:

Solid
Liquid

By Monitoring Type:

Point Level
Continuous Level

By Device Type:

Contact Type
Non-contact Type

By Industry:

Chemicals & Petrochemicals
Pharmaceutical
Energy & Power
Oil & Gas
Waste & Wastewater Treatment
Food & Beverages
Others

By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia & Pacific
East Asia
Middle East & Africa

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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