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The global level sensor market is expected to generate revenue worth $4,446.90 million in 2019, and is projected to reach $7,368.10 million by 2026, to register a CAGR of 6.50% during the forecast period. Level sensor is a device that determines the level of fluids or other substances that flow in an open or closed system. There are two types of level measurements, namely, continuous and point level measurements. Continuous level sensors are used to measure levels to a specific limit, but they provide accurate results, whereas, point level monitoring sensors determine the level of fluid above or below a specific point. Level sensors detect the level of fluid or substance by establishing contact or either by non-contact technologies such as ultrasonic, radar, and other such methods.
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Factors such as emerging advancement of level sensors, rapid adoption of industrial automation, and rise in use of level sensors in the energy & power industry drive the market. However, lack of precision and accuracy of level sensors and increase in the adoption of electric vehicles hamper the market. Furthermore, the growth in the use of level sensors in the residential sector is expected to create lucrative opportunities for level sensors during the forecast period.
The market is segmented into type, application, end use, and region. By type, it is bifurcated into contact and non-contact level sensors. By application, it is divided into continuous level monitoring and point level monitoring. The end use segment is divided into automotive, aerospace & defense, energy and power, healthcare, industrial, and others. Region-wise, it is analyzed across North America, Europe, and LAMEA. In 2018, the contact level sensor segment dominated the market in terms of revenue, owing to its cost-effectiveness compared to continuous level monitoring.
The application covered in the study include point level monitoring and continuous level monitoring. The point level sensor is sub-segmented into capacitance, optical, conductivity, and vibrating and float switch. The continuous level monitoring is further divided into ultrasonic and RADAR. In 2018, the point level monitoring dominated the global market, in terms of revenue, and is expected to secure a leading position during the forecast period.
The global level sensor market report provides a comprehensive analysis of major market players such as ABB Ltd., AMETEK Inc., Emerson Electric Co., Endress+Hauser Management AG, Honeywell International Inc., Siemens AG, Taiwan Semiconductor Manufacturing Company Limited, TE Connectivity, Texas Instruments, and Vega Grieshaber Kg. Major companies adopt product launch as their key developmental strategies, which held in the advancements of the level sensor technology, thereby boosting the growth of the global market.
KEY MARKET SEGMENTS
o Float Switches
o Conductive Level Switches
o Vibrating Forks
o Optical Level
• Point Level Monitoring
o Vibrating (Tuning Fork)
o Float Switch
• Continuous Level Monitoring
o Radar (Microwave)