Level Sensor Market Outlook, Current and Future Industry Landscape Analysis 2031
Level Sensor Market size is expected to reach US$ 6.4 Bn by
2029, at a CAGR of 6.3% during 2022-29. Market gains are further estimated to
be underpinned by a slew of factors, with some of the being smart level sensor
application and sheer proliferation of advanced industrial technologies. The
growing demand for intelligent devices, which would broadly include smart level
sensors and smart transmitters, to improve measurement accuracy is expected to
create enormous opportunities for the global level sensor market.
Demand
for Ultrasonic Technology Creates New Growth Opportunities
According to the FMI analysis, ultrasonic sensors are estimated
to gain end user favour by a wide margin, on account of their high sensitivity,
high frequency, and high penetrating power. However, the growing transition
toward microwave/radar technology is likely to be observed by the end of 2029,
set in motion by growing demand for continuous level measurement of bulk
solids. The oil and gas segment is anticipated to command for a significant pie
of the global market share, on account of growing adoption in tank level monitoring,
fuel & chemical injection and various other applications. Adoption of level
sensors in waste and wastewater treatment applications is also likely to
continue unabated, driven by the need of continuous monitoring of wastewater
level in sewage treatment plants.
The report highlights some of the prominent market players, who
have established themselves as leaders in the level sensor market. These
leading players, with their ‘industry-best’ product portfolios, continue to set
their course toward profitable growth through bespoke innovations and launch of
new product models. For instance, in 2017, Vega Grieshaber KG announced
the launch of a new process sensor ‘PLICSCOM’ operating wireless. In 2016,
Endress+Hauser AG announced the official launch of ‘tank gauging’ platform, a
holistic monitoring & inventory control system for tank farms as well as
terminals in the oil and gas, chemicals, and refining application units for
bulk storage and transport of liquids & solids.
Mergers and acquisitions will also continue to hold a
significant spot in the manufacturers’ agenda, given that these strategic
alliances offer immense scope for growth via combined expertise and shared
resource pools. For instance, in 2022, Rochester Gauges, LLC announced its
official acquisition of FPI Sensors, which would further expand the market
share of Rochester in the liquid level sensor space. As the acquisition by
Rochester continues to grow on its own legacy of offering high-quality products
and industry-best customer service, Rochester would get greater access to a
pool of untapped opportunities and reap benefits from them.
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