Level Sensor Market

Global Level Sensor Market Size (2023 to 2028)

The size of the global level sensor market is expected to reach USD 7.63 billion by 2028 from USD 5.32 billion in 2023, growing at a compound annual growth rate (CAGR) of 7.48% during the forecast period.

Level sensors are becoming a crucial component in some of the major industries, like automobiles, manufacturing, oil & gas, and consumer electronics, to measure the levels of water, oil, dust, and different types of solids. Some of the common level sensors are ultrasonic sensors, radar sensors, optical sensors, and float switches.

MARKET DRIVERS:

The primary factors attributing to the growth of the global level sensor market are the increased adoption of industrial automation and improved production requirements worldwide. In addition, the increase in population and the changing preferences of consumers for advanced and cost-effective products in all sectors are driving global market growth. Also, recent advances in technology have improved the efficiency of these sensors, making them a primary choice in the industries mentioned earlier. Besides, the expansion of applications to sectors like wastewater treatment, food and beverages, chemicals, manufacturing, and healthcare is supposed to boost the growth of the global level sensor market.

The need for stringent regulations related to safety, quality, and environmental-friendly operations further promotes the adoption of advanced-level sensors in different manufacturing and maintenance processes. The rapid industrialization in several underdeveloped and developing nations, coupled with the modifications to the existing industrial infrastructures, is fuelling the demand for level-measuring sensors. Further, the spike in the integration of smart and wireless sensors to enhance two-way communication, data collection, and timely monitoring is contributing to the level sensor market growth. Moreover, the demand for contactless sensors in several toxic and unsafe environments coupled with the surging need for the Internet of Things (IoT) and Industry 4.0 is likely to offer extensive opportunities for the global level sensors market in the following years.

MARKET RESTRAINTS:

The major challenge in the level sensor market is to ensure the durability and dependency of these sensors in different climatic conditions and varied temperatures and pressures. Also, the costs associated with the production, maintenance and regular upgrades can be a downside for some of the new entrants to the market. In addition, the existing challenges for these sensors, like compatibility with certain materials and adjustments, may pose a restriction for their adoption in certain applications. Adding to this, the issues surrounding the accuracy of these sensors in certain conditions like foam, different sizes of the containers, and material agitation can question their adoptions.

Besides, the lack of proper standards in terms of compatibility and complexity involved with the integration of new technologies with traditional systems can affect the overall sales in the level sensor market. Further, with the adoption of the latest technologies like IoT and Industrial 4.0, the communication and collected information from the sensors should be safeguarded and managed precisely to avoid data breaches. Moreover, the intense competition among the market players and fluctuations in the economic conditions of several nations are posing a threat to the rapid developments in the level sensor market.

Impact of COVID-19 on the level sensor market:

The COVID-19 pandemic had a negative impact on the global level sensor market initially. The early lockdown situation across the world led to supply chain disruptions and logistics challenges for the manufacturers. The strict government restrictions forced industries and start-up companies to halt research and development activities, thereby impacting the innovations and production of new advanced level sensors. Also, the COVID-19 pandemic led to a change in priorities for people and companies, resulting in postponement and delays in the launch of novel technologies. In all the sectors, the major focus was shifted towards immediate needs, affecting the demand in the level sensors market. Furthermore, the strict social distancing measures, travel limitations, remote working, and other safety measures negatively impacted the productivity and developments in the level sensors business. However, after the ease of lockdown conditions, the market started gaining its position with increased investments in new technologies. Nevertheless, the digital emphasis created as a part of the pandemic encouraged more companies to spend on IoT, industry 4.0, and other advanced technologies.

REPORT COVERAGE:

This research report on the level sensor market has been segmented and sub-segmented into the following categories.

Level Sensor Market – By Monitoring:

• Point Level
• Continuous Level

The point level monitoring segment accounted for the highest share in the global level sensor market in 2022. The concerns related to leakage and oil shortage are supporting the growth of this segment.

 On the other hand, the continuous level monitoring segment is predicted to witness a considerable growth rate in the forecast period. The augmented use of different level sensors like gamma ray, hydrostatic, and air bubbler to track the levels of liquids in containers or fixed spaces is driving the demand for continuous level monitoring sensors.

