Global sales of level sensors reached $4.44 billion in 2018 and will reach $7.36 billion by 2026, growing at a CAGR of 6.5% from 2019 to 2026, according to a report by Allied Market Research titled "Level Sensor Market by Type, Application, and End Use.”
The report said that the Increase in adoption of industrial automation, technological advancements in level sensors, and rise in usage in energy and power sectors will drive the growth of the global level sensor market. But the lack of precision and accuracy of level sensors could hinder the market growth.
Based on type, the contact segment held nearly two-thirds of the total share of the global level sensor market in 2018, and is estimated to contribute its highest share during the forecast period. This is due to precision offered for level measurement and reliability for conventional level sensors. However, the non-contact segment is expected to register the highest growth rate of 8.2% from 2019 to 2026, due to technological advancements and rapid adoption in industries for harsh environment deployment, the report said.
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Based on application, the point level monitoring segment held the highest market share in the global level sensor market, contributing nearly three-fifths of the market share in 2018, and is expected to maintain its dominance throughout the forecast period. This segment is expected to register the fastest CAGR of 8.0% from 2019 to 2026, due to cost effectiveness and multipurpose applications in commercial, industrial, and residential sectors.
Based on region, Asia-Pacific contributed the highest market share, accounting for nearly half of the global level sensor market in 2018, and is expected to contribute its lion's share during the forecast period. Moreover, this segment is expected to contribute the highest CAGR of 7.6% from 2019 to 2026. North America will continue to account for the second largest portion of market share.