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Level Gauge Market Growth Insights and Global Forecast | 2024 To 2033 Key Players ABB Measurement & Analytics, Barksdale Inc., JBJ Techniques Ltd., Jogler LLC, KOBOLD Instruments Inc.
Level Gauge Market Share
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According to The Business Research Company's, The level gauge market size has grown strongly in recent years. It will grow from $1.52 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to industrial expansion, regulatory compliance, globalization, energy sector growth.
The level gauge market size is expected to see strong growth in the next few years. It will grow to $2.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to automation trends, environmental concerns, safety standards, digitalization. Major trends in the forecast period include smart sensors, wireless solutions, remote monitoring, predictive maintenance, customization, augmented reality (ar).
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Market Drivers and Trends:
The growth of the oil and gas industries is expected to propel the growth of this level gauge market going forward. Oil and natural gas are major industries in the energy market, in oil and gas production drilling, storage, and transportation systems of oil, natural gas, and associated slurry are separated, stored, and processed in various production equipment and tanks. The measurement and control of the level are essential to ensure normal production and equipment safety. Oil level is an important measure to correctly calculate oil storage, determine inventory, and calculate transportation, due to these benefits there was a growth in the oil and gas sector. For instance, according to British Petroleum, a UK-based oil and gas company, the global oil production increased by 1.4 million b/d in 2021, with OPEC+ accounting for more than three-quarters of the increase and global natural gas demand grew 5.3% in 2021. Therefore, the growth of the oil and gas industries is driving the demand for the level gauge market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
ABB Measurement & Analytics, Barksdale Inc., JBJ Techniques Ltd., Jogler LLC, KOBOLD Instruments Inc., KROHNE Messtechnik GmbH, Krueger Sentry Gauge Co., SensorsONE Ltd., Keller America Inc., Yokogawa Electric Corporation, BinMaster Inc, Ayvaz, Honeywell International Inc, FPI Sensors International, Matsushima Measure Tech, Magnetrol International, Omega Engineering Inc., PLT Mag Gage, Zhejiang Jialong Mechanical Equipment Co. Ltd., TC Fluid Control, VEGA Grieshaber KG, FEEJOY Magnetic Level, Dwyer Instruments Inc., ROSEMOUNT, SIEMENS, BÜRKERT, IFM, General Instruments Consortium, Klinger Group, Flowtech Measuring Instruments Private Limited
Level Gauge Market 2024 Key Insights:
• The level gauge market size is expected to see strong growth in the next few years. It will grow to $2.05 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Oil And Gas Industry Expansion Fuels Demand For Level Gauge Market
• Innovative Liquid-Level Sensors In The Level Gauge Market
• North America was the largest region in the level gauge market in 2023
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