Future Market Insights
Level sensors, used for determining the level of free flowing substances, are of great importance in industrial as well as commercial applications. Moreover, level sensors are available in a number of sizes and variety and are designed using different sensing techniques, in order to meet various requirements. Manufacturers are introducing highly versatile technologies in level sensors, thus improving the precision of the device and eliminating the dependency on other large mechanical measuring devices. However, some level sensors face challenges while operating in high turbulence applications or in processes where steam or foam are involved. Nevertheless, market for level sensors is expected to witness significant opportunities, owing to the advent of new and advanced technologies being introduced in sensors.
Level Sensors Market: Drivers and Restraints
Level sensors are of great importance in industrial applications. In nuclear power plants, level sensors are used for detecting the level of water in cooling circuits. These levels sensors are required to operate with high accuracy, as even a small error can lead to huge damages in nuclear power plants. Level sensors are also deployed in automobiles in order to measure the level of fuel. Furthermore, in commercial applications, that includes automated coffee machines, water dispensers, refrigerators, etc., level sensors are widely deployed. The need for highly precise and accurate level sensors, in industrial as well as commercial applications, is a major factor driving the growth of global level sensors market. However, level sensors happen to malfunction in applications that require high stress, under fluctuating voltage and temperature changes among other things. This factor is acting as a restraint for global level sensors market.
Level Sensors Market: Segmentation
Level sensors market can be segmented on the basis of type, technology, monitoring technique, and region. The different types of laser sensors are contact type and non-contact type. On the basis of technology, level sensor can be segmented into laser, microwave ultrasonic, pressure and others. Level sensors can be segmented on the basis of monitoring technique as continuous level monitoring and point level monitoring. Region wise, the market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan and Middle East and Africa.
Level Sensors Market: Regional Outlook
Level sensors market in North America is expected to dominate the global level sensors market, however Asia Pacific excluding Japan level sensors market is expected to witness highest growth rate. Furthermore, Western Europe is expected to witness a moderate growth in the near future, as the government is willing to invest in upcoming technologies. Level sensor markets in Latin America and Middle East and Africa are expected to witness a slower growth than compared to other regions.
Level Sensors Market: Competition Landscape
Key players in this market follow strategies such as product introduction, partnerships and mergers and acquisition in order to consolidate their position in the market. For example, Siemens AG introduced a new ultrasonic level transmitter in June 2016, suitable for hazardous applications. Key players such as First Sensor AG focus on strategic partnerships apart from product introduction, in order to gain a competitive edge over its competitots.
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