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Level Transmitter Global Market Analysis, Trends, Growth, Research And Forecast 2033
Level Transmitter Global Market Analysis
According to The Business Research Company's, The level transmitter market size has grown steadily in recent years. It will grow from $3.32 billion in 2023 to $3.43 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to industrial automation, process industry growth, safety and environmental concerns, stringent regulations, globalization, upgradation of aging infrastructure, water and wastewater management..
The level transmitter market size is expected to see steady growth in the next few years. It will grow to $3.95 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to rising demand for wireless level transmitters, focus on energy efficiency, evolving oil and gas exploration, smart cities initiatives, market consolidation.. Major trends in the forecast period include data analytics and artificial intelligence, internet of things (iot) integration, non-contact level measurement, remote monitoring and control, integration with scada systems, customization and scalability..
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Market Drivers and Trends:
Increasing adoption of industrial automation is expected to propel the growth of the level transmitter market going forward. Industrial automation is the use of control systems, such as computers or robots, and information technologies for handling different processes and machinery in an industry to replace a human being and achieve superior performance than manual control. Level transmitters are instruments that help enable automation in industrial settings, thus, the adoption of industrial automation drives demand for level transmitters. For instance, according to Eagle Technology Inc., a New Zealand-based systems integration and information management company, by 2026, it is anticipated that the size of the global industrial automation market will increase to 297 billion USD. Also, at least 30% of the Jobs in about 60% of all occupations might be automated. Global productivity will increase by 8% to 1.4% a year as a result of automation. Therefore, the increasing adoption of industrial automation is driving the demand for the level transmitter market.
Innovation is the key trend gaining popularity in the level transmitter market. Major companies operating in the level transmitter market are focused on developing innovative solutions to strengthen their market position. For instance, in July 2022, Hawk Measurement Systems (HAWK), an Australia-based level, positioning, asset monitoring, and fiber optic sensing systems company launched CGR PoE, the industry's first Guided Wave Radar Level Transmitter featuring Power over Ethernet communications. The CGR PoE level transmitter from HAWK can link to the HawkEye365 website, which can keep an eye on several tanks all over the world in real-time. Secure in-plant and remote monitoring, as well as remote sensor setup, diagnostics, and troubleshooting capabilities, are benefits of Power over Ethernet connectivity. Without the need to scale a tank or enter the plant, the CGR PoE will interact with remote service professionals for off-site diagnostics, sensor health, and re-configuration if any troubleshooting is necessary.
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Major Key Players of the Market:
Endress+Hauser Process Solutions; ABB Ltd.; AMETEK Inc.; Burkert Fluid Control Systems; Emerson Electric Co.; Fuji Electric Co. Ltd.; General Electric Company; Honeywell International Inc.; Schneider Electric Corp.; Semrad Pty Ltd.; Siemens AG; Vega Corp.; WIKA Alexander Wiegand SE & Co. KG; Yokogawa Electric Corporation; Dwyer Instruments Inc.; BM Engineering Supplies Ltd.; Flowline Inc.; Hitachi High-Technologies Corporation; MTS Systems Corporation; Krohne Messtechnik GmbH; Applied Measurements Ltd.; Automation Products Group Inc.; Bindicator Co.; Endevco Corporation; Fluid Components International LLC; Gems Sensors & Controls Inc.; Hach Chemical Co.; K-TEK Ltd.; Kistler-Morse Automation Limited; Magnetrol International UK Ltd.; Massa Products Corporation; Nivelco Process Control Co.; Pepperl+Fuchs SE; Thermo Fisher Scientific Inc.; Viatran Inc.
Level Transmitter Market 2024 Key Insights:
• The level transmitter market will grow to $3.95 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%.
• Rising Industrial Automation Fuels Growth In The Level Transmitter Market
• Innovation Drives Momentum In The Level Transmitter Market
• Asia-Pacific was the largest region in the level transmitter market in 2023
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