rising-usage-in-petrochemical-and-food-&-beverage-industries-to-steer-float-switch-sensor-market-past-us$-9.22-billion-by-2032

Rising Usage in Petrochemical and Food & Beverage Industries to Steer Float Switch Sensor Market Past US$ 9.22 Billion by 2032

 

The global float switch sensor market size is estimated to touch a valuation of US$ 4.56 billion in 2022. With rising applications of float switch sensors in chemical processing, petrochemicals, and food and beverages, the overall demand for float switch sensors is poised to grow at 7.3% CAGR between 2022 and 2032.

Float switch sensors are devices that detect the level of liquid in tanks or containers. They float on top of the liquid surface and act as mechanical switches when liquid level changes. They control devices like pumps, values or alarms when the level of liquid increases or drops to a particular point.

Float switch sensors help in preventing overflows, protect various equipment from severe damage and help to prevent dangerous situations. Thus, they are being increasingly installed across industries like chemicals, petrochemicals, food & beverages, and water treatment plants.

Similarly, various attractive features of float switch sensors such as easy installation, power conservation, autonomous operation, and reliable electrical design, are encouraging end users to adopt them in their facilities. This will continue to push sales of float switch sensors during the forecast period.

Furthermore, implementation of IoT and rising investments in research and development (R&D) are expected to boost the growth of float switch sensor market during the forthcoming decade.

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Regionally, North America and Europe will collectively account for over 40% share of the global float switch sensor market in 2022. Growth in these markets is driven by rapid expansion of industries like food & beverages, petrochemicals, and chemicals, strong presence of leading float switch sensor manufacturers, and availability of advanced products.

Key Takeaways:

  • Based on application, petrochemicals and food and beverages segments are likely to be the most remunerative in the global float switch sensor market during the forecast period.
  • With rapid expansion of end-use industries, North America is set to account for around 23.5% share of the global float switch sensor market in 2022.
  • Europe is expected to hold around 20.1% share of the global float switch sensor market in 2022.
  • Demand for float switch sensors is likely to grow at a robust pace in the U.S. market during the forecast period.
  • China’s float switch sensor market is poised to exhibit strong growth amid rapidly growing usage of float switch sensors in chemical processing, petrochemicals, and shipbuilding applications.

Growth Drivers:

  • Rising usage of float switch sensors in industries like petrochemicals and food and beverage is pushing the demand in the market.
  • Easy to install & power saving features will continue to boost sales of float switch sensors during the forecast period.
  • Growing adoption of IoT solutions and their utilization in process industries is expected to create lucrative opportunities for float switch sensor manufacturers during the next decade.

Restraints:

  • Availability of substitute systems like optical sensors is limiting the growth of float switch sensor market.
  • Lack of operational knowledge about a variety of applications is also slowing down Sales of Float Switch Sensors.

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Competitive Landscape:

Leading float switch sensor manufacturers are constantly launching new products to meet end user demands. Furthermore, they have adopted various strategies such as alliances, collaborations, partnerships, mergers, acquisitions, joint ventures, etc. Gain a competitive edge in the highly competitive market.

For instance,

  • In June 2019, Rochester Gauges, LLC acquired FPI Sensors to expand its market share in the liquid level sensor space.
  • In 2019, Cynergy3 Components Ltd., teamed up with Rhopoint Components Ltd, a leading design-in distributor of electronic components, sensors, and connectors.

Key Companies Profiled by Fact.MR

  • SMD Fluid Controls
  • Cynergy Components
  • Madison Company
  • MATelec Australia
  • Hamilton Electronics
  • Gems Sensors
  • FPI Sensors
  • Savolite
  • Deeter Electronics Ltd.
  • S.R.I. Electronics

More Valuable Insights on Float Switch Sensor Market

In the latest study, Fact.MR offers a 360-degree view of the global float switch sensor market for the forecast period of 2022 to 2032. The report also highlights key factors such as recent developments and growth drivers influencing sales in the float switch sensor market through detailed segmentation as follows:

By Type:

  • Vertical Switches
    • Top Mounted
    • Bottom Mounted
  • Horizontal Switches
  • Custom Multi-level Switches

By Material:

  • Stainless Steel Float Switches Sensors
  • Plastic Float Level Switches Sensors
  • Miniature Stainless Steel Float Switches Sensors

By Application:

  • Food & Beverages
  • Chemical Processing
  • Water Treatment Plants
  • Petrochemicals
  • Shipbuilding
  • Aircraft & Aerospace

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA

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Key Questions Covered in the Float Switch Sensor Market Report

  • What will be the demand outlook of the float switch sensor market in 2022?
  • What is the projected growth rate of the global float switch sensor market during 2022-2032?
  • Which are the key drivers bolstering growth in the float switch sensor market?
  • Which factors are hindering the growth in the float switch sensor market?
  • Which region is expected to exhibit the fastest growth in the global float switch sensor market during 2022-2032?

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