Level
sensors are used to detect and measure the level of liquids, bulk solids, and
other fluids in various industrial applications. These sensors are specifically
used to observe and control levels of a particular free-flowing substance
within a specified space. The level measurement can use either contact
technology or noncontact technology. The overall analysis of the level
sensor market consists of evaluating various technologies, monitoring
types, end-use applications, and regions. 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.
Some of the
major driving factors for the growth of the level sensors are market supportive
government regulations, rise in vehicle production, and increasing advancement
of the Industrial Internet of Things (IIoT). Moreover, the market is further driven by the
development of smaller, smarter, and cheaper sensors, and the growing adoption
of level sensors in the healthcare end-use application.
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The level
sensor market is highly competitive with a large number of global and local
market players. Product launches and developments has been one of the most
prominent strategies followed by the key industry players in recent years.
Moreover, partnerships, collaborations, and joint ventures are the other major
growth strategies followed by the companies in the level sensor market. The key
players following these strategies are ABB Ltd. (Switzerland), Emerson Electric
Co. (US), Endress+Hauser AG (Switzerland), Vega Grieshaber KG (Germany), and
Siemens AG (Germany).
Top 2 players in the level
sensor market:
ABB Ltd. is
a global leader in power and automation technologies. The company’s strategy is
to pursue growth opportunities to complement its offerings in terms of products
and services, technology, and geographic reach. With the acquisition of
Bernecker + Rainer Industrie-Elektronik (Austria) firm in April 2017, ABB Ltd.
could expand its leadership in the field of industrial automation. The
company’s plans to increase its share in emerging markets that have strong
growth potential given the ongoing industrial growth and demand for automation
of various industrial applications. The company is expanding its product
offerings within the measurement products business segment to provide customers
with complete oil and gas solutions. With the launch of Coriolis mass flow
meter in 2015, the company is expected to expand its product line for level
flow meters.
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Emerson
Electric Co. (US) is another major player in the level sensor market. It is
among the important players offering process automation solutions to various
end-user industries. The company has a strong and diversified product
portfolio, which enables it to respond to challenges and opportunities in the
marketplace effectively. The company launched several products in the fiscal
year 2015–2016, owing to its strong research and development (R&D)
portfolio. Moreover, the company has adopted the organic growth strategy to
expand its existing portfolio and enhance its capabilities. In 2017, Emerson
Electric Co. launched the noncontact radar level transmitter to reduce the
complexity during level measurement with regard to tank monitoring, process
control, and overfill prevention.
