According to a research report released by ARC Consulting Group, the global radar level instrument market is expected to reach US$388 million by 2007, with an annual growth rate of 10.3%. It is expected that when radar-based level meters achieve this impressive growth rate, other level measurement technologies are striving for single-digit annual growth rates.
Inappropriate level measurement techniques can cause significant economic losses, especially in applications such as inventory management. In addition to high precision and high reliability, radar level meters have several other advantages over other contact and non-contact level measurement technologies. According to Paula Hollywood, ARC's senior analyst and author of "Global Radar Level Meter Prospectus", "The versatility and excellent performance of radar technology in level measurement have been confirmed, even if the global factory automation business continues to decline. During the period, radar level technology also achieved impressive growth."
ARC believes that non-contact radar and contact wave guidance instruments represent the greatest growth potential for continuous level measurement in the process control industry.
As radar-based level technology enters its mature life cycle, its widespread adoption is largely driven by its fast ROI (return on investment), low maintenance, and high reliability. Users believe that radar level meters can provide cost-effective performance and can be implemented smoothly even if the number is increasing. As a first level measurement technology for tank storage measurement, it indicates that radar level devices have made significant progress in the field of wider process level measurement.
Vendors are currently successfully launching multiple programs to meet user demand for higher-precision, higher-frequency and smaller-amplitude level meters. These meters will increase the number of containers they can install. Loop powered devices that are favored by the process control industry are now very common. In addition, battery-powered and wireless radar level meters have begun to appear in the market. All of these technological advances and declining prices are driving the growth of radar level meters. The use of radar level meters to replace traditional level measurement techniques will provide radar vendors with tremendous business opportunities.
The use of radar technology in the chemical, marine and oil and gas industries is expected to continue to increase, and mixed industries such as food and beverages and pharmaceuticals will also bring exciting growth opportunities.