PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606388
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606388
The market for Tank Level Monitoring Systems was projected to reach USD 915.2 million in 2023 and expand at a CAGR of 7.20% between 2024 - 2032.
A new method for keeping an eye on fluid levels in atmospheric tanks is the tank level monitoring system. It fulfills the monitoring function by using a tube placed within the tank to detect the static pressure brought on by the fluid's height and then displays the fluid's volume or amount. In the market for tank-level monitoring systems, growing technological advancements are a noticeable trend that is gaining momentum. Prominent companies that specialize in tank-level monitoring systems are currently developing very advanced technological solutions for their systems.
Tank Level Monitoring System Market- Market Dynamics
Increase in Mining Activities Fuels the Growth of Tank-Level Monitoring Systems
The increase in mining activity positively impacted the market for tank-level monitoring systems. To accurately measure fuel levels, tank level monitoring devices are installed in gasoline tanks used in mining. Reducing operating expenses, averting fuel theft, and minimizing equipment breakdown are all made possible by monitoring the fuel consumption and modes of operation of mining and quarrying equipment. For instance, in November 2022, the US-based energy statistics source Energy Statistics Administration stated that the US produced 11,316 barrels of crude oil per day in February 2022, up 14.05% from 9,925 barrels per day in 2021. Tank-level monitoring systems became more in demand as a result of the increased mining activity, which in turn boosted the market.
Tank Level Monitoring System Market- Key Insights
According to our research analyst's analysis, the global market for tank level monitoring systems is projected to expand at a CAGR of approximately 7.20% during the forecast period of 2024-2032.
In 2023, the oil & fuel category was predicted to hold the largest market share based on application.
The radar-based category was predicted to hold the largest market share in 2023 based on technology.
North America held the largest revenue share by region in 2023.
The Global Tank Level Monitoring System Market is segmented into Application, Technology, Product, and Region.
Based on application, the market for tank level monitoring systems is divided into Oil & fuel, Agriculture & Husbandry, Mining, Power Plants, Chemical, Automotive, and Others. The need for accurate and dependable monitoring in the oil & fuel industry, where precise liquid level measurement is essential to operational efficiency, safety, and regulatory compliance, is expected to propel the oil and fuel segment to hold the majority share of the tank level monitoring system market. Because oil and gasoline products are flammable, spills, leaks, and other risks must be prevented by frequent monitoring. The development of contemporary monitoring technology is also required to guarantee the safe storage and transportation of these commodities, as the global energy need keeps the oil and gasoline industries at the forefront of market demand.
On the basis of product, the market is segmented into Invasive and Non-Invasive. The non-invasive category led the market in 2023. Because they don't need to have tanks changed, non-invasive monitoring systems are simple to install and maintain, which makes them appropriate for a variety of sectors. Particularly for companies handling hazardous materials, these systems offer a safer alternative because there is no direct contact with the contents of the tank, lowering the risk of contamination and offering safety. They are widely used and have a dominant market share due in part to their versatility and capacity to monitor a broad range of compounds without the need to modify tanks.
Tank Level Monitoring System Market- Geographical Insights
The Tank Level Monitoring System market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
The region of North America's tank monitoring market is reportedly driven by a number of variables, including the expanding food and beverage, oil and gas, and chemical industries. Furthermore, it is claimed that the participation of numerous businesses based in the North American region contributes to growth. Strict worker safety laws are another important factor driving the market. Manual tank monitoring of substances and chemicals that pose a risk to workers is costly, ineffective, and unsafe.
Throughout the projection period, Asia Pacific is anticipated to develop at the highest CAGR. Significant industrialization is taking place throughout Asia Pacific, especially in developing nations like India, China, and Southeast Asia. Modern monitoring solutions, such tank level monitoring systems, are required to improve productivity, safety, and regulatory compliance across many sectors as a result of this industrial boom. Furthermore, the region's focus on developing its infrastructure-which includes chemicals, oil and gas, water, and waste management-needs effective monitoring systems. Systems for monitoring tank levels are important for sustainable environmental practices and effective resource management.
Manufacturers of tank level monitoring systems such as TE Connectivity, Oriel Systems, Powelectrics, Tank Scan, and Gauging Systems, among others, are collaborating strategically with other producers of electrical components. The corporation wants to grow its market share by improving its technological prowess, broadening the range of products it offers, and strengthening its position in the marketplace. Combining these businesses' strengths could lead to the development of innovations. In order to enhance the product's functionality and performance, the corporation also makes significant financial investments in research and development. Companies are releasing new items more frequently in an effort to outperform their rivals.
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.
January 2024: For use in industrial settings, Siemens unveiled the Sitrans LT500 ultrasonic level sensor. The solution easily integrates with the Industrial IoT platform from Siemens, enabling data analysis and remote monitoring.
May 2023: The new KTM 450 XCF-W for 2024 was announced. The new 450 XCF-W is said to have 95% new parts, according to KTM. Among the new features of the 2024 KTM 450 XCF-W are spring forks, bodywork, LED lighting, a competition-tuned frame, and a subframe. A new design for the front fender has mud-repelling fins to keep dirt and mud from getting to the rider or radiators. An 8.5-liter, transparent, 4-stroke polythene gasoline tank that is transparent and easy to see fuel levels is also part of the bodywork package.
January 2023: With the Ericsson IoT Accelerator, Otodata increased the scope of its wireless tank management services. Wireless tank monitoring is predicted to reach a quarter-billion-dollar market by 2027. Although connectivity problems have impeded the growth of Otodata's monitoring systems, they nonetheless enable organizations to remotely monitor tank levels and maintenance requirements. Otodata is increasing customer productivity and accelerating growth with a cellular IoT solution powered by Bell Management Centre, an Ericsson IoT Accelerator.