CHICAGO, Jan. 18, 2021 /PRNewswire/ -- According to the new research report, the "Level Transmitter Market with COVID-19 Impact by Technology (Capacitance, Radar, Ultrasonic, Differential Pressure, Magnetostrictive, Radiometric), Industry (Oil & Gas, Chemicals, Water & Wastewater, Power), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market size is expected to grow from USD 3.1 billion in 2020 to USD 3.5 billion by 2025, at a CAGR of 2.6%. The growth of the market is attributed to a high focus on industrial automation and optimum utilization of resources, increased regulatory emphasis on industrial safety, growing demand for level transmitters in pharmaceuticals and food & beverages, development of wireless level transmitters.
Oil & Gas Industry to hold the largest share of the level transmitter market during the forecast period
Oil and gas are among the key end-user industries of level transmitters. With technological advancements, the demand for fossil fuels has increased all across the world. Level sensors experience demand from a variety of process industries. In the oil and gas industry, they are used for monitoring the presence of toxins, such as methanol, isopropanol, ethylene glycol monobutyl ether (2-butoxyethanol), ethylene glycol (1,2-ethanediol), hydrotreated light petroleum distillates, and sodium hydroxide (Caustic soda), in water.
Level transmitter market for non-contact type to grow at highest CAGR from 2020 to 2025
Non-contact transmitters facilitate level measurement without touching the media. These transmitters are the best choice for measuring the level of corrosive media, such as acids and oxidizers. The most widely used non-contact type level sensing technologies are ultrasonic, radar, and laser, among others. These level transmitters are suitable for moist, dusty, and vaporous environments and conditions where the temperature keeps on fluctuating. Moreover, non-contact level transmitters offer numerous monitoring, control, communications, setup, and diagnostic capabilities. Non-contact level transmitters have been widely adopted in process industries as they are easy-to-use, highly accurate, and require low maintenance.
The level transmitter market in APAC is expected to grow at the highest CAGR from 2020 to 2025
The rapid urbanization and industrialization are increasing the demand for level transmitter in the region. However, COVID-19 is a global health emergency and an economic crisis, which has impacted the level transmitter market in 2020 adversely. These end-users are non-operational due to stringent measures, which include lockdown, restrictions on foreign trade, and a halt in the supply of non-essential products and services taken by several governments across the world as precautionary measures for the safety of people. There is also a huge supply-demand gap due to the decline in global demand.
Moreover, the need to meet the demand of the growing population in this region, along with increasing industrialization in emerging countries, is fueling the growth of the process industries in the region. Japan and china are major markets for level transmitter in APAC.
Endress+Hauser (Switzerland), VEGA (Germany), Emerson Electric (US), Siemens (Germany), and KROHNE (Germany) ABB (Switzerland), Honeywell (US), Yokogawa (Japan), AMETEK (US), Magnetrol (US), Schneider Electric (France) are among a few major players in the level transmitter market.
Tank Level Monitoring System Market by Technology (Float & Tape Gauging, Pressure Level Monitoring, Ultrasonic Level Monitoring, Capacitance Level Monitoring, Radar-Based Level Monitoring), Application, & Geography - Global Forecast to 2025
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