sensors market Share 2022

The sensors market was valued at USD 4,25 Billion in 2019. It is projected that it will reach USD 6.36 billion by 2031.

NEW YORK CITY, NEW YORK, UNITED STATES, October 12, 2022 /EINPresswire.com/ -- The sensors market was valued at USD 4,25 Billion in 2019. It is projected that it will reach USD 6.36 billion by 2031. This projection represents a growth rate of 5.59% over 2022-2031.

Growing Demand

The Global Level Sensors Market has been driven primarily by the rising automotive industry globally and the increasing demand for home automation and consumer convenience. The market is also expected to grow due to the rising demand for intelligent instruments equipped with microprocessors, which provide information about the instrument’s performance. Global Level Sensors Market provides an overview of the market. The report includes a detailed analysis of key segments, market trends, drivers, limitations, competitive landscape, and factors that significantly impact the market.

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Driving Factors

The adoption of wireless connectivity in manufacturing units will fuel growth

Wireless connectivity is the most critical feature of sensors in industrial applications. Battery-powered wireless sensors in manufacturing facilities can quickly scale up to hundreds of sensor points. They can be used to manage and control processes without needing trained personnel. Companies are always looking for ways to improve their processes, decrease costs, reduce expenses and work more efficiently. This is why they are investing in the latest sensors and networking technologies. The demand for wireless connectivity solutions is growing among manufacturers, particularly for robots and factory automation.

PCTEL, Inc., a supplier of Industrial IoT devices and antennas, added a wireless communication system platform to its IIoT portfolio. This platform includes a communication board, sensor, and battery-enabled wireless sensor that allows seamless integration. It also comes with a development kit to allow for specific customization.

To boost market growth, there has been a surge in the adoption of sensor technology in the process sector

Sensing technology at process plants accurately monitors process conditions and preventive and predictive asset maintenance. Sensors in the industrial sector are used for detecting and reporting specific properties. Pressure transmitters or sensors can measure the pressure in industrial gases and liquids. The plant can operate safely, reliably, and effectively with accurate measurements.

NevadaNano launched the MPS family gas sensors in June 2019 to classify and quantify various explosive or volatile gases with a single calibration. These sensors can detect methane, flammable gases, and LGW refrigerant gases.

Restrictive factors

High installation costs can cause hesitation in adopting sensor technology

The specifications of sensors vary depending on their application. This leads to increased prices. Manufacturers are expected to produce the best sensors for lower prices. This increases the price pressure on the manufacturers. Due to the limited availability of mass production, it becomes more difficult for manufacturers to reduce their prices in certain circumstances, like the ongoing pandemic.

The maintenance cost of sensor-enabled equipment can be high. Low-end machinery budgets often make it difficult for SMEs to deploy advanced equipment in their operations. The market's growth is being held back by data loss and other risks. High prices for sensors are slowing market growth.

Market Key Trends

The oil and natural gas industry is the biggest user of level sensor technology

Oil and Gas is one of the most significant global users of level sensors. Due to their extensive use in monitoring storage units and downstream process plants, the oil and gas sector has a high demand for level sensors. Due to rising crude oil production, level sensors will likely be more in demand in certain countries such as the United States.

According to the International Energy Agency (IAEA), the Asia-Pacific region was the biggest importer and most significant consumer of natural gases. China alone was responsible for almost two-thirds global demand for natural gas. This area is less connected than other regions to a high-pressure pipeline, making it more vulnerable to leakages. This makes it imperative to monitor the transport at all times.

According to British Petroleum’s Statistical Review of World Energy 2018, 33% of the world's refining capabilities are in Asia-Pacific. China, India, Japan, and South Korea all possess the region's most dynamic downstream gas industries. These sectors represent 78% of Asia-Pacific's total oil refining capacity region. This highlights the potential for innovative applications. Furthermore, demand from the downstream and midstream segments is expected to increase significantly.

In January 2020, the Union Cabinet of India approved a Memorandum of Understanding (MoU) on cooperation in oil and gas. The MoU stipulates that both countries will concentrate on exploration, production (E&P), and liquefied petroleum gas (LNG) opportunities. Brazil and India could also be focusing on R&D within their energy sector.

The oil and natural gas sectors require fluid sensing. It is vital that fluid sensing be done throughout the entire life cycle of any well. This is especially true in light of hydraulic drilling and other techniques. The new regulations and techniques make monitoring chemicals, process flow back, or wastewater production harder.

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Recent Development

Siemens introduced Sitrans LR250PL, a radar-level measuring device that monitors inventories or controls process flow.

AMETEK's Model 575 submersible-level transmitter monitors the fuel level in different tanks and has been launched by the company. Vega has partnered with Open Industry 4.0 Alliance for its expansion of product offerings in IIOT/cloud platforms.

Emerson also launched Rosemount, an Emerson solid-level switch designed to optimize operations, increase safety, and reduce waste. It can be used to prevent overfill by providing supervision and support.

Key Market Segments

Type

Contact Level Sensors
Noncontact Level Sensors

Application

Consumer Goods
Industrial Manufacturing
Chemicals
Pharmaceuticals
Oil and Gas
Others

Key Market Players included in the report:

ABB Ltd.
Emerson Electric Co.
Endress+Hauser AG
Vega Grieshaber Kg
Siemens AG
Ametek Inc.
Honeywell International Inc.
First Sensor AG
Fortive Corporation
Krohne Messtechnik GmbH
Pepperl+Fuchs GmbH
Nohken Inc.
TE Connectivity Ltd.
Texas Instruments Incorporated
Gill Sensors & Controls (UK)
Gems Sensors

Frequently Asked Questions

1. What is the market's study period?
2. What is the Level Sensor Market growth rate?
3. Which region experiences the fastest growth in Level Sensor Market sales?
4. Which region is the most represented in Level Sensor Market sales?
5. Who are the major players in the Level Sensor market?

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