ID: MRFR/SEM/3786-HCR | February 2021 | Region: Global | 100 pages
In the year 2019, The level sensor market is expected to grow by approximately 9% CAGR during the forecast period, 2017-2023. Level Sensors are referred to as devices that are used for monitoring, maintaining, and measuring liquids. Level sensors are generally applied in varied verticals including oil and gas, medical, printing, and others.
They are very useful in detecting precise and accurate leakage, although, their application is crucial in the automotive sector. The level sensors can detect fluid flows within open or enclosed systems, which are of two types continuous and point level.
Technology advancement has enabled the manufacturers to effectively managing liquids through digital sensors which have reduced the cost of applying level sensors.
Level Sensor Market COVID-19 Analysis:
COVID-19 was first detected in China that gradually spread to other nations. The pandemic has impacted varied industrial units owing to series of lockdowns, shut down of business or operations in lower capacities. This has caused major disruptions in the supply and value chain, cancellation of technological events, and other operations.
Besides, China is the hub of several manufacturing units, while it is also a major supplier of raw material, thus national lockdown in the region has negatively influenced the global supply chain.
Level sensor market growth has been severely impacted due to reduced investments and operations of the industries & manufacturing units. Due to the crisis, uncertain market conditions have been created which has resulted in a fall of stock prices, increased panic, reduced business confidence.
Manufacturing units in the oil & gas sector have been severely impacted due to social distancing norms and related regulations. Level sensor market expert reveals that impact of a pandemic will impact the industries in the short and medium-term.
In the last few years, there has been awareness of environmental concerns which is accompanied by strict regulations from global governments. This has increased the requirement for contactless technologies for lowering carbon emissions and thereby improving precision for managing the flow. The increase in demand can be attributed to the requirement of accurate, precise, and low-cost tools for monitoring fluid flow.
The leakage of slurries and greasy materials has an adverse environmental impact, thus, there has been a surge in demand for increased supervision and monitoring of fluid levels. Hence, advanced technology like MEMS and nano-enabled sensors is being considered to be the ultimate solution for managing liquid flow in huge manufacturing and mining industries.
IoT and AI alert the operators in advance about the conditions of liquid in the barrels and storage tools which helps in applying sustainable strategies. This will propel the level sensor market growth in the long run.
The traditional level sensor is manufactured in standard shapes and sizes which needs to alter as per the business requirements. The level sensors are costly and their application to business units is restricted. In addition to this, technological advancement has reduced cost-related factors, however, it has increased security and privacy issues.
Cybercrimes have increased from the past few years due to which many computerized systems are compromised, thus, level sensor market growth is restricted in many sectors. Another restraint for the market growth will be scalability and reliability while deploying sensors within the system on-chip.
In recent years, many developing nations have been improving their practices by investing in efficient operations for reducing costs and maintaining environmental sustainability.
In addition to this, the customizable level sensors market demand will be improved from the developing regions in the upcoming years. Also, technological advancement will enable many companies to access digital level sensors which will further provide immense opportunities for manufacturers globally.
The pandemic has created issues for many businesses globally. Thus, companies are struggling to manage operations, meet supplier and customer demand coupled with the struggle for providing adequate ROI for investors and shareholders.
Level sensors market experts have revealed that a lack of medications or uncertain situations related to the further outbreak of pandemic will impact the market growth in the short, medium, and long term. Thereby, many manufacturers and dealers will struggle in uplifting demand or supplying the required quantities.
In addition to this, Level sensors market experts conclude that the industry also faces a challenge in improving product differentiation. As, the industry is dominated by homogenous products which increases the competition for acquiring contracts of large manufacturers, thus, creating price pressure.
During the forecast period, it is estimated that level sensors market growth will propel due to the high adoption of sensors in overall industries. Many developed nations are investing in smart cities; hence, level sensors can be applied for detecting the flow of sewage and other water bodies surrounding the region, thus enabling the government in applying strategies to safeguarding disasters.
