Global Level Gauge Market Expected to Reach $2.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Global Level Gauge Market," The global level gauge market size was valued at $1.5 billion in 2021, and is estimated to reach $2.5 billion by 2031, growing at a CAGR of 5.5% from 2022 to 2031.

A level gauge, also known as a liquid level indicator, is a meter for measuring liquid levels in a vessel such as a process tank, barrel, or drum. Various types of level gauge exist in the market, which include tank, fuel, mechanical, and water level gauges. Level gauge consists of a metal body, machined to have an internal chamber and one or more front windows. On each window, a special high resistance glass is used with sealing joint and metal cover plate hold by bolts and nuts.

On the basis of technology, the market is segmented into magnetic, reflexive, transparent, and others. Transparent level gauges have registered highest revenue in 2021. Transparent level gauges are always fitted with two plate transparent glasses between which the fluid is contained. The fluid level is indicated as the result of the different transparency of the liquids. However magnetic technology is expected to register significant CAGR during the forecast period. The magnetic level gauge is used to prevent leakage, in chemical industry. It prevents aggressive, pollutant, harmful or poisonous chemical from leakage..

Various key players in the market are manufacturing level gauges for various industrial applications such as oil & gas, chemical, and pharmaceuticals. For instance, in February 2020, KLINGER Italy launched magnetic level gauges for highly aggressive chemicals. The KLINGER KMAG magnetic level gauge is suitable for highly aggressive chemicals such as concentrated acids and alkalis. Such factors drives the level gauge market growth.

In 2021, Europe dominated the global level gauge market and accounted for majority of the level gauge market share in terms of revenue. This is attributed to rise in investment in pharmaceutical and bio-tech sectors. For instance, in May 2022, Bayer AG, a German multinational pharmaceutical and biotechnology company planned to invest $1.55 billion in its pharmaceuticals production sites in Bergkamen, Berlin, Leverkusen, Weimar and Wuppertal in the coming years. However, the market in Asia-Pacific is expected to register the highest CAGR during the level gauge market forecast period, owing to rise in investments in oil & gas, pharmaceuticals, foods & beverages, and chemical sectors.

Furthermore, on the basis of end user industry, the chemical segment is anticipated to grow rapidly during the forecast period. The need to obtain government approval, comply with standards set by multiple health agencies, and to maintain proper operation have increased the demand for level gauges in the chemical industry. It is anticipated that the demand for level gauge equipment can increase during the forecast period, due to surge in automated processes in the chemical sector.

However, during the COVID-19 pandemic, various manufacturers in the level gauge market had to stop their business in countries such as China, the U.S., and India. This break directly impacted sales of level gauge companies. In addition, lack of manpower and raw materials also constricted supply of equipment of level gauge system, which negatively influenced growth of the market. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of level gauge companies.

Key Findings of The Study

• The report provides an extensive analysis of the current and emerging global level gauge market trends and dynamics. 
• Depending on type, the tank level gauges segment has dominated the level gauge market, in terms of revenue in 2021 and fuel level gauges segment is projected to grow at a significant CAGR during the forecast period.
• On the basis end user industry, the chemical segment has registered highest revenue in 2021.
• On the basis of technology, transparent segment has registered highest revenue in 2021.
• Asia-Pacific is projected to register highest growth rate in the coming years.
• The key players within the global level gauge market overview are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the level gauge industry.
• The report provides an extensive analysis of the current trends and emerging opportunities of the market.
• In-depth global level gauge market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.