The Business Research Company’s Level Gauge Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 17, 2023 /EINPresswire.com/ — The global level gauge market, currently valued at $1.48 billion in 2022, is projected to reach $1.66 billion in 2023, with a robust compound annual growth rate (CAGR) of 12.6%. Despite the disruptions caused by the Russia-Ukraine conflict and the persistent impacts of the COVID-19 pandemic, the market is expected to showcase sustained growth, reaching an estimated valuation of $2.6 billion by 2027. The surge is primarily fueled by the escalating demand within the oil and gas industries, where the accurate measurement and control of liquid levels are paramount for ensuring smooth production and operational safety.
Growth of Oil and Gas Industries Drives Market Expansion
The burgeoning growth of the oil and gas sector remains a significant driver for the level gauge market. With oil and natural gas serving as vital energy sources globally, precise measurement and monitoring of liquid levels in various production equipment and storage tanks become imperative. Accurate level measurement facilitates efficient inventory calculation, safe transportation, and smooth operational processes, driving the demand for advanced level gauge solutions. Notably, British Petroleum reported a notable 1.4 million barrels per day (b/d) increase in global oil production in 2021, with OPEC+ accounting for more than three-quarters of the upsurge. Additionally, global natural gas demand witnessed a substantial 5.3% growth in the same period, further underlining the significance of the oil and gas industries in propelling the demand for level gauge systems.
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Key Players and Technological Advancements
Leading players such as ABB Measurement & Analytics and Honeywell International Inc. are at the forefront of integrating advanced technologies into their level gauge offerings. The market has witnessed the emergence of automated level gauges equipped with cutting-edge sensors, enabling real-time monitoring and enhanced operational efficiency. In February 2020, VEGA, a prominent US-based sensor manufacturer, introduced the VEGAPULS series, integrating 80 GHz technology and an advanced microchip. The series represents a significant alternative to traditional ultrasonic technology, catering to a wide range of applications in the industry and process automation sectors.
Level Gauge Market Segments:
• Type: Tank Level, Fuel Level, Water Level, Mechanical Level
• Technology: Magnetic Level Gauge, Reflex Level Gauge, Transparent Level Gauge, Tabular Level Gauge
• Industry: Oil and Gas, Chemicals, Petro-Chemicals, Pharmaceutical, Other Industries
Geographical Insights: North America Leads Market Growth
North America emerged as the largest region in the level gauge market in 2022, with Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa also contributing significantly to the market. For comprehensive insights into regional dynamics, market trends, and growth opportunities, access the complete report.
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Level Gauge Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Level Gauge Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on level gauge market size, level gauge market drivers and trends, level gauge market major players, level gauge market competitors’ revenues, level gauge market positioning, and level gauge market growth across geographies. The level gauge market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the level gauge market report and tap into segments with the highest growth potential.
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