NEWARK, Del, May 30, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insight, the global radar level transmitter market is projected to reach a value of US$ 850 million in 2023, registering a CAGR of 8.0% from 2023 to 2033. This is anticipated to grow a value of US$ 1.8 billion by 2033.
Radar level transmitters are gaining immense popularity given their numerous benefits in comparison to alternative level measurement devices. One notable advantage is their immunity to fluctuations in temperature or density. Additionally, they offer the flexibility to measure levels in both enclosed and open containers. These features make them highly reliable in several key industries.
The global surge in industrialization stands as a crucial factor propelling the market. As industries continue to emerge, the demand for precise and dependable level measurement escalates. Radar-level transmitters find applications across diverse sectors including oil and gas, chemicals, food and beverage, pharmaceuticals, and water and wastewater treatment.
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A focus on optimizing asset utilization and a shift toward non-contact laser transmitters also support the market expansion. A growing need for more efficient measurement solutions and stringent government regulations to mitigate risks associated with hazardous substances is likely to force market progression.
A notable trend observed in the market is the growing prevalence of wireless technology. Traditional wired radar level transmitters are substituted with wireless counterparts given their numerous advantages. These advantages include enhanced flexibility, portability, and simplified installation. Furthermore, wireless radar-level transmitters provide real-time data.
The market is experiencing a prominent trend with the growing uptake of cloud-based solutions. This adoption brings forth various advantages, including lowered operational costs, scalability, and improved security. Moreover, cloud-based solutions provide real-time data which helps in well-informed decision-making processes.
Key Takeaways:
- The radar level transmitter industry in the United States is predicted to reach US$ 577 million by 2033.
- The radar-level transmitter industry in the United Kingdom is estimated to expand at a CAGR of 7.2% between 2023 and 2033.
- During the forecast period, the radar-level transmitter industry in China is expected to reach a market valuation of US$ 157.5 million.
- The radar level transmitter industry in Japan is predicted to boom at a 7.5% CAGR through 2033.
- South Korea's radar-level transmitter industry is predicted to achieve a market revenue of US$ 74.2 million by 2033.
Competitive Landscape:
Radar-level transmitter market players are pursuing various strategies to strengthen their market position. They are engaging in product development and innovation to meet the increasing demand for precise-level measurement solutions. They are also entering strategic partnerships and making collaborations with other companies in the industry.
Furthermore, manufacturers engage in acquisitions and mergers to broaden their product portfolios, acquire new technologies, and gain access to new customers. Additionally, they are expanding their distribution networks and providing comprehensive after-sales support to ensure customer satisfaction.
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Recent Developments:
- ABB unveiled the LWT300 Series, a new line of intelligent guided wave radars, in June 2019. This series incorporates the advanced-level expert algorithm. This enables automatic distinction between genuine measured levels and false signals.
- Emerson introduced a specialized edition of its Rosemount™ 5408 Non-Contacting Radar Level Transmitter in November 2017. This version was specifically developed to address the unique requirements of measuring bulk solids levels.
Market Segmentation:
By Technology:
- Guided Wave Radar
- Pulse
- FMCW (Frequency Modulated Continuous Wave)
By Frequency:
- C and X Band
- K Band
- W Band
By Medium:
- Solid
- Liquid
By Industry Vertical:
- Oil and Gas
- Chemical
- Food and Beverage
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa(MEA)
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Unit) Projections, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Technology, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Technology, 2023 to 2033
5.4. Y-o-Y Growth Trend Analysis By Technology, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Technology, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Frequency
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Frequency, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Frequency, 2023 to 2033
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