Level Gauge Market Regional Overview 2031
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.
Level Gauge Market Analysis
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 Gauge Market Overview
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.
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Level Gauge Market: Strategic Insights
Market Size Value in US$ 1,391.31 Million in 2021 Market Size Value by US$ 2,013.69 Million by 2028 Growth rate CAGR of 5.6% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Level Gauge Market: Strategic Insights
| Market Size Value in | US$ 1,391.31 Million in 2021 |
| Market Size Value by | US$ 2,013.69 Million by 2028 |
| Growth rate | CAGR of 5.6% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
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Level Gauge Market Drivers and Opportunities
Rising Use of Level Gauge in Oil And Gas Industry to Favor Market.
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.
Rising use of level gauge to measure water level.
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.
Level Gauge Market Report Segmentation Analysis
Key segments that contributed to the derivation of the level gauge market analysis are gauge type, technology, and end-user.
- Based on gauge type, the level gauge market is divided into tank level, fuel level, water level, and mechanical level. The tank level segment is anticipated to hold a significant market share in the forecast period.
- Based on technology, the level gauge market is divided into magnetic level gauges, reflex level gauges, transparent level gauges, tabular level gauges, and others. The magnetic level gauge segment is anticipated to hold a significant market share in the forecast period.
- By end-user, the market is segmented into oil & gas, food & beverage, chemical & petrochemical, marine, energy & power, and others. The oil & gas is anticipated to hold a significant market share in the forecast period.
Level Gauge Market Share Analysis by Geography
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.
Level Gauge Market Report Scope
Level Gauge Market News and Recent Developments
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:
- With the introduction of BM26A-8000, KROHNE completed the market launch of the new BM26A series of Magnetic Level Indicators (MLI) in 2023. Replacing the previous generation, the devices are designed according to specific industry needs. (Source: KROHNE Messtechnik GmbH Company Website June, 2023)
Level Gauge Market Report Coverage and Deliverables
The “Level Gauge Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Level gauge market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Level gauge market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Level gauge market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the level gauge market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Gauge Type, Technology, and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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