Global Level Gauge Market Research, 2031
The global level gauge market size was valued at $1.5 billion in 2021, and is projected to reach $2.5 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.
Level gauge is a sensor or device that is used to measure the level of fluids or liquid in fields. A vertical chamber that houses the gauge is filled with fluid from the tank or vessel. The interface line between the vapor and liquid in the chamber determines the level of fluid in the chamber, which is equal to the fluid level in the tank. Level gauges are of various types, which include tank, fuel, water, and mechanical level gauges.
The growth of oil & gas, chemical and water treatment industries and the solid industrial activity worldwide is providing lucrative opportunities in the market. The growth in adoption of automatic tank gauge systems has led to an increase in the use of level gauge systems, which is anticipated to drive the level gauge market's growth throughout the forecast period. Moreover, the high levels of accuracy in measuring components in pharmaceutical manufacture is likely result in increased demand in the pharmaceutical industry. These automated level gauges offer enhanced accuracy with real-time display and includes more advanced functions such as storage volume, and leak detection. Such factors accelerate the level gauge market growth.
Increase in investments in oil & gas, chemical, foods & beverages, energy power, and other industrial sectors in developing economies such as China, India, and the U.S. is expected to boost the demand for level gauge. In November 2021, Indian Oil Corporation (IOCL) announced plans to invest $ 495.22 million to set up India’s first mega-scale maleic anhydride unit for manufacturing high-value specialty chemicals at its Panipat Refinery in Haryana. This is expected to accelerate the demand for level gauges for chemical industry and hence is expected to drive the market growth.
On the basis of type, the tank level gauge segment generated highest revenue in 2021. Tank level gauge is widely used in industrial process applications and is employed to measure the fluid levels in drums, tanks, pressure vessels, or other similar applications. The oil and gas industry generally uses static volumetric assessments of the tank content. This involves level, temperature and pressure measurements. This is expected to boost growth of the level gauge market during the forecast period.
On the basis of end user industry, chemical segment has registered the highest-level gauge market share in terms of revenue in 2021. It allows to monitor the level in chemical storage application. Moreover, it is design for chemical and process tanks and recommended for virtually any fluid including viscous, aggressive and waste liquids. In addition, expansion of chemical industries around the world is providing lucrative growth opportunities for the level gauge market forecast period.
The novel coronavirus (COVID-19) rapidly spread across various countries and regions in 2019, causing an enormous impact on the lives of people and the overall community. It began as a human health condition and has now become a significant threat to global trade, economy, and finance. The COVID-19 pandemic halted production of many products in the level gauge industry, owing to lockdowns. Furthermore, the number of COVID-19 cases is expected to reduce in the future with the introduction of the vaccine for COVID-19 on the market. This has led to the reopening of level gauge companies at their full-scale capacities. This is expected to help the market recover by the end of 2022. After COVID-19 infection cases begin to decline, level gauge manufacturers must focus on protecting their staff, operations, and supply networks to respond to urgent emergencies and establish new methods of working.
Europe dominated the market in 2021, accounting for the highest share in the global market. This is attributed due to ongoing investment in chemical, water treatment, marine and foods & beverages sectors in Germany, Spain and UK. Furthermore, Asia-Pacific is projected to witness increase in adoption of level gauge during the forecast period due to development chemical and petrochemical and oil & gas industries.
Segment Review
The global level gauge market is segmented into Type, Technology and End-user Industry. By type, the market is categorized into tank level gauges, fuel level gauges, water level gauges, and mechanical level gauges. Depending on capacity, it is fragmented into magnetic, reflexive, transparent, and others. On the basis of end user industry, it is classified into oil and gas, chemical, water treatment, marine, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competition Analysis
Key companies profiled in the level gauge market report include ABB Ltd., Barksdale Control Products, BinMaster, Emerson Electric Co., FPI Sensors International, Honeywell International Inc., JBJ Techniques Limited, Jogler LLC., Keller America, Inc., KOBOLD Instruments Inc., KROHNE Messtechnik GmbH, Krueger Sentry Gauge, Omega Engineering, Inc., PLT Mag Gage, SensorsONE Ltd., TC Fluid Control, and Yokogawa Electric Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global level gauge market analysis from 2021 to 2031 to identify the prevailing global level gauge market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global level gauge market overview assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global global level gauge market trends, key players, market segments, application areas, and market growth strategies.
Global Level Gauge Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 2.5 billion |
 Growth Rate | CAGR of 5.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 250 |
 By Type |
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 By Technology |
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 By End-user Industry |
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 By Region |
|
 Key Market Players | BinMaster, Barksdale Control Products, Krueger Sentry Gauge, MTS, General instruments, Honeywell International Inc., Jbj Techniques Limited, Abb, Ayvaz, SensorsONE, Keller America, Krohne Ltd, JOGLER, Yokogawa, OMEGA Engineering, VEGA, KOBOLD Instruments |
Analyst Review
The level gauge market is mainly driven by rise in investment in various industries such as chemical, foods & beverages, pharmaceuticals, and water treatment. In addition, level gauges offer accurate control of the liquid level in a reactor, tank, or other vessel. To ensure the profitability and safety of industrial processes, it is necessary that the vessel should be equipped with instruments that provide consistent and accurate level measurements. Moreover, on the basis of end user industry, chemical segment registered highest revenue in 2021, due to expansion of chemical industries in various countries such as U.S. China, India, and Germany. However, sanitary ratings of gauges in beverage and pharmaceutical are expected to restrain the growth of level gauge market.
Major companies in the market have adopted strategies such as business expansion, product launch, acquisition, and partnership to offer better products and services to customers in the level gauge market. For instance, in April 2020, MTS Company launched the Level Plus LevelLimit Liquid Level Transmitter and HI Level Switch. It comes with Digital I/O signal to trigger alarm function in a PLC or remote RTU features. Such advanced products launched by the key players are driving the level gauge market growth.
The global level gauge market size was valued at $1,458.4 million in 2021.
The global level gauge market size is projected to reach $2,503.0 million by 2031.
Europe garnered the largest market share in the global level gauge market in 2021.
The chemical industry is the leading end user industry of Global Level Gauge Market.
Adoption of programmable level gauges and automated alarm systems and rise of automation and digitization at manufacturing plants are the upcoming trends of Global Level Gauge Market in the world.
On the basis of end user industry, the level gauge market is divided into oil & gas, chemical, water treatment, marine, and others.
The product launch is key growth strategy of level gauge industry players.
The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
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