Pune, July 10, 2024 (GLOBE NEWSWIRE) -- The Level Sensor Market Share was USD 4.79 Billion in 2023; it is expected to reach USD 9.18 Billion by the end of 2032, and it will grow at a CAGR of 7.50% during the forecast period of 2024-2032.
The level sensor market is a rapidly growing market that experiences huge developments and increase in sales volumes. It is traditionally stimulated by the large number of industries which is motivated to automate their control and management processes.
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Market Players Covered in this Report:
- ABB
- Emerson
- Endress+Hauser
- Vega Grieshaber KG
- Siemens
- Honeywell
- AMETEK
- Schneider Electric
- TE Connectivity
- Gems Sensors
- Garner Industries
- Bindicator
- Magnetrol
- OMEGA Engineering
- MTS System Corporation
- Pepperl+Fuchs GmbH
- Senix Corporation
By 2028, more than 550 oil and gas projects can be implemented in North America. Around, 83% will be completely new developments, the remaining 17% are upgrades. To ensure the safe and efficient operation of the oil and gas boom in North America, the use of level sensors is important. This technical tool is capable of monitoring the full level of liquid and gas substances, which can be transported or stored in tanks, pipelines, and other equipment. Some sensors measure the level of crude oil, natural gas, or water, and some devices can determine the oil-water or gas-liquid interface in separation vessels.
The highest growth rate in the forecast period is expected to result from the development of the automobile sector. It is determined by the progressively increasing demand for advanced safety features as well as the popularity of electric cars with high-level sensor applications. While using vehicles in different spheres, automobiles can apply level sensors in various applications such as fuel level sensors, oil level sensors, or coolant level sensors. For example, Emerson Electric Co. has recently acquired American Governor Company specializing in hydroelectric turbine controls. As a result, Emerson’s types of equipment are expected to expand with level sensors and control solutions for the hydroelectric power industry.
Level Sensor Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.79 billion |
| Market Size in 2032 | USD 9.18 billion |
| CAGR (2024-2032) | 7.50% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segment Analysis
Application Insights:
The industrial process segment held the largest revenue share in 2023. The growing demand for automation and process control in industries such as oil and gas, chemicals, and food and beverage is driving the growth of this segment. Level sensors are used to monitor and control the levels of liquids and solids, thus increasing the efficiency and safety of various operations.
The automotive segment is anticipated to grow at the fastest CAGR during the forecast period. The increasing demand for advanced safety features and the rising popularity of electric vehicles is a key driver. The level sensors find applications in various automotive applications, such as fuel level sensors, oil level sensors, and coolant level sensors.
Technology Insights:
The non-contact type was the largest segment in 2023 in terms of revenue, and the fastest-growing segment as well in the forecast period. Non-contact type or non-contact sensors, such as photoelectric, capacitive, and ultrasonic sensors, facilitate higher accuracy and demand lower maintenance, and this factor will lead to their rising usage in industrial applications.
The contact-type segment is projected to grow at the highest CAGR, such as magnetostrictive, vibratory probes, hydrostatic, and magnetic float sensors are used in the continuous level measurement of liquid and solid in a wide range of industrial applications
Key Regional Development
North America: The region accounted for the highest revenue share in 2023. The increasing adoption of sensors in new cars and the implementation of regulatory initiatives, such as the U.S. EPA’s research program for low-cost sensors, are fueling market growth. Moreover, the TEREAD Act mandates pressure sensors in vehicles to monitor under-inflated tires, thereby positively impacting market demand.
Asia Pacific: The region is anticipated to register the fastest CAGR. The high number of semiconductor manufacturers in countries such as Korea, China, and Japan and increasing environmental concerns, and water management initiatives are propelling the market growth. In addition, policies by governments, such as the “Make in India” and the “Digital India” programs are increasing the demand for level sensors in consumer electronics and other applications.
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Future Growth
The level sensor market is likely to grow rapidly within the next several years as it will be facilitated by the advances in technology and the expanding span of applications in which they can be employed. More precisely, the ongoing shift from contact to non-contact types of sensors is expected to drive the development of the target market, also boosted by the increasing demand for automation and more accurate process control. Moreover, the market growth is likely to be promoted by the constant development of industrial standards related to environmental safety and the further integration of level sensors into the corresponding applications, particularly wastewater management.
Recent Development
- April 2024: Anova company in remote monitoring of industrial assets launched an innovative URADAR Sensor and Universal Tank Monitor-URADAR Radar Level Sensor. The technology is widely popular in the industry and especially in companies that work with IBCs or Intermediate Bulk Containers full of industrial liquids.
- September 2023: The best CPMS or tire pressure monitoring, Sensor in the world today is the XENSIV SP49. The device has a core ASIC with a 32-bit Arm M0 + and top-notch MEMS sensors. Alongside generous flash memory and, plus, the device has inbuilt fast acceleration sensing and monitoring. By deploying such sensors, the tire pressure monitoring system, TPMS, can access intelligent tires that are more reliable than others.
- March 2024: The majority of the LI-COR Inc. ecology branch launched the LI-710 Evapotranspiration Sensor. The sensor is widely used to measure the degree of evapotranspiration, ET, or the level of water that evaporates into the atmosphere from the ground and the plants growing on it.
Key Takeaways
- Gain an understanding of the factors driving market growth, such as automation, environmental regulations, and technical progressions.
- Learn emerging application areas and untouched market segments with high growth potential.
- Understand the competitive landscape, including key players, their product offerings, and market positioning strategies.
- Access forecasts for market size, growth rate, and regional trends to make informed business decisions.
- Leverage the report's insights to develop effective marketing and investment strategies for the level sensor market.
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