PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250778
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250778
According to Stratistics MRC, the Global Level Sensor Market is accounted for $6.15 billion in 2022 and is expected to reach $10.0 billion by 2028 growing at a CAGR of 8.5% during the forecast period. Level sensors are used to determine the position of the surface within a container containing both liquids and solids in the form of powders. The chapter investigates the applicability of several types of sensors for measuring such liquids and solids. Level sensors are largely utilised in the manufacturing and automotive industries, but they can also be found in many residential products, such as refrigerator ice makers thus increase the demand for level sensor market.
According to British Petroleum's Statistical Review of World Energy, 2018, more than 33% of the global refining capacity is concentrated in the Asia-Pacific region. Countries like China, India, Japan, and South Korea have the most active oil and downstream gas sectors in the region, which, together, are responsible for over 78% of the Asia-Pacific oil refining capacity region.
Reduced sensor size
Massive technological advancements in the previous decade have resulted in a significant reduction in the size of level sensors, which has played a significant influence in the growth of the level sensor market. The reduction in size and increasing penetration of MEMS technology in the level sensor industry have provided a broad horizon of applications for level sensors in industries such as automotive, aerospace, and defence, health care, industrial chemicals, and so on, accelerating market expansion.
Presence of alternative brand choices
Presence of various brands of level sensors which are available at cheaper cost than that of the brands are gaining importance due to its low cost thus restraining the market. Key players acquire key level sensor technology firms or small scale sensor manufacturers with expertise in a certain technology, a significant geographic presence, and a well-established sales network. Furthermore, leading players develop and integrate strong communication protocols into their level sensor technologies to ensure compliance with specific industrial certification thereby hindering the growth of the market.
Adoption to industry 4.0
The rapid adoption of AI and IoT in different industries, known as industrial revolution 4.0, has proven to be a driving force in the level sensor industry. Level sensors are employed in industries such as food and beverage, energy and electricity, healthcare, and others that are transitioning to automation due to enhanced precision in redundant processes. The sophisticated sensors are used for a variety of processes that require more precision and accuracy. Furthermore, the incorporation of IoT and machine learning in level sensors has increased their demand in many sectors and aided in the global expansion of the level sensor market.
Lack of precision and accuracy
The level sensors however may be widely used equipment but the readings of this equipment may not always be accurate such as if tank level readings are routinely imprecise, the measurements provided are most likely incorrect. This frequently results in reported water levels that are higher than 100% or never reach 100%, even when the tank is full. Level Determination Problems occur in this procedure because the DP cell's sensing line connections were inverted. This is common in systems with high operational pressure but low hydrostatic pressure due to fluid weight. When a DP cell is wrongly attached, the apparent level falls while the true tank level rises which might me inconvenient and takes many repairs which hinders the market.
With the advent of Covid 19, many end-user industries in the market analysed, such as manufacturing, oil and gas, and others, have been impacted due to reduced operations, temporary plant closures, and so on. Owing to Covid 19, primarily active new projects across the oil and gas value chain, project execution planning and risk management are anticipated to confront numerous obstacles. Major problems in the renewable energy business focus around worldwide supply chains, which are significantly reducing output in order to reduce investing on new measurement systems and sensors.
The Contact level sensors segment is expected to be the largest during the forecast period
The Contact level sensors segment is estimated to have a lucrative growth, due to the use to measure point or continuous levels. Float, optical, Rf capacitance, conductivity, ultrasonic, and tuning fork are examples of types. A level sight gauge is often made out of a tube with apertures towards the top and bottom of the tank. The tube includes a transparent face, allowing the operator to observe the process material level. Several of the same issues that worry touch sensors should be considered, such as agitation, corrosiveness, tackiness, temperature, pressure, and so on, which could harm or obscure the viewing area.
The Optical segment is expected to have the highest CAGR during the forecast period
The Optical segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the optical level sensors are used for point level sensing and can withstand extreme temperatures and pressures. As a result, these sensors may be utilised for both point level detection and continuous monitoring of solids and liquids. These sensors would monitor the level of suspended solids in liquids, and optical level sensors can be utilised in industry to measure corrosive, organic, and aqueous liquids. An infrared LED and a light receiver make up the optical level sensor. These sensors can detect a drop or change in level by transmitting infrared light emitted by an infrared diode. The main benefits of optical level sensors are their small size, lack of moving components, and inexpensive cost which help in expansion of the market.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to rising expenditures in automation and a focus on process efficiency across the pharmaceutical, oil and gas, and food processing industries. In the North American level sensor market, several technologies are used. Because of the tiny size and mobility of the sensors, ultrasonic is one of the most preferred approaches. The sensors are also simple to use and inexpensive. The sensors do not require much upkeep. Ultrasonic sensors are mostly used to detect solid substances and their capacity to perform in harsh environments encourages the market growth in this region.
Asia Pacific is projected to have the highest CAGR over the forecast period, owing to result of technological developments and widespread usage of technology across a wide range of sectors. The level sensors market in Asia Pacific is expected to grow due to increased adoption of level sensors in several sectors such as industrial manufacturing, chemicals, and pharmaceuticals. China is expected to experience exponential growth in level sensors, owing to the combination of advanced signal conditioning with packaging techniques and high technology sensors that provide ideal extensive solutions for accurate, reliable, and economical level measurement thus enhancing the market the this region.
Some of the key players profiled in the Level Sensor Market include Emerson Electric company, Texas Instruments Incorporated, ABB Ltd, Pepperl+Fuchs GmbH, Siemens AG, TE Connectivity Ltd, Nohken Inc, AMETEK Inc, Fortive Corporation, Honeywell, Schneider Electric, Gems Sensors, Endress+Hauser and Vega Grishaber KG
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