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¿À¹öÇÃ·Î¿ì ¸ð´ÏÅ͸µ Àåºñ ½ÃÀå : À¯Çüº°, ¿ëµµº°, ±¹°¡º°, Áö¿ªº° - »ê¾÷ ºÐ¼®, ½ÃÀå ±Ô¸ð, ½ÃÀå Á¡À¯À², ¿¹Ãø(2024-2032³â)Overflow Monitoring Equipment Market, By Type, By Application, By Country, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032 |
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Overflow Monitoring Equipment Market size was valued at USD 756.43 Million in 2023, expanding at a CAGR of 6.00% from 2024 to 2032.
The creation and distribution of devices intended to identify and notify users of possible overflow scenarios in a range of applications, including water tanks, plumbing systems, and industrial containers, constitute the overflow monitoring equipment market. These sensors have built-in systems that detect rising liquid levels and sound alerts to stop spills, leaks, or flooding. By promptly informing users when liquid levels approach critical levels, overflow monitoring devices help to reduce environmental hazards, water waste, and property damage.
Overflow Monitoring Equipment Market- Market Dynamics
Increasing Adoption of Modern Technology like IoT will Propel Market Demand
One of the main factors driving the market expansion is the increased integration of cutting-edge technologies like IoT to enable automation in overflow monitoring equipment. The industry growth has been fueled by factors including the expanding use of IoT in manufacturing, automotive, oil & gas, and other industries, the substantial use of linked devices, and the growing trend towards industrial automation. Some of the factors anticipated to provide new opportunities for the market are the advancement of wireless technology in equipment monitoring systems and the acceptance of these systems. IOT-based overflow monitoring equipment has several benefits, including lower implementation costs, API interface with other management systems, frequent updates, and round-the-clock monitoring. Taoglas announced in March 2021 the introduction of an IoT enabled Genset Insights solution to help businesses optimise their fleet of generators through real-time data and analytics at any time and location. This solution enables remote overflow monitoring equipment on a single platform by combining the EDGE IG10 industrial gateway with its enterprise-level, vendor-neutral Insights software platform. These elements may help propel overflow monitoring equipment market expansion.
Overflow Monitoring Equipment Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.00% over the forecast period (2024-2032)
Based on type segmentation, contact was predicted to show maximum market share in the year 2023
Based on application segmentation, the factory was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Overflow Monitoring Equipment Market is segmented based on Type, Application, and Region.
The market is divided into two categories based on type: Contact and Contactless. The contact category dominates the market. The growing need for condition monitoring and predictive maintenance in a variety of industries is one important factor. The prevention of equipment failures and reduction of downtime is a crucial aspect of these technologies, particularly in industries like manufacturing, power generation, and oil and gas. Adoption of cutting-edge technology like wireless communication and the Internet of Things (IoT) is also very important.
The market is divided into four categories based on a solution: Municipal, Factory, Scenic Spots, and Others. The factory category dominates the market and is likely to maintain its dominance during the forecast period. One important driver is the growing use of predictive maintenance techniques and Industry 4.0 technologies. By utilizing cutting-edge monitoring systems to avert equipment failures and minimize downtime, these technologies allow manufacturers to increase equipment performance and output.
Overflow Monitoring Equipment Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Throughout the forecast period, North America is anticipated to hold the greatest share of the global market for overflow monitoring equipment. North America is at the forefront of technological innovation, particularly in the areas of cloud computing, IoT, and artificial intelligence. This encourages the adoption of advanced tank level monitoring systems, which provide accurate and efficient data management and analytics capabilities for numerous industries. Additionally, the region's strict industrial, safety, and environmental regulations make the adoption of cutting-edge monitoring technologies necessary.
In addition, the overflow monitoring equipment market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The Asia-Pacific region is undergoing significant industrialization, especially in developing nations like China, India, and Southeast Asia. Due to the expansion of industry, contemporary monitoring solutions-like tank level monitoring systems-are required to boost productivity, security, and regulatory compliance in several industries. Furthermore, the area requires effective monitoring systems due to its focus on developing its infrastructure, which includes chemicals, oil and gas, water and waste management, and more.
Key players in the overflow monitoring equipment market include Honeywell International Inc., Siemens AG, Emerson Electric Co., Endress Hauser AG, ABB Ltd., Yokogawa Electric Corporation, and others. These companies use a variety of strategies, such as ongoing product development, strategic alliances, and international market expansion. Furthermore, mergers, acquisitions, and strategic alliances are commonly used to expand market share and diversify product offerings. Entrepreneurs and new companies are also innovating a lot to introduce new technology and solutions that boost competition.
February 2024: Honeywell and Microsoft announced a partnership to develop Azure IoT-powered smart tank monitoring devices. The goals of this partnership are to enhance inventory control, predict potential issues, and provide real-time information on tank levels.
GLOBAL OVERFLOW MONITORING EQUIPMENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Krohne Messtechnik AG
Honeywell International Inc.
Berthold Technologies GmbH & Co. KG
Emerson Electric Co.
Siemens AG
ABB Ltd.
Endress Hauser AG
VEGA Grieshaber KG
Yokogawa Electric Corporation
Gems Sensors & Controls LLC
Magnetrol International Inc.
Robert Bosch GmbH
Others