Level Sensor Market Growth Analysis | 2023-2028

Market Insights

The level sensor market was estimated at USD 5.16 billion in 2022 and is likely to grow at a CAGR of 7.6% during 2023-2028 to reach USD 8.01 billion in 2028.

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Market Dynamics

Introduction

Level sensor refers to a device that helps to determine the level of fluids or other substances that flow in a closed or open system by establishing contact or either by non-contact technologies such as radar, ultrasonic, and other such methods. These sensors are vital sensors, that play a key role in a broad variety of industrial & commercial applications. Level sensors find usage in water treatment, petrochemical and chemical making & refinery units, and paper & pulp production, among others.

COVID-19 Impact

The COVID-19 pandemic has moderately affected the level sensor industry. Geopolitical changes and trade disputes, along with the changing degrees of lockdowns imposed in different countries, affected the production of level sensors as well as disrupted supply chains. Also, in the renewable energy sector, key concerns revolve around global supply chains that are significantly slowing down production, focusing on lower spending for new measurement systems & sensors.

Market Drivers

The major factors driving the growth of the level sensor market are:

• The rise in technology, especially in process industries.
• Consistent developments in control technologies.
• The rising popularity of the Internet of Things (IIoT) and Industry 4.0.

It has also been driven by the requirement for precise level measurements in numerous industries like power, oil and gas, mining, and water treatment. Also, there is a reduced size of level sensors and technological progress in other devices, such as MEMS and IoT. The Asia Pacific region is likely to dominate the market owing to the increasing number of semiconductor manufacturers and increasing awareness of the environment.

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Key Players

The following are the key players operating in the market:

• Samsung SDI Co., Ltd. (South Korea)
• LG Chem Ltd. (South Korea)
• Universal Display Corporation (US)
• Applied Materials, Inc. (US)
• 3M (US)
• Veeco Instruments (US)
• Kateeva (US)
• Toray Industries, Inc. (Japan)
• BASF SE (Germany)
• Meyer Burger (Switzerland)
• Aixtron SE (Germany)
• Bystronic Glass (US)
• AMS Technologies AG (Germany)
• Angstrom Engineering (Canada)

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Technology Type

"The noncontact level sensors segment accounted for the largest market share."

The market has been bifurcated into contact-level sensors and noncontact-level sensors. The noncontact level sensors segment accounted for the largest market share in 2022. Growing adoption of noncontact level sensors in several application sectors, substituting contact level sensors for greater flexibility, accuracy, and measurement ability. Moreover, the usage of automation technology in different sectors further bolsters segment growth.

Regional Insights

"North America accounted for the largest market share."

North America accounted for a significant share in 2022 and is expected to grow at a robust CAGR during the review period. The level sensor market growth is mainly attributed to strong R&D investments. The ultrasonic form of level sensors is gaining popularity owing to the small size of sensors and mobility, thus boosting regional market growth.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s level sensor market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our level sensor market report from the industry stakeholders, we have tried to further accentuate our research scope to the level sensor market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The level sensor market is segmented into the following categories:

By Technology Type

• Contact Level Sensors
• Noncontact Level Sensors

By End Use Type

• Consumer Goods
• Industrial Manufacturing
• Chemicals
• Pharmaceuticals
• Oil and Gas 

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Report Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.