Level Sensor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The level sensors market was valued at USD 4.38 billion in 2020 and is expected to reach a value of USD 7.45 billion by 2026, registering a CAGR of 10.06% over the forecast period of 2021-2026. The growing needs of Industry 4.0 and the Industrial Internet of Things (IIoT) led to an increased requirement of diagnostics and mobile-led access. Level sensors are becoming a major choice for automation in industries with large-scale manufacturing and storage of liquids or powdered materials.

• Similarly, owing to the growing demand for intelligent sensors to equip microprocessors, higher accuracy, efficiency, easy installation and maintenance, and provision of greater visibility of the performance of the machine/instrument, the development and integration capabilities of level sensors are being focused upon.
• Furthermore, initiatives, such as the Building Research Establishment's Environmental Assessment Method (BREEMA) by the United Kingdom, Leadership in Energy and Environmental Design (LEED) in the United States, and Deutsche Gesellschaft für Nachhaltiges Bauen (DGNB) by Germany, are encouraging the installation of level sensors, especially point level sensors, globally.
• These sensors play a crucial role in effluent tanks for wastewater, distribution tanks for clean water, and pump stations for irrigation systems. The stringent regulations in the developed regions, such as the United States, the United Kingdom, and Germany, in addition to the measures that support the government initiatives, are anticipated to increase the adoption of water treatment technologies.
• The ability to offer higher accuracy, efficiency, easy installation, and maintenance is anticipated to drive the level of sensor market growth. Additionally, vendors have been resorting to significant developments in terms of product launches, which have been suggestive of the same.
• For instance, Madison launched a miniature version of a continuous float level sensor by keeping the advantages of a ruggedized reed switch-based technology, for applications with a small tank footprint. Likewise, for applications across water and wastewater, fuel/oil measurement, and storage and dispensing silos, the company launched U5098 ultrasonic sensors as a non-contact version.
• With the onset of COVID-19, multiple end-user industries in the market studied have been affected due to reduced operations, temporary factory closures, etc. In the renewable energy industry, major concerns revolve around global supply chains, which are considerably slowing down production, aiming for reduced spending for new measurement systems and sensors.

Scope of the Report

Level sensors are used to determine the level of free-flowing substances that are of utmost importance in commercial and industrial applications. Moreover, the level sensors are available in different sizes and variety and are designed using different sensing techniques to meet various requirements.

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Key Market Trends

Oil and Gas Sector to be the Largest User of Level Sensors

• The oil and gas sector is one of the most significant end users of level sensors, globally. The extensive use of these sensors for monitoring storage units and downstream processing plants has maintained a constant demand for level sensors from the sector. With the growing crude oil production in some countries, such as the United States, the need for level sensors is expected to increase.
• Alternatively, as per the International Energy Agency, the Asia-Pacific region emerged as the highest importer and consumer of natural gas. China alone accounted for two-thirds of the demand for natural gas globally. The region is not joined by a high-pressure pipeline as much as the other areas, owing to which the transport is more susceptible to leakages. Thus, there is a constant requirement of monitoring during transportation.
• According to British Petroleum's Statistical Review of World Energy, 2018, more than 33% of the global refining capacity is concentrated in the Asia-Pacific region. Countries like China, India, Japan, and South Korea have the most active oil and downstream gas sectors in the region, which, together, are responsible for over 78% of the Asia-Pacific oil refining capacity region. This is suggestive of an opportunity across the creation of a new application. Furthermore, the demand from the midstream and downstream sectors is expected to increase significantly.
• In January 2020, the Union Cabinet of India approved a memorandum of understanding (MoU) on co-operation in the oil and gas sector. As part of the MoU, the two countries may focus on exploration and production (E&P) and liquefied natural gas (LNG) opportunities. Both India and Brazil may also focus on R&D in the energy sector.
• Fluid sensing in the oil and gas sector is very important. Water, chemical fluids, and oils are integral throughout the lifecycle of a well, and even more with the rising activity in drilling techniques, like hydraulic fracturing. New techniques and regulations have further added to the need for monitoring a wide range of chemicals, along with processing flow back and produced wastewater.

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