Global Remote Tank Monitoring System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global remote tank monitoring system market is expected to witness growth at a CAGR of 35.5% over the forecast period (2020- 2027).

Key Highlights

• During the forecast period, the market for remote tank monitoring systems is expected to rise due to rising demand from different end-use industries applications like tank level monitoring systems, Pum & Valve Control, Water level monitoring, Remote monitoring & control, Tank level alarms, and Redundant tank monitoring.
• Over the forecast period, the remote tank monitoring systems market is likely to benefit from the rising improvement in monitoring technologies. Compared to traditional remote tank monitoring systems, the integration of advanced technologies such as IoT with remote tank monitoring systems has provided several benefits.
• Signals can resist geography, buildings, or weather changes since tank remote monitoring systems rely on radio transmissions. A wireless sensor control system may function unsupervised for years in risky scenarios without being impacted by weather conditions such as snow, rain, dust storms, or ice. After the first installation, adding or removing sensors to measure pressure, temperature, and level of liquid or gas in tank is simple.
• The COVID-19 epidemic has influenced many industries, including the Remote Tank Monitoring System. Governments worldwide are compelled to use extreme restrictions such as lockdown, international border sealing, and social distancing measures. As a result, several sectors are measured to work from home, disrupting corporate procedures. However, by mid-2021, the globe will see a resumption of commercial activity and company operations, which is predicted to boost economic development in the future years. When evaluating the present and prospective market size and growth patterns for all regions and countries, the influence of COVID-19 on market demand is taken into account.

Key Market Trends

Oil and Gas Industry Is driving the Market Growth

• For gasoline distributors, a remote oil tank monitoring system is an appropriate option for assuring cost-effective supply management while maintaining the highest level of service. It will hold an ideal supply network, resulting in gasoline distribution cost reductions.
• Further, an smart IoT system optimized the distribution plans for each location, ensuring a quick return on investment. The solution includes dependable and durable IoT devices as well as user-friendly software. The system is based on wireless Internet of Things connectivity and provides real-time oil level data and diagnostic data.
• By using a remote tank monitoring system in the gas and oil industries, there are multiple advantages like hourly fuel consumption readouts, economical supply management, optimization of supply plans based on current and historical data, Estimated Time of Arrival (ETA) forecasting, quick return on investment, wireless communication SRD, GSM, IoT, compatible with a wide range of, above-ground and underground tanks and low critical fuel level alarms.
• For instance, Aiut manufactures OKO 5xx5 EN remote tank monitoring system. OKO 5xx5 is a data concentrator/data logger that collects data from IoT devices. Its adaptable design allows it to function in a variety of settings. The OKO 5xx5 supports a wide range of communication protocols. The OKO 5xx5 may be configured with various communication interfaces, including 869/169/433 MHz radio, Bluetooth Low Energy, RS232 / RS485, and more.

North America Expected to Hold a Significant Market Share

• The North America region is expected to witness the highest growth in the remote tank monitoring system market during the forecast period. The growing oil and gas, Chemical industry, Food and beverage industries, and a rapid rise in disposable income in the region are driving the remote tank monitoring system market.
• The United States(US) is one of the world's leading chemical manufacturers, and the use of remote tank monitoring systems are also used in these industries. The Department of Transportation, the International Air Transport Association, and the Environmental Protection Agency control chemical exports in the United States. The Pipeline and Hazardous Materials Safety Administration, part of the US Department of Transportation, controls the delivery of chemicals to industry and consumers by any form of transportation.
• There are several North American companies providing and changing with advanced technology in Remote tank monitoring systems, such as Angus Energy, Anova, Asset Monitoring Solutions, ATEK Access Technologies (TankScan), AT&T, Automation Products Group, Banner Engineering, etc.,
• For instance, Anova, a North American provider of remote tank monitoring solutions, launched its Anova Installation Services program in June 2021, allowing propane, fuels, and lubricants companies to experience the advantages of remote tank monitoring more quickly.

Competitive Landscape

The global remote tank monitoring system market is highly competitive. The market has gained a competitive edge in recent years. Additionally, the players are being taken to gain a competitive edge in this fast-growing market, mainly catering to the demand from the rapid growth of industries.

• March 2022 - ATEK Access Technologies announced TankScan has partnered with Tekelek US to supply cellular line of submersible pressure level monitors used on bulk liquid storage tanks.
• December 2021 - SkyBitz, an industrial IoT telematics solutions provider, announced a new User Interface (UI) for SmartTank, a real-time wireless tank monitoring system that allows private fleet operators, wholesalers, and distributors to better manage inventory enhance delivery efficiencies.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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