The global wireless tank level monitoring market is evaluated at US$142.381 million for the year 2020 and is projected to grow at a CAGR of 7.95% to reach a market size of US$243.232 million by the year 2027.
A wireless tank level monitoring system is used to detect and send tank level information to an end device or user for relevant purposes. The system consists of sensors, transmitters, and an application on a device such as a smartphone or pc, which work over a range of cellular or satellite networks to monitor liquid levels of a tank. As the processing industries like oil and gas, paper, chemicals, and so forth see a crucial need for proper monitoring and handling of the liquids in tanks to avoid wastage or theft, wireless tank level monitoring is the need of the hour. Also, accidental spillage of hazardous liquid waste due to improper tank level monitoring into water bodies has a detrimental effect on the environment, which means there needs to be a better system for accurate monitoring and handling of liquid tanks across global industries. Hence, the growing needs and demands from liquid industries for efficient managing of tanks are the key drivers for the market rise of wireless tank level monitoring systems in the forecast period and beyond. However, the data retrieved and transmitted is open to inaccuracy and error risks which can have serious consequences in the industry and can restrain the growth of the tank level monitoring segment.
The coronavirus pandemic has caused a global recession leading to a halt in the operations of oil and other liquid industries. As a result, the demand for wireless tank level monitoring systems has also reduced. In April 2020, post the emergence of the coronavirus pandemic, the International Energy Agency (IEA) stated that the global oil demand has reduced by 30% compared to the last year, the level which was last witnessed in 1995. Events such as these have negatively impacted the global wireless tank level monitoring market.
Growing demand by processing industries for efficient and safe handling of liquid tanks
The oil and other processing industries observe the need for safe and reliable management of their liquid tanks to prevent losses or any other harm. Tanks are subjected to leaks during operations because of puncture or corrosion or even by manual overfilling. These reasons strongly signal an effective approach to ensure proper real-time monitoring of tank levels so that relevant steps can be taken to avoid potential mishaps. According to the study released in April 2019 by the United States Environment Protection Agency (EPA), ten states out of 28 under review need proper leak detection and monitoring system. The number is certain to grow post evaluation of the remaining states. Also, as per the journal released by Taylor & Francis in June 2021, the global monetary value of stolen oil and its products is approximately $133 billion per year. Such major losses and thefts in the industry require a highly needed solution to mitigate the potential threats and other risks which lead to severe situations to cope with. As real-time tracking and monitoring of liquid and other fuel levels kept in industrial tanks are crucially needed, the market scope for the wireless tank level monitoring system is highly anticipated to grow substantially during the forecast period.
Data error and inaccuracy risks pose a potential threat
The wireless tank level monitoring system uses various sensors and transmitters for liquid level sensing and sending that level information in encoded form via an application installed on the reception device such as a smartphone or a tablet. This, however, can be exposed to chances of inaccurate data, which eventually can prove to have horrid outcomes for the industry. Various detectors and transmitters available worldwide for the manufacturing of wireless tank level monitor systems may come off as faulty. They also may have low warranty periods, which can incur high costs for a replacement in case of degradation during the operational timeline. According to the 2016 Tank Storage Magazine released by Emerson, an error of 1- or 2-millimeters could be as much as a thousand barrels. Such data discrepancies may lead to substantial inventory losses. Hence, these factors are anticipated to restrain the market share of the wireless tank level monitoring market in the forecast period.
Asia Pacific region is expected to grab the highest market share in the wireless tank level monitoring system as the rapid increase in the oil and chemical industry is projected to take place mainly in China and India during the forecast period. According to the article released by the Indian Brand Equity Foundation (IBEF) in February 2022, the chemical industry of India is expected to grow at a CAGR of 9.3%, increasing from USD 178 billion in 2018-19 to USD 304 billion by 2025. In another article by IBEF, Bharat Petroleum Corporation Limited (BPCL), in July 2021, announced its plan to establish an ethanol plant in Telangana with an investment amounting to approximately INR 1000 crore. These future expansions in the oil and chemical industry are anticipated to propel the future growth of the wireless tank level monitor system market in the Asia Pacific.
|Market size value in 2020||US$142.381 million|
|Market size value in 2027||US$243.232 million|
|Growth Rate||CAGR of 7.95% from 2020 to 2027|
|Forecast Unit (Value)||USD Million|
|Segments covered||Technology, Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Schneider Electric, Emerson Electric Co, Tank Scan, Digi International, Gauging Systems, TE Connectivity, Oriel Systems, Siemens, Nanolike, OleumTech|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the global wireless tank level monitoring market?
A1. Wireless Tank Level Monitoring Market was valued at US$142.381 million in the year 2020.
Q2. What will be the wireless tank level monitoring market size by 2027?
A2. The global wireless tank level monitoring market is projected to reach a market size of US$243.232 million by 2027.
Q3. What are the growth prospects for the wireless tank level monitoring market?
A3. The wireless tank level monitoring market is projected to grow at a CAGR of 7.95% during the forecast period.
Q4. What factors are anticipated to drive the wireless tank level monitoring market growth?
A4. The growing needs and demands from liquid industries for efficient managing of tanks are the key drivers for the wireless tank level monitoring market growth.
Q5. Which region holds the maximum market share in the wireless tank level monitoring market?
A5. Asia Pacific region is expected to hold the largest share in the wireless tank level monitoring system market due to the rapid increase in the oil and chemical industry is projected to take place mainly in China and India.
Emerson Electric Co
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