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Global Tank Level Monitoring System Market Size is All Set to Hit $1,652.0 Billion by 2030

Tank Level Monitoring System

According to a report by Altus Market Research titled, “Tank Level Monitoring System Global Market 2022 Size, Share To 2030: By Product: (Invasive; Non-Invasive); By Application: (Oil; Power Plant; Mining; Automotive); By Technology: (Float And Tape Gauge; Conductivity; Ultrasonic; Capacitance; Radar-Based)“, the tank level monitoring system market reached a value of nearly $898.8 million in 2020, having increased at a compound annual growth rate (CAGR) of 2.0% since 2015. The market is expected to grow from $898.8 million in 2020 to $1,253.8 million in 2025 at a rate of 6.9%. The market is then expected to grow at a CAGR of 5.7% from 2025 and reach $1,652.0 million in 2030.

Growth in the historic period resulted from improved production planning with level monitoring, rise in mining activity and technological advancements. Factors that hindered the growth of the tank level monitoring system market during the historic period include security issues in using wireless communication, and COVID-19 pandemic. Going forward, growing demand from process industries, emerging markets growth, hydrogen economy and increasing merger and acquisitions will drive the growth. Factors that could hinder the growth of the tank level monitoring system market in the future include one time usage, and reduction in free trade.

The tank level monitoring system market is moderately fragmented with many small players. The key players in the market are focusing on expanding their operational and business presence in the market through new product development and strategic acquisition of emerging and established companies in the industry. The top ten competitors in the market made up to 23.84% of the total market in 2020. Major players in the market include TE Connectivity, Schneider Electric SE, Emerson Electric Co., ATEK Access Technologies, and Varec Inc.

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The tank level monitoring system market is segmented by product into invasive and non-invasive. The invasive market was the largest segment of the tank level monitoring system market segmented by product, accounting for 58.8% of the total in 2020. Going forward, the non-invasive market is expected to be the fastest growing segment in the tank level monitoring system market segmented by product, at a CAGR of 7.2% during 2020-2025.

The tank level monitoring system market is segmented by technology into float and tape gauge, conductivity, ultrasonic, capacitance, radar-based, and other technologies. The float and tape gauge market was the largest segment of the tank level monitoring system market segmented by technology, accounting for 26.9% of the total in 2020. Going forward, the radar-based market is expected to be the fastest growing segment in the tank level monitoring system market segmented by technology, at a CAGR of 8.5% during 2020-2025.

The tank level monitoring system market is segmented by application into float and oil, power plant, mining, automotive and others. The oil market was the largest segment of the tank level monitoring system market segmented by application, accounting for 32.9% of the total in 2020. Going forward, the automotive market is expected to be the fastest growing segment in the tank level monitoring system market segmented by application, at a CAGR of 7.0% during 2020-2025.

North America was the largest region in the tank level monitoring system market, accounting for 30.9% of the total in 2020. It was followed by Asia Pacific, and Western Europe. Going forward, the fastest-growing regions in the tank level monitoring system market will be Eastern Europe, and Middle East where growth will be at CAGRs of 8.1% and 7.5% respectively. These will be followed by Asia Pacific, and North America, where the markets are expected to grow at CAGRs of 7.1% and 6.9% respectively.

Global economic activity is suffering a major setback due to the coronavirus outbreak and the measures being taken to control it. Amid the pandemic, the overall tank level monitoring system market experienced a reduction in its growth rate due to decreased demand, reduced price of oil and gas, and reduction in investment by major companies in accessories like sensors and other monitoring devices.

The top opportunities in the tank level monitoring system market segmented by product will arise in the invasive segment, which will gain $200.1 million of global annual sales by 2025. The top opportunities in the tank level monitoring system market segmented by technology will arise in the radar-based segment, which will gain $92.0 million of global annual sales by 2025. The top opportunities in segment by application will arise in the oil segment, which will gain $116.5 million of global annual sales by 2025. The tank level monitoring system market size will gain the most in the USA at $91.8 million.

Market-trend-based strategies for the tank level monitoring system industry include technological advancements, partnerships and acquisitions for brand expansions, investing in wireless technologies, IoT based products, and developing thermally enabled solutions for tank level monitoring.

Player-adopted strategies in the tank level monitoring system industry include strategic acquisition of emerging and innovative companies to expand their operational presence and existing product portfolio, innovative products launches, new products developments, and development of innovative mobile applications to support their existing and future products.

To take advantage of these opportunities, The AMR recommends the tank level monitoring system companies to focus on wireless technologies, IOT-enables tank level monitoring systems, establish operations in emerging technologies, setup authorized distributors and sales representatives, offer competitive pricing, focus B2B promotions, focus on post purchase services, and focus on fast-growing end-use industries.

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