Published Date: 31-Jan-2020
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According to a new report Global Level Sensors Market, published by KBV Research, The Global Level Sensor Market size is expected to reach $6.8 billion by 2025, rising at a market growth of 8.2% CAGR during the forecast period. Escalating progress towards smaller, smarter and cheaper sensors; supporting government regulations; growing vehicle production; increasing the development of the Industrial Internet of Things (IIoT) and the rising adoption of level sensors for healthcare applications are some of the key factors driving the growth of this industry.
The market for non-contact level sensors is anticipated to gain the highest market share over the forecast period. The leading market role for these sensors can be due to the growing acceptance of non-contact level sensors in several end-use applications like wastewater or water, mining and power stations. The Contact Level Sensor market is expected to witness a CAGR of 5.3% during (2019 - 2025).
The continuous level monitoring category is projected to hold the largest share in level sensors market over the coming years. Continuous level monitoring determines the amount of material in a storage vessel on a constant basis. Therefore, it is considered to be suitable for monitoring the inventory of material in any tank or vessel to avoid downtime. The Point Level Monitoring market is expected to witness a CAGR of 11% during (2019 - 2025).
The industrial manufacturing sector is expected to grow at the higher CAGR level over the forecast period compared to the consumer goods industry. The dominant position is due to an increase in the use of automated machines and processes. The Oil & Gas market showcases growth rate of 7.4% during (2019 - 2025). The Wastewater market is anticipated to witness a CAGR of 10% during (2019 - 2025). Additionally, The Chemical & Pharmaceuticals market is poised to grow at a CAGR of 8.8% during (2019 - 2025).
The Asia Pacific region is projected to record the largest market share in the level sensor market during the forecast period. Developing nations in the APAC region, such as China and India, are experiencing significant industrial growth. The Europe market is expected to witness a CAGR of 7.5% during (2019 - 2025). Additionally, The North America market would witness a CAGR of 7.9% during (2019 - 2025).
Structural Insights: https://www.kbvresearch.com/level-sensors-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of TE Connectivity Ltd., Emerson Electric Co., ABB Group, Siemens AG, Ametek, Inc., Honeywell International, Inc., Fortive Corporation, Texas Instruments, Inc., MTS Systems Corporation, Sensirion AG.
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