(MENAFN- EIN Presswire) The Radar Level Transmitter Market projected to reach $996 Million by 2027 from $654.5 Million in 2018 to grow at 4.8% CAGR during (2019-2027).
PUNE, MAHARASHTRA, INDIA, January 28, 2020 / EINPresswire.com / -- In 2018, Asia-Pacific is estimated to account to hold the largest Radar Level Transmitter Market share, growing at a CAGR of 6.1%. In 2017, in APAC region, oil, and gas industry showed signs of revival in 2017, as crude oil prices improved, India, Australia, China, and Indonesia led oil and gas drilling activities in the region. China and India are the largest consumers of oil and gas in the APAC region and are increasing domestic output to meet the growing demand for fuel. Therefore, oil and gas activity is projected to increase in the coming years.
The research thoroughly establishes critical Radar Level Transmitter Market drivers, well-identified restraints, future opportunities, and ongoing trends of the market with essential statistics to provide precise data in terms of value and volume. Besides, the report highlights the potential opportunities for the market players and future trends of the market by a logical and calculative study of the past and current market scenario.
APAC comprises Australia, China, India, Japan, South Korea, and Rest of APAC. Radar Level Transmitter technologies such as guided wave radar, pulse, and FMCW is broadly used across many industries such as oil and gas, chemicals, food, and beverages, among others.
The technology is categorized based on type as a non-contacting transmitter and a contacting transmitter where guided wave radar is a type of contact transmitter, and pulse and FMCW are types of non-contact transmitters. These are ideally used for a tough environment where vapor, dust, or a foaming surface prevents the usage of ultrasonic measurement. It delivers reliable and accurate results for liquids and solids under high temperatures and pressures.
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The demand for radar level transmitter is expected to grow in the MEA region owing to the strong oil and gas sector. In the Middle East, the largest oil producers are Iraq, Saudi Arabia, and UAE, where Saudi Arabia is the world's largest oil producer. Iraq is the second-largest producer in the Middle East region. Hence, due to powerful oil producer countries in the Middle East region, the demand for radar level transmitters is also increasing in order to measure the level of liquid and solid materials in the storage tanks.
Apart from oil and gas sector, chemical industry is also booming in the region for instance, according to the Gulf Petrochemicals & Chemicals Association (GCPA), the chemical industry is one of the oldest industries in the GCC countries such as UAE, Saudi Arabia, and others, which contributes considerably on regional industrial and manufacturing growth. Among other manufacturing sectors, the chemical sector is one of the highest contributions to manufacturing value-added. As per the International Council of Chemical Associations (ICCA), the region's chemical industry has grown considerably over the past few years. In 2017, the chemical sector supported a US$ 550 Bn contribution to GDP, and throughout Africa and Middle East regions.
The radar level transmitter market in APAC is anticipated to be the fastest-growing owing to its strong focus in the oil and gas industry. APAC has witnessed a noteworthy growth in manufacturing activities owing to low manufacturing costs and supportive local governments. Additionally, the rising demand for chemicals and the growing population in APAC countries such as India and China are driving the chemical industry in the region. China and India are considered huge markets for radar level transmitters due to their increasing industrial manufacturing activities.
In 2018, the Asia-Pacific region accounted for the largest market share due to significant presence of wide range of process industries present in the region. APAC has some of the major countries such as India, China and South Korea which has large process industries. The presence of large number of process and food and beverage industries in the region is expected to support the growth of radar level transmitter market in the region.
In Asia-Pacific, India is among the fastest-growing economies in APAC. According to The Organization of the Petroleum Exporting Countries (OPEC), the country's oil demand is anticipated to rise by 3.21%, by 2020, it would further rise by 3.36% this indicate that the demand of oil and gas industry is growing in India which would open several business opportunities for vendors to deploy radar level transmitters in industries for level measurements of solid and liquid medium.
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The players present in the employee monitoring solution market mainly concentrate towards the business contracts, partnerships, collaboration, and product developments. Activities for the deployment of new technological solutions across the world is permitting these companies to maintain their brand name globally. Few of the important market initiatives and acquisitions from the industry are mentioned below:
•KROHNE opened its new manufacturing facility and North America headquarters in Beverly, Massachusetts. The new facility would be operated and managed by KROHNE, Inc.
•Drexelbrook expanded its range of FMCW based radar level measurement products with the addition of DRX400 and DRX500 series level transmitters. The DRX400 series consist of three new models DR5400, DR6400 and DR7400 and DRX500 series consists of DR3500, DR6500 and DR7500
•KROHNE Group introduced four new guided radar (TDR) devices specially designed for certain areas of applications including hazardous, hygienic, high temperature/pressure, and functional safety applications
•Emerson introduced new app for configuring Radar level transmitters. The Radar Master app would empower users to easily configure Rosemount radar level transmitters
•Magnetrol announced new enhancements for Pulsar Model R86 which includes two new 26 GHz horn antennas designed for use in corrosive applications as well as new communication protocols and hazardous approvals.
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