|Status : Published||Published On : Dec, 2021||Report Code : VRSME9085||Industry : Semiconductor & Electronics||Available Format :||Page : 250|
The global level sensor market is anticipated to grow from USD 4.4 billion in 2020 to USD 6.9 billion by 2027, registering a CAGR of 7.6% during the forecast period 2021-2027.
The level sensor is a device that is used in monitoring, managing, and measuring liquids and determines the level of fluids or other substances which flow in an open or closed system. The increased digitalization and adoption of different intelligent devices has hiked the level sensor market and the increase is steady. The mounting industrial automation and development of miniaturization technology in electronic devices will led to the adoption of level sensors in different industry verticals, resulting in the growth of the market. Some industries using the device are food and beverages, oil and gas, consumer goods, industrial manufacturing, etc. The level sensors detect precise and accurate leakage and its application is critical in the automobile industry. Level sensors are widely applied to measure water level, tank level, distance range, object revelation, as well as wireless level monitoring in hydraulic places and as cooling circuits in nuclear power plants.
The COVID-19 outbreak has affected the global economy and has reduced the operations, temporary factory closures, import-export ban. Thus, there is a disruption in the global supply chain that has reduced the production and decrease in spending for new measurement systems and sensors.
Insight by Technology
Based on technology, the global level sensor market is bifurcated into contact level sensors and non-contact level sensors. The contact level sensor is further divided into the guided wave, magnetostrictive, hydrostatic, magnetic & mechanical float, pneumatic, and others. The non-contact level sensor is sub-segmented into ultrasonic, microwave/radar, and others. Non-contact level sensors are electronic devices that produce electromagnetic fields for level measurement and provide advantages such as operating faster, being accurate in measurement, less maintenance cost, and increasing the flexibility of application.
Insight by Monitoring Type
Based on monitoring type, the global level sensors are bifurcated into continuous level monitoring and point level monitoring. The point level monitoring is sub-divided into capacitance, optical, conductivity, vibrating (tuning fork), and float switch. The continuous level monitoring is anticipated to have a high CAGR during the forecast period 2021-2027 as it is used primarily in the monitoring of liquids and measures levels within a specified range so as determine the exact amount of substance in a particular space.
Insight by Industry Vertical
Based on industry vertical, the global level sensor market is divided into food & beverage, power generation, mining and metal processing, automobile, aerospace & defense, energy & power, healthcare, industrial manufacturing, oil & gas, water and wastewater, chemical, consumer, and others. The oil & gas segment is anticipated to grow at a high CAGR during the forecast period 2021-2027 owing to the rising demand for level sensors to monitor storage units and downstream processing plants, resulting in maintaining constant demand for level sensors. Furthermore, the rising crude oil production in various countries like the US will increase the demand for level sensors. The automobile segment is also anticipated to have significant growth owing to the adoption of fuel sensors in measuring the amount of fuel in the tank. The level sensors are adopted to measure liquids like windshield cleaning liquid, cooling water, power steering liquid, and engine oil.
The advent of Industry 4.0, investment in smart cities to detect the flow of sewage and other water bodies, and widespread R&D activities in the innovation of digital sensors are the key trends prevalent in the level sensor market. Furthermore, the rising environmental concerns and strict regulations by governments have led to the adoption of contactless technologies and reduced low carbon emission along with enhancing the precision to manage the flow.
Factors attributing to the growth of the global level sensor market are the reduced size of sensors, increased adoption of level sensors in process industries owing to accurate, precise, and low-cost perpetuation, and mounting adoption of IIoT solutions, constant production of vehicles globally. Furthermore, the mounting demand for consumer convenience, home automation, rising adoption of smart sensors for two-way communication and self-diagnosis, rising demand for intelligent instruments equipped with microprocessors to provide information regarding the performance of the instrument will propel the growth of the level sensor market. In addition, the adoption of liquid level sensors to handle liquid level measurement complexities and liquid assets inventory application will augment the growth of the level sensor market.
The increased competition among players to offer high-quality products and the adoption of thin-film technology will hamper the growth of the level sensor market. Furthermore, the increased security, privacy issues, high integration cost of the product, and scalability and reliability to deploy sensors within the system-on-chip are the challenges faced by the level sensor market.
The advent of nano-enabled sensors will create promising opportunities for growth in the level sensor market. The technological development to access digital level sensors will further provide opportunities for growth in the market.
North America dominates the global level sensor market owing to the accessibility of oil & gas reserves in the US and Canada which has led to an increase in drilling activities and the adoption of level sensors for high accuracy. Furthermore, the presence of major manufacturers in the region will fuel the growth of level sensor market.
APAC is anticipated to be the region with a high CAGR owing to the increased use of level sensors in various industry verticals like industrial manufacturing, chemicals, and pharmaceuticals in this region. In addition, the rapid industrial growth, the existence of a large number of refineries, mining, petrochemical processing, the rising automotive industry will provide opportunities for growth in the level sensor market. Thus, the increased demand for level sensors and supply of raw material by countries like Korea, China, And Japan will fuel the growth of the level sensor market.
The industry players in the level sensor market are adopting strategies like M&A, product launch, expansion, to expand their product portfolio. The prominent players like ABB, Siemens, Endress +Hauser, Emerson, and Honeywell, have captured a large share of the global market. These players obtain crucial level sensors technology. The small-scale level sensors producers have expertise in a specific technology, have a distinct geographical presence, and good marketing network.
ABB is one of the market leaders in level measurement. The range of level sensors and level transmitters offers solutions in the most complex level applications. It has one of the largest agency-approved level switch technologies such as the K-TEK level products line provides solutions in difficult liquid and solid level applications.
Emerson is focused on two business platforms i.e., automation solutions and commercial & residential solutions, and includes developed technologies to create sustainable solutions for customers. Emerson's extensive range of devices for liquids and solids measurement include point level detection to stimulate continuous level, interface, and volume measurement, even in extreme conditions For instance, Emerson's Rosemount level measurement technologies will optimize processes, plan for maintenance, predict and correct issues before they become problems. Their product portfolio includes continuous level measurement, point level detection, solids measurement, hygienic and sanitary level measurement, and accessories and spare parts.
In June 2021, Emerson has developed Rosemount™ 1408H Level Transmitter which is the world’s first non-contacting radar level transmitter designed precisely for food and beverage applications.
In March 2021, AMETEK, Inc. has acquired three companies – Magnetrol International, Crank Software, and EGS Automation (EGS). Magnetrol International will expand the level measurement solutions of AMETEK.
Some of the key players operating in the level sensor market: ABB, Emerson Electric Co., AMETEK.Inc., Honeywell International Inc., TE Connectivity, Fortive, Siemens, Vega Grieshaber KG, Endress+Hauser Group Services AG, and SICK AG.
Source: VynZ Research