Level Sensors Market Is Expected To Reach USD 5.32 Billion by 2023


Posted June 26, 2019 by Pankajraj

The level sensor market was valued at USD 3.58 Billion in 2016 and is expected to reach USD 5.32 Billion by 2023, growing at a CAGR of 5.66% between 2017 and 2023.

 
According to the new market research 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", 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.

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.

Get Free 10% Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=926

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

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.

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).

About MarketsandMarkets

MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Email: [email protected]
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Markets and Markets
Phone 9028395688
Business Address Tower B5, office 101, Magarpatta SEZ
Country United States minor outlying islands
Categories Business , Electronics , Semiconductors
Tags level sensors , level sensors market , level sensors market share , level sensors market size
Last Updated June 26, 2019