The level sensors market is expected to grow from USD 4.0 billion in 2018 to USD 5.9 billion by 2025; it is estimated to grow at a CAGR of 5.7% during 2019–2025.
Why increasing innovations in nanotechnology would create opportunities for market players?
With the remarkable success of microtechnology in healthcare and automotive applications, research on nanotechnology-based sensors is the major focus of R&D engineers. Recent innovations in the field of nanotechnology, such as Nano-Electro-Mechanical Systems (NEMS), have paved the way for designing nanoscale sensors. Sensors based on nanotechnology are extremely small, thereby enabling faster detection, large surface area, low power requirement, and selectivity.
Level sensors related to these nanotechnology aspects are still in the infancy stage; however, the market for these sensors has a huge scope for growth owing to ongoing technological developments and increasing penetration of these sensors in several emerging applications. The decrease in raw material requirements per sensor, the feasibility of mass production of these sensors at lower costs, high yields in fabrication, widened availability in the market, reduction in weight and power consumption, a dramatic increase in versatility, and reduction of sample size and form factors are a few of the advantages of nanotechnology-based sensors.
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How technical issues related to accuracy posing a major challenge?
As the sensor parameters vary according to the end user or application, ensuring accuracy in the measurement and sensing performance according to the application of the level sensor is a key challenge for its growth. The level of accuracy required for particular applications varies greatly. Various critical application segments such as industrial automation companies (chemicals, oil and gas, textile) require a higher degree of accuracy. Any deviations in level measurements can lead to serious damage in the petrochemicals and oil and gas industries due to the presence of inflammable and toxic substances. Moreover, variation in the contents and container, as well as environmental factors and locations, can affect the accuracy of level sensors. Hence, the performance requirements of level sensors are critical in advanced applications. Manufacturers need to conform to such stringent requirements based on its end-use application. Hence, accuracy is the most crucial factor that has to be considered while selecting this sensor.
Growing adoption of level sensors in healthcare applications
In healthcare, technological advances are increasingly playing a significant role in almost all processes, from data collection, data monitoring, lab tests to self-care tools. The adoption of sensors is playing a vital role in the healthcare industry and has led to the evolution of advanced diagnostics, treatment, and patient monitoring. With a large population base, the occurrence of lifestyle diseases such as Alzheimer’s disease (AD), cardiovascular diseases, cancer, diabetes, liver diseases, and pulmonary diseases is also expected to be higher in many countries. Most of the healthcare equipment used for the treatment and care of lifestyle diseases have to monitor disease conditions over a long duration.
High integration cost of thin-film technology
Thin-film deposition technology is implemented to revise the optical characteristics of a surface (the substrate). Its electrical conductivity and hardness or lubricity provide corrosion resistance or chemical inertness. Thin-film deposition technology is a process of modifying the physical characteristics of a surface by applying a very thin coating, often just a few millionths of a millimeter thick. In developed countries, manufacturers are frequently implementing thin-film technology to produce level sensors.
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