Radar level device market to grow over 10% annually
The worldwide market for radar level devices is expected to grow at a compounded annual growth rate (CAGR) of 10.3% over the next fiveyears.
ARC believes that non-contact radar and contacting guided wave type devices represent the greatest potential for growth in the area of continuous level measurement in industries.
Radar level technology is relatively new and its adoption is largely driven by its ROI, low-maintenance, and high reliability considerations. Users are convinced about radar level technology and are accepting it in ever increasing numbers. As a level technology that first found acceptance in tank gauging, radar level devices have made considerable inroads into wider process applications.
Loop powered devices, preferred by the process industries, are becoming common. Additionally, battery-powered and wireless radar devices are appearing in the marketplace. These technological enhancements, combined with price reductions, are fuelling the growth of radar level devices. The replacement of traditional level measurement technologies with radar level devices has emerged as a major business opportunity.
According to the study, "Radar technology, in comparison to other competing technologies, offers many advantages. It provides an accurate and a reliable means to measure level."
Application of radar is growing in chemical, marine, and oil and gas industries. Hybrid industries such as food and beverage and pharmaceutical also present exciting growth opportunities.
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