The oil & gas industry is one of the key end-users of level gauges. The widespread usage of level gauges for monitoring storage units and downstream processing plants has continued the demand for these instruments in the industry. With the rise in crude oil production in a few countries, such as China, the level gauge market is growing rapidly. Moreover, the International Energy Agency reports that Asia Pacific is the largest importer and consumer of natural gas. China was responsible for two-thirds of global natural gas demand in 2021. Moreover, transportation is vulnerable to leaks as a high-pressure pipeline does not serve across the region. Hence, regular monitoring is required throughout the shipment. As per British Petroleum's 2018 Statistical Review of World Energy, Asia Pacific houses over 33% of the global refining capacity. China, India, Japan, and South Korea have the most active oil and downstream gas sectors in Asia Pacific, accounting for over 78% of the region's oil refining capacity. This leads to a potential possibility of the development of a new end-user. Further, the demand for measurement equipment from the midstream & downstream industries is likely to rise. Fluid sensing is critical in the oil & gas industry. Water, chemical fluids, and oils are essential throughout a well's lifecycle, along with the increased use of drilling techniques such as hydraulic fracturing. The need for monitoring a wide range of chemicals and processing flow back that created wastewater has increased due to new procedures and regulations. The above-mentioned factors are augmenting the demand for level gauges in the oil & gas industry.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Asia Pacific level gauge market at a substantial CAGR during the forecast period.
Asia Pacific Level Gauge Market Segmentation
The Asia Pacific level gauge market is segmented on the basis of gauge type, technology, end-user, and country. Based on gauge type, the market is categorized into tank level, fuel level, water level, and mechanical level. In 2021, the tank level segment held the largest share of the market; and the fuel level segment is expected to register the highest CAGR during the forecast period. Based on technology, the market is segmented into magnetic level gauge, reflex level gauge, transparent level gauge, and tubular level gauge. In 2021, the magnetic level gauge segment held the largest market share; and it is also expected to register the highest CAGR in the market during the forecast period. Based on end-user, the market is segmented into oil & gas, food & beverage, chemical & petrochemical, marine, energy & power, and others. In 2021, the chemical & petrochemical segment held the largest share of the market; and it is also expected to register the highest CAGR during the forecast period. Based on country, the Asia Pacific level gauge market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. In 2021, China held the largest market share; and India is expected to grow at the highest CAGR during the forecast period.
ABB Ltd., Barksdale Inc., Ayvaz; BinMaster; Jogler, LLC; KOBOLD Messring GmbH; and KROHNE Messtechnik GmbH are among the leading companies operating in the Asia Pacific level gauge market.