Level Sensor Market – By Technology:

• Contact Type
• Non-Contact Type

The non-contact segment is estimated to expand with a significant growth rate in the global market in the coming years. The surge in the integration of automation technologies is majorly driving the need for contactless sensors. The applications of these sensors like precise measurements, less maintenance, fast operations, and improved flexibility, along with the increased demand from hazardous environments, are fuelling the adoption of the non-contact type sensors.

Level Sensor Market – By End User:

• Automotive
• Consumer Electronics
• Healthcare
• Oil & Gas
• Industrial
• Power Generation
• Food & Beverage
• Chemical
• Water and Wastewater treatment
• Mining & Metal Processing

The industrial segment is expected to register the highest CAGR in the global level sensors market due to the augmented adoption of industrial automation and the need for precise levels of solids and liquids in different processes. Similarly, the automotive segment is anticipated to propel owing to the transition towards electric vehicles and the requirement for advanced safety features.

The Oil & gas segment is another significant market for level sensors because of the expanded use of these sensors in harmful environments, downstream processing, and storage monitoring in the Middle Eastern countries. Also, the worldwide demand for wastewater treatment solutions and strict government regulations are likely to boost the applications of level sensors in the oil and gas segment.

Level Sensor Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America dominated the global level sensor market, accounting for more than one-third of the total revenue. The USA is the leading market in this region, with a high adoption rate of advanced technologies in industrial processes and automobiles. The flourishing demand for these sensors in food and beverages, pharmaceuticals, and other industries is promoting the level of sensor business in this locale. Moreover, the oil and gas explorations that constantly require contactless ultrasonic and radar sensors are creating a positive outlook for the level sensors market in North America.

The Asia Pacific region is expected to excel with the highest growth rate in the foreseen period due to the augmented usage of level sensors in different sectors like chemicals and automotive. The increasing industrialization and technological advancements in nations like India, China, and Japan are supporting the market boom in this locale. The rising investments in the manufacturing sector in India and China that need real-time monitoring of solid and liquid materials are further predicted to fuel the level sensors business in the APAC countries.

Europe is also foreseen to grow at a significant rate in the future with the trend of innovations in the automobile industry and investments in emerging technologies like IoT and Industrial 4.0. Also, the integration of industrial automation and research and development of advanced technologies are likely to promote the market in this region.

Latin America is an emerging region in the global level sensor market owing to the recent changes in the local economy and improved government grants for new research activities. Brazil is the leading player in this market, with the presence of some of the budding enterprises. The spike in the adoption of wireless technologies coupled with automation to detect liquid levels is determined to create more opportunities for the players in Latin America.

The Middle East and Africa region has a smaller presence in the global sensor market. However, with the strong base of the oil and gas sector, there is growing interest in new technologies like automated sensors, which will create some business in this area in the future.

KEY MARKET PLAYERS:

ABB, Honeywell International, Siemens AG, Emerson Electric Co., Gartner Industries, Inc., AMETEK, Inc., Gems Sensors, Inc., MTS System Corporation, OMEGA Engineering, Senix Corporation, Magnetrol International, Inc., Endress+Hauser Group Services AG, Bindicator, Electro-Sensors, Inc., Nohken Inc., Pepperl+Fuchs, Vega Grieshaber KG, Schneider Electric, TE Connectivity, Texas Instruments, Taiwan Semiconductor Manufacturing Co. Ltd, Sick AG, and WIKA Group.

RECENT HAPPENINGS IN THE MARKET:

• In September 2023, Reventec launched its three new liquid-level sensors, LSM100-MICRO, LSM500-CONTOUR, and LSM600-HEAVY, as a part of the Defence and Security Equipment International Show. These three sensors aim to enhance the sensing capabilities of military vehicles by reducing downtime and increasing the total range.
• In 2023, Inpro Group introduced its ECR 25-50 Adjustable Level Switch, a level sensor to improve operations in smaller tanks. This new ECR 25-50 level sensor offers more advantages like all-time reading of the deposits, affordability, flexibility, easy installation, and adjustable probe height.
• In May 2023, Niterra, a leading ignition system component brand in Japan, launched its new fuel level sensor for automobiles. This fuel level sensor allows the calculation of the engine's operational range by providing the fuel volume of the vehicles on the instrument panel.
• In March 2023, ProMinent released its new industrial IoT-compatible radar level sensor named Dulcolevel in the worldwide market. Dulcolevel provides real-time updates on the liquid levels in a tank, along with a single-sourced comprehensive digital fluid management solution.