Level Sensor Market 2022 Size, Top Key players, Latest Trends,...

Level Sensor Market 2022 Size, Top Key players, Latest Trends, Regional Insights and Global Industry Dynamics 2029

Posted 2023-01-20 12:47:14

The level sensor market size is expected to reach US$ 4.1 Billion in 2022 to US$ 6.4 Billion by 2029. The global level sensor market is anticipated to grow at a CAGR of 6.3% during 2022-29.

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.

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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.

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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.

Competitive Landscape

The global level sensor industry serves a highly fragmented competition landscape. The market is witnessing a trend of acquisition of small sensor technology vendors by the major players, along with the intense competition due to the demand for highly efficient products among the players. Product developments continue to be the key focal point of manufacturers in line with their key strategy to boost their market share holdings.