New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Level Transmitter Market information by Product, by Type, by End-User and Region – Forecast to 2027” the market was valued at USD 2,984.4 Million in 2018; it is expected to reach USD 4,166.7 Million by 2025 at 4.98% CAGR.
The level transmitter market is growing rapidly, witnessing continuous demand from oil and gas, chemical, and power generation industries worldwide. Energy sectors are growing profusely due to the augmenting demand for energy globally. The vastly growing global population is a major factor driving the energy demand. Besides, rapid industrialization and urbanization worldwide foster power demand.
Additionally, the rise in research & development spending and growing uses of level transmitters in chemical and power generation sectors push the growth of the market. As a result, the level transmitter market share is continually escalating on the global platform.
Dominant Key Players on Level Transmitter Market Covered Are:
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Market USP exclusively encompassed:
Factors such as the rising need for continuous level monitoring and increasing automation across various industries drive the level transmitter market growth. Additionally, the growing demand for radar level transmitters offers significant growth opportunities. On the other hand, the lack of standardization and high costs are the major factors impeding the growth of the market.
Segmentation of Market covered in the research:
The level transmitter market analysis is segmented into product, type, end-user, and region.
The product segment is sub-segmented into magnetic level transmitter, capacitance level transmitter, radar level transmitter, ultrasonic level transmitter, digital level transmitter, Hydrostatic level transmitter, and displacer level transmitter.
Among these, the magnetic level transmitter segment holds the largest market share. In 2018, the segment derived revenues of USD 561.7 million. The capacitance level transmitter segment accounts for the second-largest market share. Ultrasonic level transmitters measure time lapses between the transmitted signal and received echo signal using the ultrasonic pulse and measure the distance using an on-board microprocessor.
Magnetic level transmitters are used to accurately measure liquid levels within a chamber or a tank using magnetostriction, buoyancy, and electronics technologies. Capacitance level transmitters are used to measure liquid levels and slurries of homogeneous composition with a stable dielectric constant. Hydrostatic level transmitter with a pressure diaphragm is used for submersible applications to measure pressure.
The type segment is sub-segmented into contact and non-contact. Contact type is the largest segment accounting for the highest market value. In 2018, the segment accounted for the larger market share. The non-contact type level transmitter is a premium level measurement device, offering accurate and reliable data readings. However, non-contact type level transmitters are more expensive.
The end-user segment is sub-segmented into oil & gas, chemical, power generation, and others. Among these, oil & gas is the largest segment accounting for the highest market value. In 2018, the segment accounted for the larger market share. The power generation segment is expected to grow at the highest CAGR during the review period.
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North America dominates the global level transmitter market and is estimated to maintain its market position throughout the anticipated period. The largest market share attributes to significant investments made in the energy infrastructure development to fulfill the growing demand for power. Besides, vast technological advances and automation in power sectors drive the level transmitter market size.
Moreover, the faster automation across manufacturing facilities creates substantial market demand. With the strong presence of pharmaceutical, power generation, and O&G industry and equipment manufacturers, the US leads the level transmitter market in the region.
Europe accounts for the second-best position in terms of the level transmitter market value. Rapid automation and the growing automotive and power generation sectors in the region drive the level transmitter industry. Additionally, the economic growth in the region plays a vital role in market growth, making R&D funds available for the development of level transmitters.
The Asia Pacific region demonstrates a positive growth rate towards the adoption of level transmitters. Digital revolution is proliferating across the region, which increases the adoption of level transmitters across the manufacturing sectors.
The region is the hub for various industrial products like manufacturing equipment, food processing equipment, transportation equipment, and consumer product. Furthermore, increasing uses of level transmitters in various power generation and industrial applications add to the region’s level transmitter market share.
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COVID-19 Impact on the Global Level Transmitter Market
The COVID-19 outbreak affected the level transmitter industry severely. Transmitter manufacturers faced various problems, such as disrupted supply chain, attracting workers from quarantines, obtaining components required for the production, and delivering end products. The lockdown halted the component and device production, putting a brake on the manufacturing facilities. The market witnessed spiked product prices and lowering product demand.
However, the good news is that the level transmitter industry is returning to normal, witnessing the rapidly increasing energy demand, primarily from the industrial sectors. The market demand is expected to pick up following the uplift of the lockdown in many countries.
Spurring rise in the oil & gas industry is a major driving force behind the market growth. Besides, rising technological advances and demand for reliable & accurate measuring instruments in offshore production facilities act as major tailwinds for the market growth.
Chemical industries are undergoing rapid transformations and increasing the production of high-quality chemicals with the help of automation. Therefore, level transmitters are witnessing huge demand from chemical industries worldwide. Level transmitters are gaining huge popularity in various industries, such as consumer, manufacturing, beverages, chemical, and pharmaceutical.
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