Increasing technological adoption in crucial sectors like sewage, dams, rivers, big manufacturing units poses several security threats like cybercrime. All the MEMs and nano technologies for measuring levels are in the developing stage, hence security features are compromised.
Cybercrime rates have increased over the past few years, due to which many governmental data have been compromised. Thus, the global government needs to develop policies and practices for managing security-related issues, like investments in the development of strong cloud platforms or collaboration with esteemed tech companies. The increasing incidences of accidents, man-made and natural disasters will increase the demand for level sensors.
Level Sensor Market Segment Overview:
The market segments for the level sensors market can be divided into monitoring type, verticals, technology, and sensor type.
Level Sensor Market Regional Analysis:
As per regions, the market segments are divided into United States, Europe, Asia Pacific, and others. It is being estimated that North America will be the largest market contributing to growth owing to the highest technological development and presence of manufacturing units.
In the North American regions, high investments in industrial IoT will also drive growth. The market growth will be followed by Asian- Pacific Market owing to the increasing demand for level sensors and supply of raw materials by countries like China, Korea, and Japan.
India has been witnessing increased foreign direct investment due to which it will be the fastest-growing nation. European and other regions of the world will also contribute to the market growth owing to strict environmental regulations and increasing awareness for protecting leakage & man-made disasters.
Level Sensor Market Competitive Landscape:
A key player in the level sensors market includes Texas Instruments Incorporated (U.S.), Fortive Corporation (U.S.), Honey well International Inc. (U.S.), Siemens AG (Germany), ABB Ltd (Switzerland), Nohken. Inc (Japan), Ametek Inc. (U.S.), TE Connectivity Ltd (Switzerland), First Sensor AG (Germany), Krohne Messtechnik GMBH (Germany).
Siemens has announced its launch of Sitrans LR250 PLA which is a radar level measurement that is used for managing inventories and critical process control.
AMETEK has also launched Model 575, which is a submersible level transmitter that supervises the fuel level in different types of tanks on a continuous level. Vega has partnered with Open Industry 4.0 Alliance for expanding its product portfolios in IIOT and cloud platforms.
Besides, Emerson has announced its launch of a product named Rosemount which is a solid level switch created for optimizing operations, increasing safety, and reduction of waste through supervision and support overfill prevention.
The report includes analysis done on level sensors market growth through evaluation of overview, market dynamics, value chain analysis, segment overview, competitive landscape, and recent development.
|Market Size||Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||technology, application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Texas Instruments Incorporated (U.S.), Siemens AG (Germany), Fortive Corporation (U.S.), Honeywell International Inc. (U.S.), First Sensor AG (Germany), ABB Ltd. (Switzerland), Vega Grieshaber KG (Germany), KROHNE Messtechnik GmbH (Germany), Nohken, Inc. (Japan), TE Connectivity Ltd. (Switzerland), Pepperl+Fuchs GmbH (Germany), AMETEK, Inc. (U.S.), and Endress+Hauser AG (Switzerland)|
|Key Market Opportunities||The emergence of nano-enabled sensors is expected to be an opportunity to drive the level sensor market.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
By 2023, the worldwide market of level sensor can surge at 9% CAGR.
KROHNE Messtechnik GmbH (Germany), TE Connectivity Ltd. (Switzerland), and Nohken, Inc. (Japan) are some well-established players of the level sensor market.
Consumer goods, industrial manufacturing, automobile, dry bulk, and chemicals are some areas of application of level sensors.
The large scale adoption of liquid type sensors by the energy and power industry due to increase in oil exploration activities can promote level sensor market.
Pneumatic, hydrostatic, and vibratory probe are contact type technologies used in level sensors and non-contact type technologies are ultrasonic, optical, laser, and microwave or radar.
The level sensor is generally used to detect the level of liquids, fluidized assets involving slag, granular slurries, and powders that are present in the upper layer of open surfaces.