The level sensor market growth is fueled by the reduction in size of sensors, rising adoption of level sensors in process industries, and rising use of IIoT solutions, stable vehicle production worldwide. The level sensor market is projected to reach USD 6.1 billion by 2025 from USD 4.3 billion in 2020. It is expected to grow at a CAGR of 7.5% from 2020 to 2025.
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The level sensors market will continue to generate revenue in 2020, although not at the same rate as estimated before the pandemic. The losses of the first half of the year are expected to be compensated for to a certain extent through the revenue generated in the second half of the year or, in some industries, by the end of 2021. Growth in the following years will be a result of backlog orders across all end-use industries, as well as the sales to new customers.
Tremendous technological developments in the last decade have led to a considerable reduction in the size of level sensors, which has played a major role in the growth of the level sensors market. The reduction in size and the growing penetration of MEMS technology in the level sensors industry have created a wide horizon of applications for level sensors in industries such as automotive, aerospace & defense, healthcare, industrial chemicals (resins, effluents), petrochemicals, water & wastewater, construction & building, energy & clean-tech, mining, paper, pulp & forestry, plastics, sludge & slurry, and food & beverage.
After the first three industrial revolutions during the 18th and 19th centuries, the 21st century ushered in the next industrial revolution—Industry 4.0, which introduced smart manufacturing processes that leverage cyber-physical systems to monitor the physical processes of a factory and make decentralized decisions. The physical systems become the Internet of Things (IoT), communicating and coordinating both, with each other and with humans in real time via the wireless web. With the emergence of Industry 4.0, manufacturers need to adopt digital processes to survive in the increasingly competitive market.
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Based on technology, non-contact level sensors are expected to hold a larger share in the level sensors market. The larger share of the non-contact level sensors market segment can mainly be attributed to their increasing adoption in various application sectors, replacing contact level sensors for greater accuracy, flexibility, and measurement ability. The use of automation technology in various industries is further driving this market segment.
APAC held the largest share of the level sensors market in 2019 due to technological advancements and the high adoption of technology in a vast range of industries. The level sensors market in APAC is expected to grow at the highest CAGR from 2020 to 2025, driven by the increasing adoption of level sensors in several sectors, such as industrial manufacturing, chemicals, and pharmaceuticals in this region.
ABB (Switzerland), Emerson (US), Endress+Hauser (Switzerland), Vega Grieshaber KG (Germany), Siemens (Germany), Honeywell (US), AMETEK (US), Schneider Electric (France), TE Connectivity (Switzerland), Gems Sensors (US) are some of the key players operating in the level sensors market.
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