PUNE, India, June 21, 2017 /PRNewswire/ --
The report "Level Sensor Market by Technology (Contact ( Magnetostrictive, Vibratory Probe), and Noncontact (Ultrasonic, Optical)), Monitoring Type (Continuous Level Monitoring, and Point Level Monitoring), End-Use Application, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 3.58 Billion in 2016 to reach USD 5.32 Billion by 2023, at a CAGR of 5.66% between 2017 and 2023.
Browse 76 market data tables and 60 figures spread through 191 pages and in-depth TOC on "Level Sensor Market - Global Forecast to 2023"
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The market has a huge potential of growth in various end-use applications such as oil and gas, industrial manufacturing, and consumer goods. The growth in the level sensor market would be driven by the increasing advancement of the Industrial Internet of Things (IIoT), the growing adoption of level sensors in the healthcare end-use application, and the supportive government regulations. Moreover, the rise in vehicle production and the development of smaller, smarter, and cheaper sensors would drive the growth of the level sensor market.
The market for noncontact level sensors is expected to grow at highest rate during forecast period
The market for noncontact level sensors, by technology, held the largest share in 2016. The major market for these is covered by the ultrasonic level sensor and radar-based level sensors. Noncontact level sensors, especially ultrasonic and radar are extremely suitable for hazardous environments. Ultrasonic level sensors offer flexible installation options and require minimal maintenance. Ultrasonic level sensors are ideal for use in applications such as wet wells, rainwater basins, and wastewater chemicals (without vapor). The use of automation technology in various industries is further driving the growth of the studied market.
Industrial manufacturing end-use application to witness highest growth rate between 2017 and 2023
The industrial manufacturing end-use application is witnessing a rise in the adoption of automated machinery and processes. These automated machinery essentially require level sensors for control and safety applications. Moreover, major end-use applications of level sensors such as manufacturing and process, semiconductor manufacturing, automotive manufacturing, and aerospace and defense manufacturing are a vital part of industrial manufacturing. Moreover, level sensors play an important role in many automobiles applications such as light motor vehicles (LMVs); tank containers; aviation and air transport applications for fuel level indicators in airplanes and jets; as well as rail transport applications. Several environmental or safety-related mandates by the government are the major driving factors for the studied market in the industrial manufacturing end-use application
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APAC holds the largest share and is expected to grow at highest rate between 2017 and 2023
APAC is a major market for various end-use application such as automotive, process industries, healthcare, petrochemicals and related process, chemicals, power generation, and consumer goods. India and China are considered a huge market for level sensors owing to their growing economy. As the demand for level sensors are increasing in the healthcare end-use application, major issues in APAC, such as aging population and increase in the number of lifestyle-related diseases, act as a driver for the growth of the level sensor market. China, Japan, and India offer a good opportunity for the use of level sensors in the healthcare end-use application.
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The companies that are profiled in the report are ABB Ltd. (Switzerland), Emerson Electric Co. (US), Endress+Hauser AG (Switzerland), Vega Grieshaber KG (Germany), Siemens AG (Germany), AMETEK, Inc. (US), Honeywell International Inc. (US), First Sensor AG (Germany), Fortive Corporation (US), KROHNE Messtechnik GmbH (Germany), Pepperl+Fuchs GmbH (Germany), Nohken, Inc. (Japan), Texas Instruments Incorporated (US), and TE Connectivity Ltd. (Switzerland).
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