Radar level device market to grow more than 10% annually
Dedham, MA—The worldwide market for radar level devices is expected to grow at an 10.3% compound annual growth rate (CAGR) during the next five years from nearly $238 million in 2002 to more than $388 million in 2007, according to a new study by ARC Advisory Group.
Dedham, MA— Even as other level measurement technologies labor to achieve single-digit growth rates, the worldwide market for radar level devices is expected to grow at an impressive 10.3% compound annual growth rate (CAGR) during the next five years from nearly $238 million in 2002 to more than $388 million in 2007, according to a new study, 'Radar Level Devices Worldwide Outlook,' by ARC Advisory Group .
Revenue losses from incorrect level measurement can be costly, especially in inventory management. Besides being accurate and reliable, radar level devices have several other advantages over contact and non-contact level measurement technologies. 'The versatility and capability of radar technology in level measurement is now proven,' says Paula Hollywood, ARC senior analyst and co-author of the study. 'Even in a difficult year where the plant automation business worldwide remained depressed, radar level technology posted impressive growth.'
As a result, 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.
The report adds that 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.
In addition, suppliers are successfully working on a number of initiatives to address user requirements. They are developing and marketing radar level devices with better accuracies that operate at higher frequencies using smaller antennas that will increase the number of vessels on which they can be mounted. Loop-powered devices, preferred by the process industries, are becoming common. Also, battery-powered and wireless radar devices are appearing in the marketplace. These technological enhancements, combined with price reductions, are fueling the growth of radar level devices. The replacement of traditional level measurement technologies with radar level devices has emerged as a major business opportunity.
The report adds that radar level measurement is growing in chemical, marine, and oil and gas industries. Hybrid industries such as food & beverage and pharmaceutical also present exciting growth opportunities.
For more information, visit www.arcweb.com/research/auto/pressure.asp .
Control Engineering Daily News Desk
Jim Montague, news editor