Level Sensors Market Opportunities and Challenges

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.