A new report by Future Market Insights (FMI) found the global level sensor market was valued at $3.35 billion in 2018, and is projected to grow at a compound annual growth rate (CAGR) of 6.1% between the forecast period of 2019 to 2029.
The chemical and petrochemical industries will continue to sustain high demand for ultrasonic and microwave/radar level sensors for various applications, including fuel level detection, leakage monitoring and flow measurement. In addition, installation of water tank level controllers and automatic water level controllers for measuring the water level in well water and tanks is anticipated to drive the level sensor market growth during the forecast period.
The oil and gas industry is anticipated to command the global market share because of the growing adoption of tank level monitoring, fuel and chemical injection and other applications. Ultrasonic sensors are estimated to gain end user favor by a wide margin due to their high sensitivity, high frequency, and high penetrating power.