Sensors market was valued at USD 4.38 billion in 2023 and is supposed to reach a value of USD 7.45 billion by 2028, registering a CAGR of 10.06% during the forecast period 2023-2028.
The growing needs of Industry 4.0 and the Industrial Internet of Things (IIoT) have generated greater needs for diagnostics and mobile access. Level sensors are becoming an important option for automation in the large-scale powder and liquid materials manufacturing and storage industries. Also, due to the increasing demand for smart sensors to equip microprocessors, higher precision and efficiency, easy installation and maintenance, and better visibility of machine performance/instrument, it focuses on level sensor development and integration capabilities. These sensors play a crucial role in effluent tanks for sewage, distribution tanks for clean water and pump stations for irrigation systems. Strict regulations in developed regions such as the United States, the United Kingdom, and Germany, in addition to measures that support government initiatives, are expected to increase the adoption of water treatment technologies. The ability to offer easier accuracy, efficiency, installation and maintenance is expected to drive the level of growth in the sensor market. Additionally, vendors have resorted to significant developments in terms of product launches, suggesting the same.
Recent Developments:
Siemens introduces the Sitrans LR250 PLA (Polypropylene Lens Antenna) radar level transmitter, a field-proven device that provides reliable level readings for inventory management or critical process control.
Emerson has expanded its Pervasive Sensing analytics and sensors portfolio to help manufacturers harness the power of industrial IoT to improve plant performance.
Eaton Corporation (NYSE: ETN) announced that it will reorganize its automotive business to focus on component integration platforms and take advantage of engineering, sales and marketing synergies.
With the emergence of Coronavirus, several end-user industries in the studied market have been affected due to reduced operations, temporary plant closures, etc. In the renewable energy sector, the main concerns revolve around global supply chains, which are significantly slowing production, with the aim of reducing the costs of new measurement systems and sensors.
Wide execution in the auto and assembling industry and expanding interest for private and business use are upgrading the market for level sensors. Next-generation products can be easily installed and configured and deliver information with high precision and efficiency. The level sensor market application includes tank level measurement, liquid asset inventory, flow level monitoring, dredged material levels, obstacle warning systems, and car parking.Factors such as increasing price competition among vendors to provide high-quality products coupled with high adoption of thin film technology will hamper the growth of the global level sensor market. Furthermore, the saturation of critical infrastructure industries, as well as the overlapping of technologies for similar applications, can restrict the development of the industry.
Level Sensors Market Segmentation:
By Technology
Contact
Non-Contact
The market is encountering a progress from contact type to non-contact type because of its adaptability, estimation accuracy and less requirement for upkeep. Non-contact/DC level sensors are electronic gadgets that produce the electromagnetic field for level estimation. These sensors work quicker and offer more prominent application adaptability.
By Type
Magnetostrictive
Vibratory Probe
Hydrostatic
Magnetic & Mechanical Float
Pneumatic
Guided Wave Level Sensor
Ultrasonic
Microwave/Radar
Optical
Laser
Other Types
By Monitoring Type
Continuous Level Monitoring
Point Level Monitoring
By End-user
Consumer
Energy & Power
Healthcare
Oil & Gas
Chemical
Pharmaceutical
Wastewater
Others
The automotive application is supposed to see significant growth with a CAGR of 7% during the forecast period. Cars are generally equipped with a fuel sensor to measure the amount of fuel in the tank. Manufacturers are increasingly focusing on reliability requirements and reducing repair costs in the event of damage. Sensing technology is also increasingly used to measure other fluids, such as windshield washer fluid, coolant water, power steering fluid, and engine oil. The oil and gas industry is one of the largest end-users of world-class sensors. The extensive use of these sensors to monitor storage units and downstream plants has kept a constant demand for sensors on an industrial level. With the increasing production of crude oil in some countries, like the United States, the need for level sensors is expected to increase.
By Process
Material Extrusion
Material Jetting
Binder Jetting
Sheet Lamination
Vat Photopolymerization
Powder Bed Fusion
Direct Energy Deposition
Marked Segmentation based on the region:
North America
U.S
Canada
Europe
Norway
Germany
Sweden
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Argentina
Middle East and Africa
a. Middle East
b. Africa
The North American regional market is expected to dominate the market in terms of revenue in the coming years. The US EPA's Air, Climate and Energy Research Program has developed a research initiative to study low-cost sensors of O3 and NO2. As part of the research program, the US EPA is working with developers to evaluate the characteristics of these sensors. The European market is supposed to experience considerable growth due to its dominance in the information and communication technology (ICT) and IT sectors. The implementation of the International Plant Protection Convention (IPPC) directive in the semiconductor industry to clean wastewater is expected to increase the demand for sensors in the region. In the emerging economies of the Latin American regional market, favorable regulations and increased foreign direct investment are the main factors of market growth. APAC held the biggest portion of the level sensors market in 2019 because of innovative headways and the high reception of innovation in a tremendous scope of enterprises. The level sensors market in APAC is required to develop at the most noteworthy CAGR from 2022 - 2027, driven by the expanding appropriation of level sensors in a few areas, for example, mechanical assembling, chemicals, and drugs in this locale.
ABB Ltd.
Eaton Corporation PLC
Emersion Electric Company
Siemens AG, MTS Sensor,
APG, Inc.,
AMETEK Inc.,
First Sensor AG,
Georg Fischer AG.
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