Portland, March 12, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global level sensor market garnered $4.44 billion in 2018, and is estimated to reach $7.36 billion by 2026, registering a CAGR of 6.5% from 2019 to 2026. The report offers an extensive analysis of key investment pockets, market size & estimations, key segments, Porter’s Five Forces analysis, and competitive scenario.
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Rise in adoption of industrial automation, advancements in technology, and increase in utilization in energy and power sectors fuel the growth of the global level sensor market. However, inability to offer precision and accuracy along with increase in implementation in electric vehicles restrain the market growth. However, increase in adoption in residential sector is estimated to offer new opportunities in the market.
On the basis of type, the contact segment accounted for nearly two-thirds of the total market share of the global market in 2018, and is expected to maintain its largest contribution throughout the forecast period. This is attributed to precision in level measurement along with reliability of conventional sensors. However, the non-contact segment is projected to grow at the largest CAGR of 8.2% during the forecast period, owing to advancements in technologies and adoption in industries for deployment in harsh environments.
On the basis of application, the point level monitoring segment accounted for the largest share in the market, accounting for nearly three-fifths of the total share in 2018, and is estimated to continue its dominant position during the forecast period. Moreover, this segment is estimated to grow at the highest CAGR of 8.0% from 2019 to 2026.
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Based on region, Asia-Pacific accounted for the largest share in terms of revenue, holding nearly half of the global market in 2018, and is estimated to maintain its lion's share throughout the forecast period. Moreover, this segment would grow at the highest CAGR of 7.6% from 2019 to 2026. This is due to advancements in technologies and surge in adoption of technologies including IoT and AI in the region. North America accounted for the second-highest share in 2018 and will maintain its position by 2026.
Prominent Players:
- ABB Ltd.
- Emerson Electric Co.
- AMETEK Inc.
- Honeywell International Inc.
- Endress+Hauser Management AG
- Taiwan Semiconductor Manufacturing Company Limited
- Siemens AG
- Texas Instruments
- TE Connectivity
- Vega Grieshaber Kg.
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