Press release
Global ultrasonic level sensors market expected to expand at a steady pace during the forecast period
The global ultrasonic level sensors market is projected to represent incremental opportunity of more than US$ 135 Mn between 2017 and 2025 owing to increasing demand in regions such as APAC, North America and Europe. During the period 2016 – 2017, the global ultrasonic level sensors market expanded at a Y-o-Y growth rate of 10.1%. During the forecast period 2017 – 2025 the market is projected to grow at a CAGR of 8.6% owing to tremendous increase in demand from the industrial and water & waste water management sectors. Global demand for ultrasonic level sensors is directly correlated to installation of the product in reservoirs and tanks in food and chemical processing units. With the expansion of manufacturing facilities in this sector, the usage rate of ultrasonic level sensors is expected to witness a manifold increase during the forecast period.
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Industrial sector anticipated to be a high value-high growth market during the forecast period
The industrial sector is projected to drive high demand for ultrasonic level sensors in the coming years. With the increasing demand for consumable goods such as food materials, drinks, chemicals, and cement there is a huge scope for the industrial sector to grow rapidly. The industrial end use segment is estimated to grow at a CAGR of 10.2% and is expected to hold more than 44% of the global market share in 2025. Along with the industrial segment, water & waste water management and oil & gas segments also show good scope and are expected to expand at significant CAGRs during the study period.
The global ultrasonic level sensors market structure
In 2016, the organized sector of the ultrasonic level sensors market accounted for nearly 30% of the global market share. Companies that come under the organized sector have strong sound operations and sales infrastructure across key regions with a few of them having a worldwide presence. The key strategy of these companies lies in the expansion of their manufacturing facilities and launch of new products to strengthen their portfolio. These companies also strategize to acquire regional enterprises in domestic as well as overseas territories.
Presence of alternate technologies and slowdown in demand from the industrial sector are some of the major challenges restraining revenue growth of the global market for ultrasonic level sensors
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Efficient sensors are always necessary and are of utmost importance in manufacturing industries. Food & beverages, cement, chemical and pulp and paper industries are some of the important manufacturing industries where sensors have been used for the last several years. However, there are a few alternatives for these sensors that perform better at lower initial and operating costs. This factor is expected to act as a major restraint for the global ultrasonic level sensors market in the long run. Ultrasonic level sensors are mostly used for measuring the levels of various raw materials and end products in factories that develop chemicals, cement and other liquid or pseudo-solid materials. In some regions such as Europe, the market is saturated in terms of further industrial development. This slowdown in the market has led to less demand for ultrasonic level sensors as there is less scope for opening up of new cement or chemical plants.
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