Newark, NJ, Feb. 24, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global radar level transmitter market is expected to grow from USD 451.94 million in 2018 to USD 702.37 million by 2026 at a CAGR of 6.04% during the forecast period from 2019-2026. The radar level transmitter market has been witnessing the rapid growth from the past few years. Advantages of accuracy, high reliability, and stability is given by radar level transmitters and growing demand for radar level transmitters are some of the key factors driving the growth of the market.
Radar level transmitter is used to measure the level of solid or liquid at any point in time. These transmitters delivers the information about the level controls used to raise alarm when the liquid reaches a pre-defined level. In addition, radar level transmitter provides advantages of reliability, high accuracy, and stability. The radar level transmitter is used in various divisions of construction, industrial, manufacturing, oil and gas, and other applications. It is also suitable for harsh environments such as dust, vapor, or foaming surfaces. These transmitters have enhanced signalling capabilities for measurement validity and process change across the measurement range.
The global radar level transmitter market is expected to witness rapid growth over the forecast period, owing to rising emphasis on optimum utilization and efficiency of assets. The growing demand for radar level transmitters in water & wastewater industry, as radar level transmitters provides high accuracy, reliability, and stability, further driving the growth of market. Furthermore wide-ranging application of level transmitters, even in difficult environmental conditions will lead the growth of radar level transmitter market in couple of years. Technical issues related to accuracy in measurement may limit the growth of the market in the upcoming years. However, wireless connectivity for IOT-enabled systems and industrial growth in emerging economies is expected to boost the radar level transmitter market over the forecast period.
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Key players operating in the global radar level transmitter market are Emerson Electric Co., Endress+Hauser Management AG, Siemens AG, Yokogawa Electric Corporation, AMETEK, Inc., Magnetrol, Dwyer Instruments Inc., VEGA Grieshaber, KROHNE Messtechnik GmbH, ABB, Honeywell International Inc., Schneider Electric, WIKA Alexander Wiegand SE & Co. KG, SOR Inc., Christian Bürkert GmbH & Co. KG, Georg Fischer Ltd., L&J Technologies, Viatran, Monitor Technologies LLC, Matsushima Measure Tech Co. Ltd., AUTOMATION PRODUCTS GROUP INC., Flowline, Nivelco zRt., and Pepperl+Fuchs among others. To enhance their market position in the global Radar level transmitter market, the key players are now focusing on adopting the strategies such as product innovation, recent developments, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in February 2019, Emerson announced the introduction of a high-performance version of its Rosemount 3308 Guided Wave Radar (GWR) Wireless Level Transmitter. It is the first standalone wireless radar level device to comply with the API 18.2 standard that provides guidance for crude oil custody transfer from small lease tanks.
- In May 2016, Endress+Hauser announced the launch of enhanced version of radar Levelflex (contact) and Micropilot (non-contact) radar transmitters to provide reliable level measurement in liquids, pastes, and slurries.
- In July 2019, ABB announced the launch of new series of smart guided wave radars comprising LWT310 for liquids and LWT320 for solids level measurement, builds on the legacy of the MT5000 series of guided wave radars.
The radar segment held the major market share and valued around USD 135.31 million in 2018
Type segment includes differential pressure, capacitance, ultrasonic, radar, and displacer. The radar segment held the major market share and valued around USD 135.31 million in 2018. The radar provides enhanced signalling capabilities and growing demand for wireless radar level transmitters has increased the demand of the radar globally.
The non-contact segment accounted highest market share of 53.07% in 2018
Technology segment covers contact and non-contact. The contact segment is further segmented into guided wave radar. The non-contact segment is further segmented into pulse radar and frequency modulated continuous wave (FMCW) radar. The non-contact segment accounted highest market share of 53.07% in 2018, due to its reliability, precision in high dust, and usable in both solid and liquid media.
The K band segment is expected to grow at highest CAGR 8.17% over the forecast period
Frequency range segment is divided into K band, W band, and C & X band. The K band segment is expected to grow at highest CAGR 8.17% over the forecast period, owing extensive use of radar level transmitters in process industries.
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The oil & gas segment held highest market share of 30.16% in 2018
The end-user segment is categorized into oil & gas, chemicals, water & wastewater, food & beverages, pharmaceuticals, power generation, metals & mining, and others. The oil & gas segment held highest market share of 30.16% in 2018. This was attributed to petition for reliable and accurate level measurement systems, high-performance, and cost-effective measurement.
Regional Segment Analysis of the Radar Level Transmitter Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region dominated the global radar level transmitter market with market size around USD 178.43 million in 2018. Asia Pacific is fastest growing region due to growing industrial manufacturing activities, low manufacturing costs, supportive local governments, and growing demand for petrochemicals. North America is anticipated to hold the significant market share in the global radar level transmitter market. Large customer base, presence of major players, industrial automation, and rapid technological advancements are some of the factors that led to the growth of radar level transmitter market in North America region.
About the report:
The global radar level transmitter market is analysed on the basis of value (USD Million), volume (Thousand Units), export (Thousand Units), and import (Thousand Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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