DUBLIN--(BUSINESS WIRE )--The "Level Gauge Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Gauge Type, Technology, and End-User" report has been added to ResearchAndMarkets.com's offering.
The Level Gauge market is projected to reach US$ 2,013.69 million by 2028 from US$ 1,391.31 million in 2021; it is expected to grow at a CAGR of 5.6% from 2022 to 2028.
The oil & gas industry is one of the key end users of level gauges. The widespread usage of these instruments for monitoring storage units and downstream processing plants has kept level gauges in high demand in the industry. With the rise in crude oil production in some countries, such as the US, the level gauge market is gaining momentum.
In contrast, the International Energy Agency reports that Asia Pacific is the largest importer and consumer of natural gas. China was responsible for two-thirds of world natural gas demand in 2021. Transportation is vulnerable to leaks as a high-pressure pipeline does not serve the region. As a result, regular monitoring is required throughout the shipment.
According to British Petroleum's 2018 Statistical Review of World Energy, Asia Pacific houses more than 33% of world refining capacity. China, India, Japan, and South Korea have the most active oil and downstream gas sectors in Asia Pacific, accounting for more than 78% of the region's oil refining capacity. This points to a potential possibility in the development of a new end-user.
Furthermore, the demand for measurement equipment from the midstream and downstream industries is likely to rise, which would propel the level gauge market growth.
Fluid sensing is critical in the oil & gas industry. Water, chemical fluids, and oils are essential throughout a well's lifecycle, even more so with the increased use of drilling techniques such as hydraulic fracturing.
The demand for monitoring a wide range of chemicals and processing flow back and created wastewater has grown due to new procedures and regulations. The above mentioned factors are augmenting the demand for level gauge in the oil & gas industry, driving the level gauge market growth.
Impact of COVID-19 Pandemic on Level Gauge Market
In North America, the US is the largest military spender, followed by Canada and Mexico. However, due to the effects of COVID-19 pandemic, these countries are decreasing their investments in developing and acquiring new military technologies in the region. There was a complete halt in the production, manufacturing, and supply of military and defense equipment due to restricted social activities in different countries.
The pandemic and related containment measures obstructed the supply chain of the North American level gauge industry in the initial month. A decline in customer orders was also observed. This resulted in the huge backlog of orders among key market players, thereby negatively impacting the level gauge market growth.
Automatic tank gauge systems, often known as ATGs, are a great addition to any fleet's maintenance program. An ATG is an electronic gauge type installed within an above- or below-ground tank. It monitors the fuel volume or lubricant over time to determine if the tank is leaking liquids.
Automatic tank monitoring systems are useful for assessing fluid levels, utilization based on volume, and tank temperature and can alert operators when tank contents are too high or have hit a critical low and monitor for leaks. Other features of an automatic tank gauge technology include measuring any gaps in the connections between tanks, pipes, and hose lines and monitoring technology pressurization. Modern ATGs are sophisticated monitoring systems that can be either wired or remotely accessed via a wireless modem.
ATG ensures product integrity while also reducing costly inventory loss and environmental expenses associated with a leak by continuously monitoring tank contents and temperature. ATGs are sophisticated monitoring systems that can detect changes in tank contents and inform operators when a minor or major leak occurs. Temperature measurements check the integrity of fluids, such as gasoline, which expands and contracts in reaction to temperature changes.
As certain liquids expand and contract, ATG testing necessitates a period after delivery to allow temperature stability within the tank. Another significant advantage of implementing an autonomous tank gauge technology is the guarantee that there will always be enough fuel on hand to meet inventory requirements.
It notifies when to reorder and refill with an ATG technology. Deliveries can also be automated, allowing facility managers and warehouse operators to focus on other activities. The rising use of ATGs is driving the level gauge market.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900