Level Transmitter Market estimated to grow at a CAGR of 4.49% to reach US$2,822.662 million in 2019 to US$3,673.858 million in 2025
The level transmitter is defined as an instrument that is able to facilitate the continuous measurement of the level of a given fluid or any bulk solid at any given time.This product differs from the level alarm, as it notifies when the level is exceeding the pre-set level.
According to the report, the level transmitter market is projected to increase at CAGR of 4.49% over the forecast period 2019-2025.
There is increasing demand among the end-user industries such as manufacturing, oil, and gas, chemical among others, for instruments and equipment that use effective and efficient gives proper measurement and supports the latest technology like wireless connectivity and better sensing. Thus, this factor is leading to a surge in the demand for level transmitting instruments driving the growth of the level transmitter market over the forecast period.
In addition, there are rising concerns among the end-user industries in order to reduce the power consumption for the conduction of operations, increase the profitability, achieve the economies of scale and gain a competitive edge over their rivals, which is increasing the adoption of level transmitters and further contributing to the market growth.
By industry vertical, the oil gas industry and the energy and power industry makes the use of oil and gas tanks as well as boiler tanks for the operations relating to fluids and thus, requires continuous monitoring of fluids used for the different end-use applications, such as power generation and manufacturing of fuels. Therefore, it is important, that the level of fluids must be maintained in the tanks according to strict industry regulations to minimize hazards, which increases the importance of using level transmitting instruments in these industries. Moreover, the chemical industry is expected to hold a considerable share in the level transmitters market, which is attributable to the fact that the production of electronic components for consumer electronics is increasing, which makes use of certain chemicals during the assembly and fabrication process.
Geographically, the North American region is estimated to hold a significant market share on account of the well-established chemical production industry and the oil and gas industry in this region. This coupled the presence of some of the major players in this region such as Honeywell International and General Electric Co. among others. Moreover, the increasing investments in the R&D to improve the level of sensing technology is further contributing to the position and share of this region in the market.
In addition, the Asia-Pacific region is projected to increase its market share and grow at a considerable pace over the forecast period owing to the rapidly increasing industrialization and urbanization happening in the developing countries of this region such as China and India. Moreover, there is the burgeoning number of construction projects and activities, being facilitated due to reduction in the field engineering costs, coupled with the initiatives being taken by the government such as as “Make in India”, whose main objective is to boost the manufacturing sector and activities in the country.
The major players covered as part of the report are General Electric, Siemens AG, WIKA Instruments, ABB Ltd., Fuji Electric, Yokogawa Electric Corporation, VEGA Grieshaber, and KROHNE Group among others
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This report segmented the level transmitter market on the basis following terms
- By Technology
o Differential Pressure
- By Type
- By Industry Vertical
o Oil & Gas
o Food & Beverage
o Energy & power
- By Geography
o North America
o South America
o Middle East and Africa
- Saudi Arabia
o Asia Pacific
- South Korea
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