Level Gauge Global Market Report 2022: Ukraine-Russia War Impact

New York, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Level Gauge Global Market Report 2022: Ukraine-Russia War Impact' -
The global level gauge market is expected to grow from $1.30 billion in 2021 to $1.42 billion in 2022 at a compound annual growth rate (CAGR) of 9.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The level gauge market is expected to reach $1.85 billion in 2026 at a CAGR of 6.9%.
Level gauge market consists of sales of differential pressure transmitters, float and displacer level instruments, guided wave radar (GWR), capacitance transmitters, hybrid capacitance, nucleonic level transmitters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
A level gauge is a tool for displaying the fluid level in fields. This tool is frequently used in industrial process applications to check the fluid levels in drums, tanks, pressure vessels, and other containers.
North America was the largest region in the level gauge market in 2021. The regions covered in the level gauge market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The value of goods in this market includes related services sold by the creators of the goods.The level gauge market is segmented into reflex level gauge, transparent level gauge, magnetic level gauge.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of the level gauge are tank level, fuel level, water level, and mechanical level.Tank level gauges are used to quickly tell how much water is in your storage tank at any given time.
The different technologies involved are magnetic level gauge, reflex level gauge, transparent level gauge, and tabular level gauge that are used by oil and gas, chemicals, Petrochemicals, pharmaceutical, and other industries.
The growth of the oil and gas industries is expected to propel the growth of this level gauge market going forward.Oil and natural gas are major industries in the energy market, in oil and gas production drilling, storage, and transportation systems of oil, natural gas, and associated slurry are separated, stored, and processed in various production equipment and tanks.
The measurement and control of the level are essential to ensure normal production and equipment safety.Oil level is an important measure to correctly calculate oil storage, determine inventory, and calculate transportation, due to these benefits there was a growth in the oil and gas sector.
For instance, according to British Petroleum, a UK-based oil and gas company, the global oil production increased by 1.4 million b/d in 2021, with OPEC+ accounting for more than three-quarters of the increase and global natural gas demand grew 5.3% in 2021. Therefore, the growth of the oil and gas industries is driving the demand for the level gauge market.
Technological advancements have emerged as a key trend gaining popularity in the level gauge market.The development of automated level gauges integrated with sensors has risen the demand for level gauges.
The market is witnessing radar-based gauges integrated with sensors enabling monitoring and real-time pricing.For instance, in February 2020, VEGA, a US-based manufacturer of sensors for measuring level, point level, and pressure launched VEGAPULS, a new instrument series for level measuring devices.
The new instrument series is based on 80 GHz technology and an advanced microchip, representing a real alternative to ultrasonic technology in terms of measuring the volume of fluids. This makes it suitable even for more price-sensitive applications, such as those found in industry or auxiliary systems in process automation.
In April 2022, Dwyer Instruments, a US-based instrument manufacturing firm acquired Omega Engineering for an undisclosed amount.With this acquisition, the combined business of both companies offers customers the broadest portfolio of highly configurable temperature measurement, pressure measurement, flow measurement, and level measurement solutions for critical environment and automation applications.
OMEGA Engineering is a US-based instrumentation company that manufactures measuring instrumentation solutions including level indicators.
The countries covered in the level gauge market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The level gauge market research report is one of a series of new reports that provides level gauge market statistics, including level gauge industry global market size, regional shares, competitors with level gauge market share, detailed level gauge market segments, market trends, and opportunities, and any further data you may need to thrive in the level gauge industry. This level gauge market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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