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The level sensors market to grow from USD 3.8 billion in 2017 to USD 5.3 billion by 2023, at a compound annual growth rate (CAGR) of 5.7% during the forecast period. The major factors that are expected to be driving the level sensors market are rise in the production of vehicles, development of smaller, smarter, and cheaper sensors, and supportive government regulations.
Moreover growing adoption of level sensors in healthcare end-use application and increasing advancement of the industrial internet of things (IIoT) and industry 4.0 is further expected to support in growth of market. The objective of the report is to define, describe, and forecast the level sensors market size based on technology, monitoring type, application, end-use application, and region.
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The automotive industry is among the major industries that is currently witnessing an increasing demand across regions. According to the statistics provided on the OICA website, the total automotive production for cars and commercial vehicles was 94 million units in 2016 and is expected to reach 100 million by 2018. Even during the global recession during 2008–2009, when sales in the developed markets such as the US, Western Europe, and Japan fell by nearly 9%, 2%, and 4% (respectively) per year between 2004 and 2009, the emerging markets such as Brazil, China, and India witnessed growth of 14%, 26%, and 12% (respectively) per year.
In the current scenario of the global automotive market, the emerging economies are the key sources for the growth of the automotive industry. Home to almost half of the world’s population, China, India, and other Asian countries are the key markets spearheading this growth. As of 2016, countries such as China, Japan, South Korea, and India were among the top 10 largest automobile manufacturers globally. According to the estimates by a public policy research organization, Brooking Institution (US) (2013), the US and Europe together account for a share of approximately 50% of the world’s middle class, and this is expected to dip to 22% by 2030. In APAC, it is expected to reach more than double, that is, from 30% to 64% during the same period. This shift is already reflected in the automobile industry. In 2002, Asia’s contribution to the global production capacity in the automobile industry was 15% to 20%. Currently, this region accounts for over half of the world’s passenger vehicle production. China is the key market player in terms of car sales, surpassing the US. Owing to this huge growth potential, auto multinationals (MNCs) are shifting their respective production base to Asia to be closer to their customers.
Thin film deposition technology is implemented to revise the optical characteristics of a surface (the substrate). Its electrical conductivity and hardness or lubricity provides corrosion resistance or chemical inertness. Thin film deposition technology is a process of modifying the physical characteristics of a surface by applying a very thin coating, often just a few millionths of a millimeter thick. In developed countries, manufacturers are frequently implementing thin-film technology to produce level sensors. However, the integration and implementation of this technology is critical and due to the huge cost associated with this technology, it is difficult for small-scale level sensor manufacturers from emerging economies to manufacture these sensors. Only a few top industry players such as Vega KG (Germany) and First Sensor GmbH (Germany) have adopted the thin-film technology. Thus, the increased level of integration of thin-film technology among devices is one of the major challenges for the overall level sensors market.
Smart homes applications involve intercommunication between household appliances and systems, including lighting, heating, ventilation and air conditioning (HVAC), the TV, computers, entertainment devices, and security system to deliver improved energy efficiency, access control, security, home monitoring, and home care. Sensors play a key role in keeping all processes running efficiently. In the smart home applications, liquid level sensor plays a vital role, they assist in monitoring the levels of a liquid or fuel and thus are essential for leak detection.
The key aspects of ICT technologies, such as Internet of Things (IoT), Machine-to-Machine (M2M) communication, ZigBee wireless sensors, and wireless sensor networks, need sensor monitoring solutions. The development of information and communication-based technologies such as the expansion of bandwidth capacity in fixed and mobile networks and the emergence and development of Internet and Internet-based applications in several end-use applications have been a main game-changing driver for the level sensors market. ICT technologies strongly support the increasing use of microsystems by enabling advanced data handlings, data transfer, data displays, and wireless connectivity between sensor-integrated equipment and other machines or systems.
As the sensor parameters vary according to the end user or application, ensuring accuracy in the measurement and sensing performance according to the application of the level sensor is a key challenge for its growth. The level of accuracy required for particular applications varies greatly. Various critical application segments such as industrial automation companies (chemicals, oil and gas, textile) require a higher degree of accuracy. Any deviations in level measurements can lead to serious damage in the petrochemicals and oil and gas industries due to the presence of inflammable and toxic substances. Moreover, variation in the contents and container, as well as environmental factors and locations, can affect the accuracy of level sensors. Hence, the performance requirements of level sensors are critical in advanced applications. Manufacturers need to conform to such stringent requirements based on the end-use application. Hence, accuracy is the most crucial factor that has to be considered while selecting a level sensor.
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