Due to advancement in level sensing technologies and high requirements in various application fields such as consumer, automotive, petrochemicals, water and wastewater management, chemicals, transportation, industrial, power and manufacturing sector, the level sensor market is expected to grow in the forecasted period 2014 to 2020 , according to MarketsandMarkets
The total market is expected to reach $4,775.89 Million by 2020, at a CAGR of 8.01% from 2014 to 2020.
Traditional magnetic and mechanical float level sensors market represents the largest segment, while laser level sensors market represents the fastest growing in technology segment.
According to the research firm, the government regulations for industrial as well as municipal wastewater treatment in developed economies and the government initiatives in developing economies like India, China, and Brazil are acting as strong driving force for this market.
The use of Nano-Electro-Mechanical systems (NEMS technology) which help to reduce the size of modern devices and allows high sensing performance is the biggest opportunity for all level sensor manufacturers in the industry.
The market has entered into a transition from contact type of measurement to non-contact type of level measurement. Though the current market is dominated by contact level sensors, there is strong growth in non-contact level sensing segment. The North America region represents the largest level sensor markets worldwide in 2013. However, fastest growth is likely to come from APAC region market.