Selbyville, Delaware , Feb. 19, 2024 (GLOBE NEWSWIRE) -- Level Sensors Market size is estimated to be valued at USD 9 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The ongoing advancements in sensor technologies, including miniaturization, improved accuracy, and better durability will favor the market development. The growing emphasis on enhancing the overall capabilities of level sensors is expanding their application scope across diverse industries. With the rising shift towards energy-efficient operations, several industries are leveraging level sensors for optimizing processes, reducing waste, and ensuring efficient use of resources, further adding to the product demand. For instance, in September 2023, Vega expanded its versatile range of level sensors by adding a new compact 80 GHz instrument series to its radar sensor portfolio to cater to standard water measurement tasks as well as price-sensitive applications.
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Point Level Monitoring segment to gain traction
Level sensors market share from the point level monitoring type segment is expected to exponentially expand up to 2032, led by the growing obligation for precise measurements for ensuring accuracy in monitoring and controlling processes in various industries. With the rising risks of hazardous materials or liquids, point level sensors are widely adopted to offer workplace safety by preventing overflows and spills while helping to detect specific levels of materials, liquids, and substances at predefined points. Given their versatility, these sensors are further finding higher application in pharmaceuticals, food and beverage, oil and gas, chemicals, and wastewater treatment.
Higher incorporation in consumer electronics
The consumer electronics end-use industry segment is expected to record lucrative CAGR in the level sensors market from 2023 to 2032. The growth can be attributed to the rising need for efficient battery management in portable devices like smartphones and tablets. Level sensors help monitor and manage the levels of electrolytes and other liquids in batteries for ensuring optimal performance and safety. With the growing prominence of smart homes, the integration of level sensors into appliances like washing machines, dishwashers, and refrigerators is rising to optimize water usage, prevent leaks, and automate processes to offer convenient user experience. Rising adoption in humidifiers and air conditioners to prevent overflow and ensure safe operation will also add to the product preference.
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Europe to emerge as a lucrative market
Europe level sensors market is estimated to record exponential growth by 2032 driven by the higher adoption of automation technologies in manufacturing, automotive, and pharmaceuticals. The booming automotive sector in the region is pressing the need for precise level sensors for battery management. The strong emphasis on sustainable practices is leading to significant investments in water and wastewater management, propelling the need for level sensors in monitoring water levels, ensuring efficient usage, and preventing overflow and contamination. The surge in renewable energy initiatives is another important factor driving the regional market growth.
Level Sensors Market Participants
Some of the prominent level sensors industry players include ABB Ltd., Honeywell International, Inc., Emerson Electric Company, Siemens AG, Endress + Hauser AG, Vega Grieshaber KG, and Magnetrol International, Inc. These firms are focusing on new product developments to widen their product portfolio and customer base. To cite an instance, in June 2023, Endress+Hauser introduced FMR60B, FMR62B, FMR63B, FMR66B and FMR67B, its new gen next Micropilot 80 GHz radar sensors to cater to all industries and applications.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
