According to a new research report by Transparency Market Research (TMR), the business landscape in the global level sensors market is highly fragmented. The leading players in this market are First Sensor AG, ABB Ltd., SICK AG, TE Connectivity Ltd., Siemens AG, Emerson Electric Co., and Texas Instruments Inc. These players are constantly trying to match up with the demands of consumers by integrating novel technologies in their products. They are also focusing on strategic partnerships in an effort to remain relevant in this competitive environment, reports the market study.
As per the research report, the worldwide market for level sensors, which stood at US$3.25 bn in 2017, is anticipated to proliferate at a CAGR of 5.60% during the period from 2018 to 2026 and offer an opportunity worth US$5.29 bn by the end of the period of the forecast. Among sensors, the demand for ultrasonic level sensors is expected to rise at a higher pace compared to others as they require nominal maintenance. The ultrasonic level sensor segment is anticipated to expand at a CAGR of 5.20% between 2018 and 2026, notes the research study.
Increasing Usage of Smart Sensors to Boost Market’s Growth
“The global market for level sensors is gaining considerably from the rise in the demand for intelligent devices, which are equipped with microprocessors,” says a TMR researcher. The increasing usage of smart sensors that are proficient enough for a self-diagnosis and establishment of a two-way communication is expected to boost the demand for level sensors across the world in the near future.
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In addition to this, the increasing application of level sensors in a number of industries, such as food and beverages, consumer goods, oil and gas, and industrial manufacturing, is likely to support the growth of the worldwide market for level sensors over the forthcoming years. However, the high cost of integrating thin-film technology may hamper the market’s growth in the years to come, states the research report.
Asia Pacific to Acquire Dominance
On the basis of the geography, Asia Pacific has been dominating the global market for level sensors, thanks to the increasing demand from developing economies. The significant rise in manufacturing activities and the augmenting pace of industrialization in emergent countries is anticipated to support the market for level sensors in Asia Pacific in the years to come. The significant increase in foreign direct investment in various market verticals is also projected to fuel the usage for level sensors in a number of production processes in Asia Pacific over the next few years, states the market report.