Increase in adoption of industrial automation, technological advancements in level sensors, and rise in usage in energy and power sectors drive the growth of the global level sensor market.
However, lack of precision and accuracy of level sensors and rise in inclination toward electric vehicles hinder the market growth.
On the other hand, surge in adoption in the residential sector would create new opportunities in the market.According to the report, the global level sensor industry generated $4.44 billion in 2018, and is expected to reach $7.36 billion by 2026, growing at a CAGR of 6.5% from 2019 to 2026.Download Sample Report: https://www.alliedmarketresearch.com/request-sample/6142Contact segment to contribute its highest share during the forecast periodBased on type, the contact segment held nearly two-thirds of the total share of the global level sensor market in 2018, and is estimated to contribute its highest share during the forecast period.
However, the non-contact segment is expected to register the highest growth rate of 8.2% from 2019 to 2026, owing to technological advancements and rapid adoption in industries for deploying in harsh environments.Point level monitoring segment to maintain its dominance by 2026Based on application, the point level monitoring segment held the highest market share in the global level sensor market, contributing for nearly three-fifths of the market share in 2018, and is expected to maintain its dominance throughout the forecast period.
Moreover, this segment is expected to register the fastest CAGR of 8.0% from 2019 to 2026.
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