Level Gauge Market: Global Industry Analysis and Forecast (2023-2029)

Level Gauge Market was valued at US$ 1.58 Bn. in 2022. Global Level Gauge Market size is expected to grow at a CAGR of 5.5 % through the forecast period.
Level Gauge Market Overview:
Level gauges are devices used to detect and gauge the levels of gas or liquid in tanks or other storage containers. These tools are frequently used in industrial process applications to check the fluid levels in drums, tanks, pressure vessels, and other containers. Level gauges are frequently employed when a direct physical measurement of the liquid level is impractical, for as when the fluid being measured is hazardous or when the tank or vessel holding the fluid is sealed and under pressure.

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2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis especially with the impact of lockdown by region.
Level Gauge Market Dynamics:
The growth of the oil and gas industries and the robust industrial activity around the world are two key drivers boosting the level gauge market. The use of level gauge systems is also increasing due to the growing deployment of automatic tank gauge systems, which is expected to fuel the level gauge market's rise over the forecast period. The pharmaceutical business is probably going to experience higher demand due to the high accuracy levels in measuring components in pharmaceutical manufacturing. There was once a need for level detecting gauges since pharmaceutical businesses were experiencing several measuring problems.

The demand for level gauges in the pharmaceutical business has grown as a result of the need to get government accreditation, adhere to standards established by several health-related organizations, and maintain flawless operations. The rise of automated processes in the pharmaceutical sector is also estimated to grow the need for level gauges throughout the duration of the forecast period.

Equipment used in production, such as frying drums, dehydrators, regenerators, settling tanks, and clarifiers, has a significant requirement for fluid interface measurements. Interface measurement is necessary when two immiscible liquids are present in the same vessel. Examples of interfaces include liquid-liquid, vapor-liquid, foam-liquid, and liquid-liquid-solid interfaces. The exact levels of the top liquid, the bottom liquid, and the level where the two liquids meet are all measured using magnetic level gauges.

In 2020, a lot of economies in the Asia Pacific region saw a severe decrease in their gross domestic product (GDP) as a result of the abrupt cessation of the majority of economic activities throughout the nation. Leading nations that produce oil and gas may be found in the region. The pandemic, according to the Organization for Economic Co-operation and Development (OECD), had a significant impact on a number of nations, including China, Japan, India, Australia, and Australia. India has been most severely affected by the pandemic in this area. Due to the shortage of labor, the production process has been impacted by the restrictions put in place by governments to stop the spread of COVID-19 during the initial period of the outbreak in these nations. Among the biggest producers of natural gas in the area are China, Australia, Iran, Indonesia, and Malaysia.

With a crude oil refining capacity of 1.6 million tons per day, Singapore has developed as one of Asia's most significant shipping routes and is ranked among the top three oil trading and refining hubs world. To boost the oil sector, the Japanese government began offering subsidies for gasoline, gasoil, kerosene, and fuel oil in March 2022. This will aid in the oil and gas sector's recovery from the COVID-19 pandemic's effects. The level gauge market in APAC is growing as a result of these national initiatives for their respective sectors.

The demand for the market is being driven by the growing usage of pressure vessels, boilers, and containers in the manufacturing sector. Level gauges ensure precise fluid level measurement. These automated gauges offer enhanced accuracy and real-time display of advanced functions including leak detection, storage volume, automatic unloading, and more. The petrochemical and chemical industries are rapidly growing, which is driving up demand for the level gauges world.

Comparatively, level gauges require less maintenance due to their user-friendly and small form. There are many level gauge providers widely available, thus manufacturers are seeing an increase in demand for level gauges. During the forecast period, the market growth rate is expected to be fueled by the growing use of level gauges in the pharmaceutical market.

The market for level gauges will see new opportunities as people become more aware of automated level gauges. During the forecast period, it is expected that the rising use of level gauges with an automatic alert system would create new opportunities. It is estimated that increased use of level gauges in a wide range of industries would open up new business opportunities.
Level Gauge Market Segment Analysis:
Based on Technology, the Level Gauge Market is segmented into Magnetic Level Gauge, Reflexive Level Gauge, Bi-color level gauge and Transparent Level gauge. The demand for transparent gauges is quite high in the fertilizer, chemical, and petrochemical industries. They are quite accurate in measuring fluid levels. The level of fluids that are maintained at high pressure and temperature is measured using transparent level gauges. Corrosive fluids are held at high temperatures and pressure, therefore reflexive level gauges are used to measure the level of these fluids. Strong magnets are employed in magnetic level gauges to determine the fluid level. They are utilized in a variety of applications, including acid storage tanks, heat exchangers, boilers, and turbulent tanks.

Based on the Industry, the Level Gauge Market is segmented into Oil &Gas, Chemical , and Petrochemical, pharmaceutical. During the forecast period, the pharmaceutical industry's need for high accuracy in medication manufacture is expected to boost demand for level gauges world. The need for level gauges in the chemical industry is driven by the need for high precision in level and leakage detection of stored chemicals. The chemical industry's need for level gauges is also expected to rise due to the exact measurement of level gauges at high temperatures and pressure.
Regional Insights:
With a 6.5 % CAGR during the forecast period, North America is currently expected to maintain its dominance of the level gauge market. During the forecast period, the market is expected to be driven by increasing automation and technological development in the pharmaceutical, chemical, petrochemical, and food processing industries. The market in North America is further boosted by the existence of the oil and gas sector there.

Due to the region's growing chemical sector, the Asia Pacific is forecast to increase significantly during the forecast period at a CAGR of 4%. During the forecast period, it is expected that the presence of sensor and level gauge manufacturers in Japan, China, and Korea would drive the market. The region's growth rate is expected to be accelerated by the increasing wastewater treatment sector.

The objective of the report is to present a comprehensive analysis of the global Level Gauge Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Level Gauge Market dynamic, structure by analyzing the market segments and projecting the Level Gauge Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Level Gauge Market make the report investor’s guide.
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Level Gauge Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 1.58 Bn.


Forecast Period 2023 to 2029 CAGR:
5.5%
Market Size in 2029:
US$ 2.30 Bn.


 Segments Covered:
by Technology
Magnetic Level Gauge
Reflexive Level Gauge
Bi-Color Level Gauge
Transparent Level Gauge


by Industry
Oil & Gas
Chemical
Petrochemical
Pharmaceutical
Others



Level Gauge Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Barksdale Control Products
2. Jbj Techniques Limited
3. ABB Measurement & Analytics
4. JOGLER
5. Keller America
6. KOBOLD Instruments
7. Krohne Ltd
8. SensorsONE
9. Krueger Sentry Gauge
10. OMEGA Engineering
11. MTS
12. Honeywell
13. Yokogawa
14. ABB
15. VEGA

Frequently Asked Questions:

1. Which region has the largest share in Global Level Gauge Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Level Gauge Market?
Ans: The Global Level Gauge Market is growing at a CAGR of 5.5% during forecasting period 2023-2029.

3. What is scope of the Global Level Gauge Market report?
Ans: Global Level Gauge Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Level Gauge Market?
Ans: The important key players in the Global Level Gauge Market are – Krohne Ltd, SensorsONE, Krueger Sentry Gauge, OMEGA Engineering, MTS, Honeywell, Yokogawa, ABB, and VEGA

5. What is the study period of this Market?
Ans: The Global Level Gauge Market is studied from 2022 to 2029.