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According to the new research report published by The Insight Partners, titled “Radar level transmitter Market - Global Analysis and Forecast to 2027”, the global radar level transmitter market was valued US$ 654.5 Mn in 2018 and is expected to reach US$ 996.0 Mn by 2027 with a CAGR growth rate of 4.8% in the forecast period from 2019 to 2027.
In 2018, Asia-Pacific is estimated to account to hold the largest market share, growing at a CAGR of 6.1%.
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. 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 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.
Furthermore, there are improved rules in the food and beverage industries to maintain hygiene standards. The regulations are imposed to avoid harmful contamination in food & beverages. Likewise, in the oil and gas sector, severe measures are issued by the government for leakage detection. Hence, owing to compulsory regulations, the manufacturers in the region are shifting to contact and non-contact level transmitters such as radar level transmitters. Radar level transmitters have no moving parts and need less maintenance. They can also manage difficult tank conditions owing to ultra-high sensitivity and unique signal processing features. The transmitter can be easily installed and are highly flexible with the interchangeable transmitter. Hence, they are finding increasing applications in oil and gas, chemical, and other industries.
In addition to this, 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.
Key findings of the study:
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.
Among industry vertical, the swift growth in improvements in oil and gas extraction processes and shale-gas production are the primary factors driving the growth of the radar level transmitters market in North America. Further, in North America, the US is a developed country based on manufacturing processes; it has a well-established oil and gas industry, and it contributes to the growth of the global radar level transmitter market.
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