Level Indicators Market Size, Share, Growth, and Industry Growth by Type (Dial Indicator and Digital Indicator), By Application (Petroleum Industry, Pharmaceutical Industry, Chemical Industry, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Level Indicators Market REPORT OVERVIEW

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The global level indicator market size was USD 1569.5 million in 2022 and market is projected to touch USD 2414.03 million by 2031, at a CAGR of 4.9% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Level indicator, also known as level sensors, detects the levels of various types of liquids, fluidized solids, granular materials, slurries, and other various liquids. It is a sensor that is designed to maintain, monitor, and measure liquids levels. It is used primarily in automotive and manufacturing industries. Such sensors are also found in household appliances such as in ice makers and refrigerators. The level of measurement can be either in point values and continuous. There are many parameters that can determine the optimal level of all the liquids.

The growing demand for level indicator is due to advances in level sensors. Rapid adoption of automation in industries and rising uses of level sensors is expected to drive the market growth. Growing use of such sensors in the residential sector is anticipated to facilitate and create lucrative opportunities during the forecast period. Increasing approval of such indicators in food and beverage, water, and oil & gas industries to enhance market growth. Increasing use of sensors for in residential, commercial, and industrial applications which is projected to create demand and propel growth for product demand. Integration of advanced automation technology such as Internet of Things (IoT) solutions is expected to create opportunities for level indicator market growth.

COVID-19 Impact: Halt on Various Industries to Hinder Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the global level indicator market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. The demand for indicator is derived from various industries such as food and water, oil & gas, petroleum industry, pharmaceutical, and chemical industries. Pause on such industries negatively impacted the demand for machinery and equipment used in the industries as well. Due to disruptions in the supply chains affected the supply of the raw materials essential to make the end-user products from end-user industries. The recovery for the market is attributed to the recovery of end-user industries.

LATEST TRENDS

"Adoption of Advanced Technologies to Propel Market Progress"

The global level indicator market growth is projected to grow owing to the demand and need for advanced technologies. Growing demand for intelligent equipment and instruments that are furnished with microprocessors that provide accurate information regarding the level of liquids. Level indicators are becoming one of the major options for automation in various industries. Ability to offer higher accuracy information efficiently is estimated to create demand for products. Presence of a large number of suppliers that integrate new and advanced technologies is expected to enhance market growth. Such integration of advanced technologies is expected to pose an opportunity for market growth during the forecast period.

Level Indicators Market SEGMENTATION

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• By Type

Based on type; the market is divided into dial indicator and digital indicator.

• By Application

Based on application; the market is divided into petroleum industry, pharmaceutical industry, chemical industry, and others.

DRIVING FACTORS

"Growing Demand from Oil & Gas Industry to Enable Market Growth "

The global level indicator market growth is proposed to develop owing to increasing demand from the oil & gas industry. Oil and gas is one of the largest sectors globally. Extensive use of such sensors for monitoring liquid levels in the industry. They are used to monitor storage units and processing plants which are expected to create demand for the product. Growing crude oil production in various countries has propelled the growth in demand for level sensors. Such growing applications in the oil & gas industry is anticipated to drive the demand for level indicator and provide profitable opportunities for the market.

"Growing Applications in Various Industries to Heave Product Demand"

Growing demand for level indicator owing to its growing applications in various industries is projected to drive the product demand. Applications in various industries such as food and water, petroleum industry, pharmaceutical industry, chemical industries. The device is used to measure different types of liquids and semi-liquids in all such industries. Such growing applications in various industries of the product are anticipated to drive the market growth during the forecast period.     

RESTRAINING FACTORS

"High Costs to Hamper Market Growth"

There are a number of factors that can push the growth of the level indicator market. Restraining factors such as increasing high costs required. One of the limiting factors is high costs associated with the indicators. High costs of installation and costs required for maintaining such devices can limit the sales of such devices. Such negative effects of the product are anticipated to restrict and limit the market growth.   

Level Indicators Market REGIONAL INSIGHTS

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"Increased Investments in Automation in North America to Drive Market Share"

North America holds the largest part of the global level indicator market share owing to increased investments in automation. Increasing investments in various industries such as food processing, oil & gas, and pharmaceutical industries is expected to create demand for indicators. Development of the sensor market in various countries of the region is expected to drive the market growth. Growing industries such as oil & gas, food and water, and electronics. Increased investments in automation and focus on food processing industries to propel the demand for indicators and sensors.

Asia Pacific is expected to have considerable growth owing to the presence of semiconductor manufacturers and growing oil & gas industry in countries such as Japan, Korea, and China. Increased investments in various industries is anticipated to drive the market share in the region.   

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• ABB (Switzerland)
• Endress+Hauser (Switzerland)
• KROHNE Messtechnik (Germany)
• ELESA (Italy)
• WIKA Alexander Wiegand (Germany)
• GEMS SENSORS & CONTROLS (U.S.)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.