LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global level gauge market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global level gauge market will grow at a CAGR of close to 7% during the forecast period. Increasing preference for magnetic level gauges in interface measuring is a major factor driving the market’s growth.
Most of the industries have a high need for fluid interface measurements in equipment such as separators, dehydrators, regenerators, coking drums, clarifiers, and settlement tanks. The need for interface measurement arises when two immiscible liquids are present in the same vessel. Different interfaces present can be a liquid-liquid interface, liquid-solid interface, foam-liquid interface, or vapor-liquid interface. With magnetic level gauges, precise measurement of the level of upper liquid as well as the level where both the liquids meet can be obtained. Thus, when most level measurement techniques fail magnetic level gauges are preferred.
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In this report, Technavio highlights the increasing demand for automated gauge systems as one of the key emerging trends in the global level gauge market:
Increasing demand for automated gauge systems
Automated gauge systems are required for automatic monitoring of levels, temperature, and volume of the medium inside the tank. They are extensively used in gas stations, retail outlets, boilers, and filling stations for all aboveground or underground applications. These level gauges may consist of a touch control console and a magnetostrictive probe. These components help in accurate measurement of fluid levels in tanks such as oil tank and inner tank oil level and are also used in sewage management. Control rooms in industries have installed the touch control console that automatically probes data processing and acquisition.
According to a senior analyst at Technavio for automation research, “Automated gauge systems offer additional features such as real-time display of information regarding tank storage volume, leak detection, level recording, level alarm, automatic unloading, as well as data upload.”
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Global level gauge market segmentation
This market research report segments the global level gauge market by end-user segments (oil and gas industry, chemicals and petrochemicals industry, power industry, water and wastewater industry, and other industries), by product (magnetic level gauges, reflex level gauges, transparent level gauges, bi-color level gauges, and other level gauges) and key regions (the Americas, APAC, and EMEA).
Based on product segmentation, the magnetic level gauges segment is expected to account for a major share of the global level gauge market during the forecast period. This can be attributed to their ability to withstand high-temperature and pressure as well as their accuracy in interface measurement.
The Americas dominated the market with a share of over 37% in 2017, followed by EMEA and APAC. The oil and gas industry is a prominent end-user and has a strong presence in North America and Middle Eastern countries and is expected to generate maximum revenue for the market in focus.
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