May 25, 2022 06:35 ET | Source: The Insight Partners The Insight Partners
New York, May 25, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Level Gauge Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Gauge Type (Tank Level, Fuel Level, Water Level, and Mechanical Level), Technology (Magnetic Level Gauge, Reflex Level Gauge, Transparent Level Gauge, Tabular Level Gauge, and Others), and End-User (Oil & Gas, Food & Beverage, Chemical & Petrochemical, Marine, Energy & Power, and Others)”, the global level gauge market growth is driven by the increasing use of level gauge to measure water level, automatic tank gauge systems, often known as ATGs, growth of oil & gas businesses and strong industrial activity worldwide, the expansion of automated processes in the pharmaceutical industry.
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Level Gauge Market Analysis: Competitive Landscape and Key Developments ABB Ltd.; Barksdale Inc.; Ayvaz; BinMaster; jbj Techniques Ltd.; Jogler, LLC; KOBOLD Messring GmbH; KROHNE Messtechnik GmbH; Krueger Sentry Gauge Co.; and SensorsOne Ltd. are among the key players profiled during the level gauge market study. In addition, several other important market players were studied and analyzed during the course of market research study to get a holistic view of the market and its ecosystem.
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The level gauge market is broadly segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). The market in APAC is further segmented into Australia, India, China, Japan, South Korea, and the Rest of APAC. Government initiatives, such as Make in India and Make in China, are transforming the manufacturing sectors in India and China. Progress in the manufacturing sector in Asian countries, such as China, India, Japan, South Korea, and Taiwan, creates a positive impact on the adoption of level gauge. The petrochemicals, food & beverages, and chemicals & pharmaceuticals industries are rapidly growing in APAC. China is the largest producer of oil in the region, followed by India and Indonesia. In 2020, China produced ~7.4 million oil barrels per day.
According to International Trade Administration, in 2021, Singapore became Asia’s one of the most important shipping centers and listed as one of the top three oil trading & refining hubs of the world, with 1.5 million barrels per day of refining capacity of crude oil. In March 2022, the government of Japan started to provide subsidies for gasoline, gasoil, kerosene, and fuel oil to support the oil & gas industry. This will help the oil & gas industry to recover from the effect of COVID-19 pandemic. Such initiatives by the countries for their respective industries are contributing to the growth of the level gauge market in APAC.
Additionally, the chemical sector in APAC represents over 45% of the world’s chemical manufacturing. These facts indicate the large scope for the adoption of different types of level gauges in APAC. Prominent players in the level gauge market in the region are Indtrumax Enterprises; D.K. Instruments Pvt. Ltd.; Process Instrumentation and Engineers; General Instruments Consortium; Japsin Instrumentation; Wuhu Guangyuang Hydraulic Technology Co., Ltd.; Sawada Seisakusho Co., Ltd.; Tokyo Keiso Co., Ltd.; and BBK and Samil Industry Co. Ltd.
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The level gauge market was dominated by Asia Pacific, which accounted for more than 40% share in 2021 and will continue to dominate the market by 2028. North America is the second-largest contributor to the market, followed by Europe.
The level gauge market in South America is segmented into Brazil, Argentina, and the Rest of South America. Brazil is the most advanced country in the region, and it leverages several technologically advanced solutions to maintain its global image. South America is witnessing a constant rise in the food & beverages, marine, and oil & gas sectors. With the proliferating operations, the measurement of liquid levels becomes crucial in these industries, which, in turn, fuels the adoption of level gauges.
Brazil leads the level gauge market in SAM owing to the presence of petroleum, chemicals, and oil & gas industries. Moreover, the region attracts a huge amount of foreign direct investments (FDIs), which facilitates infrastructural development. Factors such as favorable government support, and production and export of chemicals, and oil and gas products continue to propel the growth of the respective sectors in the region, subsequently fueling the growth of the level gauge market in the region. Brazil and Venezuela dominate the chemical and oil production businesses in the region, which indicates significant demand for level gauges in these countries.
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Brazil was the worst-hit country in South America (SAM), followed by Chile, Ecuador, Peru, and Argentina in 2020. Various economic activities in the region were partially halted to curb the spread of the COVID-19 virus. The COVID-19 outbreak adversely affected the mining in this region's oil & gas sectors. In the wake of the crisis, manufacturing & construction, mining, and oil & gas activities have been severely disrupted, which subsequently restrained the growth of the level gauge market in the region.
In SAM, Argentina and Brazil are two prime natural gas-producing countries that account for approx. 40% of the entire region. However, during the COVID-19 pandemic, these countries witnessed a significant decline in their oil & gas-related activities due to the collapsed oil and gas prices. The decline restricted activities related to the storage and transportation of liquid gas products, which lowered the demand for level gauges in the region. However, since late 2020, economies in SAM have been resuming slowly, and oil & gas companies have subsequently started their operations. This development is expected to drive the SAM level gauge market growth in the coming years.
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Level Gauge Market Study: Gauge Type Overview Based on gauge type, the level gauge market is segmented into tank level, fuel level, water level, and mechanical level. The fuel level segment is expected to register the highest CAGR during the forecast period due to the increasing use of these indicators in automobiles and various chemical & petrochemical industries to comply with safety regulations and the high precision of measurement required.
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