Level Gauge Market is expected to reach US$ 2,013.69 Million by 2028 | The Insight Partners

Increasing Use of Level Gauge to Measure Water Level to Provide Growth Opportunities for Level Gauge Market During 2022-2028

As per the BP Statistical Review of World Energy 2020, the US is the world's largest country to produce natural gas products and the largest consumer of level gauges. However, the country has experienced a nationwide lockdown in the mid of 2020 due to COVID-19 safety measures, which resulted in a considerable decline in global oil prices that further restricted the oil & gas-related projects, such as storage and transportation activities of liquid gasses. Due to this, level gauges manufacturing companies faced revenue losses and slow growth. However, during the Q3 of 2020, the industries started to open, and once again, the supply chain resumed its operations. However, the effects of the COVID-19 pandemic had weakened North America's level gauge market. However, the level gauge market witnessed a positive impact as the demand for level gauges started rising in the US, Canada, and Mexico as the end user industries started their operations from Q3 of 2020.

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The water level gauge is normally attached to the boiler directly. A plate-glass-type water level gauge is used for more than 17 bar boiler pressures. The glass tube is replaced by a glass plate assembly housed in a metal enclosure. The group consists of a front and back metal plate sandwich, with glass plates and a center metal plate in between. A mica sheet is placed over the glass surface facing the water and steam, with joints between the glass and the metal plate. When bolting this gauge type together, it is imperative to ensure the bolts are tightened evenly around. Failure will lead to leaking assembly and possibly shattered glass plates.

The List of Top Key Players:
ABB Ltd.
Barksdale Inc.
Ayvaz
BinMaster
jbj Techniques Ltd.
Jogler, LLC
KOBOLD Messring GmbH
KROHNE Messtechnik GmbH
Krueger Sentry Gauge Co.
SensorsOne Ltd.

The level gauge market is broadly segmented into five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America is the most technologically advanced region with several key economies, such as the US, Canada, and Mexico. Developed countries in the region are known for adopting advanced technologies, high living standards, and developed infrastructure. Several industries, such as oil & gas and food & beverages, in the region are expanding their production scale due to rising consumer demand, leading to the level gauge market growth.

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Based on technology, the level gauge market is segmented into magnetic level gauge, reflex level gauge, transparent level gauge, tabular level gauge, and others. The magnetic level gauge segment is expected to register the highest CAGR in the market during forecast period due to its usage in various end-users. A magnetic level indicator is frequently employed in situations when a sight glass (or glass sight gauge) is unsuitable for the job or underperforming due to plant requirements.

What are reasons behind level gauge market growth?

One of the major factors driving the market growth is automatic tank gauge systems, often known as ATGs. An ATG is an electronic gauge type installed within an above- or below-ground tank. It monitors the fuel volume or lubricant over time to determine if the tank is leaking liquids. Automatic tank monitoring systems are useful for assessing fluid levels, utilization based on volume, and tank temperature and can alert operators when tank contents are too high or have hit a critical low and monitor for leaks. Other features of an automatic tank gauge technology include measuring any gaps in the connections between tanks, pipes, and hose lines and monitoring technology pressurization. Modern ATGs are sophisticated monitoring systems that can be either wired or remotely accessed via a wireless modem.

The level gauge market is segmented on the basis of gauge type, technology, and end-user. Based on gauge type, the market is segmented into tank level, fuel level, water level, and mechanical level. By technology, the market is segmented into magnetic level gauge, reflex level gauge, transparent level gauge, tabular level gauge, and others. Based on end-user, the market is segmented into oil & gas, food & beverage, chemical & petrochemical, marine, energy & power, and others.

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Impact of COVID-19 Pandemic on Level Gauge Market:

Various economies in Asia Pacific witnessed a sharp decline in their gross domestic product (GDP) in 2020 due to the sudden closedown of most economic activities across the country. The region consists of prominent oil and gas producing countries. According to the Organization for Economic Co-operation and Development (OECD), the pandemic severely affected several countries, such as India, Australia, China, and Japan. India is the worst-hit country by the pandemic in this region. Limitations imposed by governments to control the spread of COVID-19 during the initial time frame of the outbreak in these countries have affected the production process due to the limited workforce. China, Australia, Iran, Indonesia, and Malaysia are a few of the major natural gas-producing countries in the region. APAC's main natural gas-consuming countries are China, Japan, South Korea, and India.

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This release was published on openPR.