Global Level Sensor Market 2019-2024 Growing at a CAGR of 10.06%. The study provides market size, ongoing trends, drivers, risks, opportunities, and major market segments that helps interested audience to understand the industry and make the strategies for their business growth accordingly.
Dallas, United States - September 26, 2019 /MarketersMedia/ —
Market Overview
The level sensors market was valued at USD 3.98 billion in 2018 and is expected to reach a value of USD 6.77 billion by 2024 at a CAGR of 10.06%, over the forecast period 2019–2024. The rising demand for intelligent sensors to equip microprocessors and provide greater visibility of the performance of the machine/instrument has created an increased focus on the adoption of level sensors.
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- Initiatives, such as Leadership in Energy and Environmental Design (LEED) in the United States, the Building Research Establishment's Environmental Assessment Method (BREEMA) by the United Kingdom, Deutsche Gesellschaft für Nachhaltiges Bauen (DGNB) by Germany, etc., are encouraging the installation of level sensors, especially point level sensors, globally.
- The stringent regulations in developed regions, such as the United Kingdom, Germany, and the United States, in addition, to support government initiatives, are anticipated to increase the adoption of water treatment technologies, in emerging economies. The ability to offer higher accuracy, efficiency, easy installation, and maintenance is anticipated to drive the growth of the level sensor market.
- However, level sensors malfunction in applications which require high stress, under fluctuating voltage and temperature changes. This factor is acting as a restraint for the level sensors market.
Scope of the Report
Level sensors are used for determining the level of free flowing substances, which are of utmost importance in commercial as well as industrial applications. Moreover, level sensors are available in different sizes and variety and are designed using different sensing techniques, in order to meet various requirements.
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Key Market Trends
Oil and Gas Sector to be the Largest User of Level Sensors
- The immense use of level sensors for monitoring storage units and downstream processing plants has maintained a constant demand for level sensors, from the oil and gas sector.
- According to the recent estimates of Baker Hughes, by the end of 2018, the international rig count is expected to reach 960.
- Moreover, in regions such as the Middle East and Africa, the major demand for level sensors is from the oil and gas industry. In recent times, owing to the recent low crude oil price situation, the region is garnering new demand from the manufacturing sector, especially the petrochemical industries.
- Moreover, expansion in production capacity of polymers that are the bi-products of petrochemicals is increasing the regional polymer industry which emerges as one of the fastest-growing end users of level sensors.
North America to Account for the Largest Share in Level Sensors Market
- Driven by the increased investments in automation and focus on efficiency of processes, across the pharmaceutical, oil and gas, and food processing industries, North America expected to be the largest market.
- There are several technologies which are used in the North America level sensor market. Ultrasonic forms one of the most popular technique, due to the small size of sensors and mobility. Sensors are also easy to use, affordable and do not require much maintenance. Ultrasonic sensors are used primarily to measure the solid substances along with the ability to function in extreme conditions.
- As the US Department of the Interior’s (DoI) plans to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the regional oil and gas sector is expected to open up new opportunities, in the level sensor market.
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Competitive Landscape
The level sensors market is highly fragmented due to the market is witnessing a trend of acquisition of small technology vendors by the major players along with intense competition owing to the demand for highly efficient products among the players. Some of the key players include ABB Ltd., Sick AG., Ametek Inc., Emerson Electric Co., Honeywell International Inc., Pepperl+Fuchs GmbH, among others.
- April 2019 - Emerson acquired Bioproduction Group, a leader in simulation, modelling, and scheduling software for biomanufacturing. Bio-G’s scheduling and modelling systems combined with Emerson’s extensive life science technology and expertise portfolio will help companies bring therapies for cancer, diabetes and other illnesses to patients sooner.
- July 2018 - Honeywell Process Solutions (HPS) launched a new solution to help operations and maintenance personnel to monitor midstream gas metering systems. This solution includes level sensors that are of significant importance for level measurement, in the oil and gas industry.
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