Tank Level Monitoring System Global Market Report 2024

The tank level monitoring system market size has grown strongly in recent years. It will grow from $1.05 billion in 2023 to $1.12 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed in the historical period can be attributed to several factors, including improved production planning facilitated by level monitoring, an increase in mining activity, and technological advancements in the field.

The tank level monitoring system market size is expected to see strong growth in the next few years. It will grow to $1.51 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. Forecasted growth is driven by increasing demand from process industries, growth in emerging markets, the hydrogen economy, and a rise in mergers and acquisitions. Key trends include technological advancements, partnerships and acquisitions for brand expansions, investments in wireless technologies, IoT-based products, and the development of thermally enabled solutions for tank level monitoring.

The escalating demand for tank-level monitoring systems from various process industries globally continues to be a significant driver for market growth in the forecast period. Industries such as chemical plants, pulp & paper, steel mills, power generation, and glass manufacturing require these systems to ensure safety and operational efficiency. Overfilling of tanks not only leads to wastage but can also result in production delays, delivery issues, increased cleanup costs, and potential fines. As a result, there is a surging demand for tank-level monitoring systems. For example, the global market for tank-level monitoring systems witnessed growth from $851.74 million in 2020 to $899.61 million in 2021, indicating a compound annual growth rate (CAGR) of 5.6%. Thus, the increasing demand from process industries is expected to drive substantial growth in the tank-level monitoring system market during the forecast period.

The upsurge in mining activities has also played a positive role in influencing the tank-level monitoring system market. In mining operations, these monitoring systems are vital for accurate tracking of fuel levels in tanks. Monitoring fuel consumption and operational modes of mining and quarrying equipment aids in cost reduction, prevents fuel theft, and minimizes equipment breakdowns. For instance, data from the Energy Information Administration revealed that crude oil production in the US witnessed a notable increase of 14.05% in February 2022, reaching 11,316 barrels per day compared to 9,925 barrels per day in 2021. This surge in mining activities has consequently escalated the demand for tank-level monitoring systems, thereby stimulating market growth.

The evolution of technological advancements within the tank-level monitoring systems market is a significant trend that continues to gain momentum. Key players within this sector are dedicating efforts to crafting technologically advanced solutions specifically tailored for tank-level monitoring. Take, for example, Graco Inc.'s introduction of the Pulse Level tank monitoring system in September 2021. This cutting-edge system operates entirely via Wi-Fi or cellular technology, enabling users to remotely track tank levels in the field, efficiently manage inventory, and apply data accurately.

Manufacturers of tank-level monitoring systems are actively innovating wireless technologies to cater to clients seeking remote monitoring solutions for tanks or containers holding hazardous liquids. The adoption of wireless remote monitoring systems offers real-time and precise monitoring of tank levels. This approach fosters heightened productivity, profitability, and streamlined processes through data-driven strategies. In scenarios where wired setups pose logistical challenges or are cost-prohibitive, wireless systems emerge as the preferred technology. For instance, Terabee, a France-based sensor solutions provider, unveiled a wireless LED time-of-flight device in May 2021, facilitating the monitoring of levels in tall silos, tanks, and vats. Similarly, Invigicom Inc., a US-based company, developed an intuitive wireless ultrasonic tank level sensor, offering an accessible alternative to traditional tank monitoring systems reliant on float gauges or pressure sensors.

In September 2021, Generac Holdings Inc., a U.S.-based manufacturer specializing in energy technology solutions and other power products, successfully acquired Tank Utility, Inc. for an undisclosed amount. This strategic acquisition is intended to strengthen Generac Holdings Inc.'s advanced remote monitoring capabilities, particularly for propane. Tank Utility, Inc. is a U.S.-based manufacturer that specializes in tank monitor devices and systems.

Major companies operating in the tank level monitoring system market report are TE Connectivity, Schneider Electric SE, Emerson Electric Co., ATEK Access Technologies, Varec Inc., Graco Inc., Piusi S.p.A., Dunraven Systems, Schmitt Industries Inc., Powelectrics Limited, Banner Engineering, Continental AG, Hitachi Automotive Systems, DENSO Corporation, MISENSOR, Wenzhou Shengnuo Automobile Electric Appliance Co. Ltd., Sigfox Partner Network, Arjay Engineering, AIUT, Bell, Senix, American Sensor Technologies Inc. (AST), Centeron, Gauging Systems Inc., Pneumercator, Smartlogix, Digi International Inc., Gilbarco-Veeder Root, Construserv Group, Kronhe, Maritronics, Abdul Zahir Bashir Group, Omnicomm, Technoton, Anytech (Pty) Ltd.

North America was the largest region in the tank level monitoring system market in 2023. The regions covered in the tank level monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the tank level monitoring system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The tank level monitoring systems market covered in the report is segmented by product into invasive and non-invasive systems. Invasive tank level monitoring systems typically use sensors or probes physically placed inside the tank to directly measure the level of the liquid or gas. Various technologies are employed in tank level monitoring systems, including float and tape gauge, conductivity, ultrasonic, capacitance, radar-based, and other technologies. These systems find applications in diverse industries such as oil & fuel, power plants, mining, automotive, and others.

The tank level monitoring system market research report is one of a series of new reports that provides tank level monitoring system market statistics, including tank level monitoring system industry global market size, regional shares, competitors with a tank level monitoring system market share, detailed tank level monitoring system market segments, market trends and opportunities, and any further data you may need to thrive in the tank level monitoring system industry. This tank level monitoring system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The tank-level monitoring system market consists of sales of invasive tank-level monitoring systems, non-invasive tank-level monitoring systems, and other tank-level monitoring systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.