According to the new research report on "Level Gauge Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 2,013.69 million by 2028, registering a CAGR of 5.6% from 2022 to 2028.
Europe, which comprises established economies like France, Germany, Russia, Italy, and the UK, has several industries such as food & beverages, medical, chemicals and petrochemicals, and pharmaceuticals that contribute significantly to the level gauge market in the region. In 2020, the UK emerged as the leading pharmaceutical market in Europe with 161 pharmaceutical and biotechnological companies. As the pharmaceutical industry continues to grow, the demand for level gauges is also increasing in countries like Norway, Sweden, the UK, and the Netherlands. In response to this, level gauge market players are adopting various strategies. For example, Klinger Italy launched magnetic level gauges for hazardous fluids and gases in February 2020, while General Instruments executed the largest order of magnetic level gauges for CPECC/ADNOC-BAB Integrated Facilities Project in June 2020. These developments by manufacturers are driving the growth of the level gauge market in the region. The market size is further bolstered by the increasing number of level gauge manufacturers in the region, including PI Control Europe, P&ID b.v., Wema UK, ABB, Bliss Anand Europe, Hadro Techniek B.V., General Instruments Europe, Fival Srl, and Klinger Europe. These manufacturers offer more than one type of level gauge, such as Visco & Viscorol, Valve Fluid Level Indicator 126 series, and Valve Fluid Level Indicator 127 series, offered by P&ID b.v.
In Europe, countries such as Germany, Italy, Russia, France, Spain, and the UK were significantly impacted by various limitations and restrictions due to the COVID-19 pandemic. The economic downturn caused by the pandemic led to a decline in business activities, particularly in the oil & gas sector, as oil prices dropped in Q1 2020. Additionally, some countries in the region implemented strict import and export measures and partially closed their borders, reducing energy demand in various industry sectors. As a result, the market share of the level gauge market in Europe was negatively affected.
The COVID-19 pandemic heavily impacted Russia, a significant producer of natural gas, as it enforced a nationwide lockdown, disrupting the oil & gas supply chain and decreasing the demand for related products. Manufacturers had to streamline production processes to overcome unexpected disruptions and challenges like physical distancing. However, with many countries gradually reopening industries, there is a rise in energy demand and exploration and production (E&P) of oil and gas, which positively impacts the level gauge market growth. With the increase in vaccination drives, the demand for level gauges is expected to recover by the end of 2022 as companies invest in making operations more efficient and productive.
The analysis of the level gauge market has been conducted by categorizing it into three segments: gauge type, technology, and end-user. Under gauge type, the market has been further classified into mechanical level, water level, fuel level, and tank level. The technology segment includes different types of level gauges such as transparent level gauge, reflex level gauge, magnetic level gauge, tabular level gauge, and others. The market has also been categorized based on end-users, including chemical & petrochemical, food & beverage, oil & gas, marine, energy & power, and others.
Key Findings of Market Study:
The level gauge market ecosystem comprises stakeholders such as gauge type suppliers, level gauge manufacturers, raw material providers, and end-users. Raw material providers supply measuring tape, anchored brackets, guide wires, couplers, sensors, and other materials needed for the production of level gauges. The market players engage in various processes like design, assembly, and production to convert raw materials into the finished product.
The level gauge market comprises various types of gauges, including magnetic, reflex, and transparent level gauges. Among these, magnetic level gauges are the most commonly used due to their versatility and customization options. Manufacturers of level gauges offer their products to a wide range of end users, resulting in increased revenues and growth opportunities for the industrial valve market. ABB Ltd., Barksdale Inc., BinMaster, and Jogler, LLC are some of the leading players in the market, catering to industries such as oil & gas, chemical & petrochemical, power generation, and pharmaceuticals. The chemical & petrochemical industry relies heavily on gauges in their equipment to carry out various chemical processes, while in power generation, level gauges assist in regulating water flow into heating chambers. These factors contribute significantly to the growth of the level gauge market.
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