Wilmington, Delaware, United States, March 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global level transmitter market generated US$ 3.1 billion in 2022 and the global market is expected to generate US$ 4.9 billion by 2031. The global industry is forecast to grow at a CAGR of 5.5% between 2023 and 2031. As industrialization spreads and automation processes become more sophisticated, business growth is projected to be driven by these factors.
The market value of radar-level transmitters is increasing worldwide as the food & beverage and wastewater industries expand. The surge in wireless radar-level transmitters, long-distance communication, and industrialization advancements will drive industry growth. As a strategy to boost sales, major companies are offering high-performance transmitters at relatively low prices.
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Using their functional properties in production activities and industrial processes has led to a dramatic increase in demand for more efficient production methods. With new government initiatives targeting industrial safety and increased demand for level sensor solutions, the market for level transmitters is expected to grow.
Both developed and developing nations will continue to industrialize, which in turn will lead to a rise in the demand for level transmitters. Increasing accuracy and reliability in monitoring and regulating processes contribute to the market. With the invention of wireless technology, the process has become easier and less expensive for companies to install level transmitters. Increasing product offerings has opened up new opportunities for companies in the market.
Increasing industrialization and automation in the Asia Pacific and North American regions will increase the demand for level transmitters. As the market for safety compliance grows, companies in these regions offer innovative and intelligent level transmitters. Hydrostatic-level transmitters with hydraulic pressure diaphragms are also used for marine applications in these regions to expand the market.
Key Findings of the Market Report
- Owing to the ability to focus energy on a rod, radars with guided wave technology are expected to dominate the market.
- Fossil fuels and level sensors will experience continued growth in the oil and gas industries holding a large market share for level transmitters.
- Level transmitters with no-contact operations that provide accurate and reliable readings to dominate the market.
- Increasing solutions for non-invasive and wireless level measurement to expand the United States market for level transmitters.
- Technology such as Industry 4.0 will play a significant role in driving the growth of the Asia Pacific region's market.
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Global Level Transmitter Market: Growth Drivers
Level transmitters have played a significant role in automating the manufacturing process in recent years. Besides improving efficiency and accuracy, automation helps businesses to reduce their operating costs. Further, automation enables a greater degree of flexibility and customization when designing products, which in turn leads to higher levels of sales in the market.
Technological advancements have increased the accuracy, reliability, and cost-effectiveness of level transmitters. Their ability to monitor and control processes in a cost-effective and timely manner allows them to gain a competitive advantage in the market.
With the growing number of safety-related incidents and accidents that have had a detrimental impact on the workplace, companies are now focusing more on improving workplace safety standards. Level transmitters are essential for maintaining the workspace at the appropriate level at all times, which is a vital part of this process.
Global Level Transmitter Market: Regional Landscape
- Several established and emerging players operating in the Asian Pacific region, which will contribute to level transmitter sales in the market.
- Rapid economic expansion and widespread urbanization in developing countries such as India and China provide excellent growth prospects.
- Over 3,700 level transmitters are estimated to be sold annually in Asia Pacific, primarily in China, Japan, and South Korea.
- Level transmitters accounted for more than 30% of the North American market in 2022.
- Technological advancements in oil and gas, and the pharmaceutical industry are contributing to the growth of level transmitters in the United States market.
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Global Level Transmitter Market: Key Players
Some of the key market players in the global level transmitter market are ABB, AMETEK.Inc, Azbil Corporation, Endress+Hauser, Group Services AG, KROHNE Group, MTS Systems Corporation, Schneider Electric, Siemens AG, VEGA, WIKA Group, and Yokogawa Electric Corporation.
- KROHNE, a world leader in industrial process instruments, has introduced its newest capacitance level switch, their OPTISWITCH 6700. Additionally, it offers 10-Link communications and point-level liquid and solid detection. Besides detecting high and low levels, the OPTISWITCH 6700 can protect against overfills and dry levels.
- ABB has introduced its new LLT100 laser-level transmitter, which measures solids and liquids. The LLT100 has a narrow laser beam that allows it to work against obstructions like mixing blades, grids, or obstructive objects in tanks or silos. With the LLT100, surface change is tracked continuously and rapidly.
Global Level Transmitter Market: Segmentation
By Technology
- Radar
- Hydrostatic
- Ultrasonic
- Piezoresistive
- Capacitive
- Microwave
- Magnetic
- Displacer
- Others (Laser, Potentiometric, etc.)
By Type
- Contact
- Non-contact
By End-Use Industry
- Oil & Gas
- Food & Beverage
- Chemical
- Energy & Utility
- Metal & Mining
- Pharmaceutical
- Automotive
- Aerospace & Defense
- Others (Pulp & Paper, Marine, etc.)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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