LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global laser level transmitters 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 laser level transmitters market will grow at a CAGR of over 5% during the forecast period. The rising need for process optimization is a major factor driving the market’s growth.
Laser level transmitters are mostly designed to operate in harsh environments. These transmitters being non-contact can perform accurate level measurement of inventory management and process control. The laser level transmitters can perform precise measurement of any liquid or solid. Moreover, they are fast and easy to install and are equipped with an easy setup menu.
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In this report, Technavio highlights the miniaturization of laser devices as one of the key emerging trends in the global laser level transmitters market:
Miniaturization of laser devices
The increasing demand for smaller and portable devices have influenced the laser technology to be miniaturized. Engineers are continuously designing new methodologies to manage more complex circuits and high-level of integration within the same or miniaturized size at the same cost.
According to a senior analyst at Technavio for automation research, “Rapid technological developments in industries have led to the demand for high-level functional integration. Miniaturization of lasers ensures portability of the devices which will act as a major factor to drive the global laser level transmitter market during the forecast period.”
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Global laser level transmitters market segmentation
This market research report segments the global laser level transmitters market into the following end-users (chemical and petrochemical industry, oil and gas industry, water and wastewater industry, power industry, and others) and key regions (the Americas, APAC, and EMEA).
The chemical and petrochemical industry was the most prominent end-user in 2017 and is expected to continue its domination during the forecast period. Stringent regulations for improving water quality and reuse of water will drive the water and wastewater industry to witness the highest rate of CAGR of close to 6% between 2017 and 2022.
The global laser level transmitters market is experiencing steady demand from EMEA, the Americas, and APAC owing to the increasing need for level measurements in process industries. EMEA contributes the major share of revenue to the market, followed by the Americas and APAC because of the well-established oil and gas industry in the Middle East and Africa. Followed by EMEA, the Americas contributed the second highest revenue. Though the Americas are expected to witness a slight dip in the market share during the forecast period, the contribution is expected to be more prominent owing to the high production of shale gas. APAC is likely to present the highest growth potential during the forecast period owing to the rapid economic and industrial development. Emerging countries such as India, Vietnam, Thailand, and China will offer growth opportunities for vendors in the market.
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