The level gauge market size is projected to reach US$ 2.45 billion by 2031 from US$ 1.54 billion in 2023. The market is expected to register a CAGR of 5.90% during 2023–2031. The increasing use of level gauges in the oil & gas industry and rising deployment of automatic tank gauge systems are likely to remain key trends and drivers in the market.
The gauge market is experiencing significant growth globally. This growth is attributed to the increasing use of level gauges in the oil & gas industry and the rising deployment of automatic tank gauge systems. Moreover, the rising use of level gauges to measure water level and the integration of sensors in measurement systems is anticipated to drive market growth in the coming years.
Level gauges are measuring and sensing devices used to supervise the level of a fluid in tanks or other storage containers. These instruments are frequently used in industrial process applications to monitor fluid levels in tanks, drums, pressure vessels, and other similar applications. The gauge comprises numerous pieces, including a head, float, measuring tape, bottom anchored bracket, guide wires, elbows, anchors, coupler, pipe support brackets, and pipework.
Oil level gauges are used to monitor the fill level and to detect operating situations. They enable quick, easy visual control and can also be used for other media alongside systems filled with oil or with an oil flow. The optional reflector makes the level easy to read, even in poor visibility. Additionally, manual tank gauging processes can be utilized for atmospheric tanks, which are appropriate for oil and petrochemicals that can be stored in ambient conditions. Traditional methods comprise the use of a transparent level gauge and measuring tape to calculate the fill level. For example, the manual method can be utilized to measure crude oil levels in a cylindrical floating roof tank with a built-in transparent gauge. This increases the demand and usage of level gauges in the oil and gas industry.
Level Gauges provide a quick visual indication of the level of water in a channel, flume, or weir. Although they should not be solely relied on when more precise level measurement devices are available, level gauges allow operators to quickly gauge the relative level of water and then proceed with other duties. Moreover, electronic water level measurement gauges are being introduced in the market. It is a new type of water level measurement sensor, which is composed of a PCB circuit board, a common electrode, a detection electrode, epoxy resin, a metal shell, cable, etc. Thus, considering the high requirement of level gauge in the mwasurement of water level, the market is anticipated to grow in coming years.
Key segments that contributed to the derivation of the level gauge market analysis are gauge type, technology, and end-user.
The geographic scope of the level gauge market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the level gauge market. The North America level gauge market is segmented into the US, Canada, and Mexico. The market is growing in the region, and the growth is attributed to the increasing use of level gauges in the oil & gas industry and the rising deployment of automatic tank gauge systems. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of level gauge market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the level gauge market.
The regional trends and factors influencing the Level Gauge Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Level Gauge Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.54 Billion |
| Market Size by 2031 | US$ 2.45 Billion |
| Global CAGR (2023 - 2031) | 5.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Gauge Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Level Gauge Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Level Gauge Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The level gauge market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the level gauge market are listed below:
The “Level Gauge Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America is anticipated to dominate the level gauge market in 2023.
The increasing use of level gauges in the oil & gas industry and rising deployment of automatic tank gauge systems are some of the factors driving the level gauge market.
The increasing integration of sensors in measurement systems is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global level gauge market are ABB Ltd, Barksdale Inc, Ayvaz, BinMaster, JBJ Techniques Ltd., Jogler, LLC, KOBOLD Messring GmbH, KROHNE Messtechnik GmbH, Krueger Sentry Gauge Co., SensorsOne Ltd.
The global level gauge market is expected to reach US$ 2.45 billion by 2031.
The expected CAGR of the level gauge market is 5.90%.