Major players in the tank level monitoring system market are American Sensor Technologies Inc. (AST), Centeron, Gauging Systems Inc. , Graco Inc. , Piusi SPA, Pneumercator, Smartlogix, Digi International Inc.
New York, March 08, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tank Level Monitoring System Global Market Report 2021: COVID-19 Growth And Change" - https://www.reportlinker.com/p06033654/?utm_source=GNW
, and Tank Scan, Varec Inc.
The global tank level monitoring system market is expected to grow from $851.74 million in 2020 to $899.61 million in 2021 at a compound annual growth rate (CAGR) of 5.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.09 billion in 2025 at a CAGR of 5.0%.
The tank level monitoring system market consists of sales of tank level monitoring systems by entities (organizations, sole traders and partnerships) that manufacture tank level monitoring systems.A tank level monitoring system is an innovative device used to track the level of fluid within atmospheric tanks.
It handles the monitoring task by sensing the static pressure created by the height of the fluid with the aid of a tube installed within the tank and then shows the volume or level of the fluid.
The tank level monitoring systems market covered in the report is segmented by product into invasive type, non-invasive type, data services, data center, local view; by component into sensor, tracking devices, power supply, monitoring station; by application into oil & fuel, power plant, mining, automotive, others.
North America was the largest region in the tank level monitoring system market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The impact of COVID-19 on tank level monitoring systems is expected to impede the growth of the tank level monitoring systems market in the coming years.The emergence of the COVID-19 pandemic has negatively affected the development of a variety of industries, including manufacturing, oil & gas, and many others.
Oil & Gas is a major end-user industry for tank level monitoring systems.Due to COVID-19, several existing or new projects around the production chain of oil and gas are anticipated to face multiple challenges in terms of project implementation, scheduling and risk management.
For instance, dozens of projects run by the Oil and Gas Technology Centre (OGTC) are experiencing delays or cancellations owing to the COVID-19 outbreak. Therefore, the impact of COVID-19 on tank level monitoring systems hampered the growth of the tank level monitoring systems market.
In June 2019, Rochester Gauges, a US-based manufacturer of gauges and sensors that measure liquid levels of various fuels, including propane, gasoline and diesel for various applications acquired FPI Sensors for an undisclosed amount.The acquisition of FPI Sensors further expands Rochester’s market share in the liquid level sensor space.
FPI Sensors is a US-based manufacturer of float level switches and liquid level sensors primarily utilizing reed switch technology.
The increasing demand for tank level monitoring systems is expected to propel the growth of the tank level monitoring systems market during the forecast period.Tank level control system is an innovative device used to monitor the status of fluid within atmospheric tanks by using sensors, saving on assigning workers to test the tank gauges.
According to the report from the IoT analyst firm Berg Insight, the global installed base of active remote tank monitoring (RTM) systems surpassed 2.5 million units by the end of 2018 and are expected to reach 11.9 million units by 2023. Therefore, the increasing demand for tank level monitoring systems drives the growth of the tank level monitoring systems market.
The growing technological advancements are a major trend gaining popularity in the tank level monitoring systems market.Major companies operating in the tank level monitoring systems sector are focusing on developing technology advanced solutions for tank level monitoring systems.
For instance, in July 2019, ATEK Access Technologies introduced TankScan TSC Fuel Inventory System.TankScan TSC links to existing ATG networks and delivers information to the ATEK Intelligence Platform (AIP).
The TSC system enables fuel employees to monitor fuel supplies effectively, minimize runoff, optimize fuel sales, reduce transport costs, strengthen inventory management, enhance customer support and maximize productivity.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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