The global tank level monitoring market is expected to grow at a compound annual growth rate of 4.26% over the analyzed period to reach a market size of US$1,080.953 million in 2026. The market stood at US$807.050 million in 2019. Tank Level Monitoring is highly used in industries like oil and gas, chemical, mining, automotive, energy, and power to accurately measure the amount of substance remaining in the tank. Tank level monitoring helps in the prevention of potential hazards and accidents by ensuring the safety of the workers in the field.
Tank level monitoring provides an accurate and error-free reading of the level of tanks and provides safety to the workforce by reducing the need to manually check the tank levels. Besides that, they also generate alerts when the liquid level (oil, water, fuel) reduces to a certain extent. They also ensure the refilling and maintenance of the tank when needed and also reduce the cost of logistics involved in storage, delivering, and distribution. Sensors that are used in tank level monitoring have a long-life battery and they provide clear visibility of the tanks, keep a regular check on any leak in the tank, and help in tracing any corrosive or acidic substances present in tanks.
Different Technologies Used in the Process
Various types of tank monitoring technologies are used in tank level monitoring which includes Float and Tape Gauge, Conductivity, Ultrasonic, Capacitance, Radar-based, and Data Transmission. Float level gauges are typically used to measure levels in LPG and NH3 tanks and containers and are one of the most widely used monitoring devices in tank level monitoring. Radar level sensors can operate at a wide range of temperature, pressure, and various process conditions. Ultrasonic tank level monitoring uses high-level ultrasonic waves to depict the level of liquid inside tanks but at times it may give false echoes or information due to chemical incompatibility, Poor quality power source, not using shielded cables improper cable routing, poor mounting angle, etc. Besides that, wireless tank level monitoring is also highly applied across fields because of the reduced usage of wires and increased efficiency provided by them.
Tank Level Monitoring is highly applied in the Oil and Gas, Chemical, and Mining Industries, and with the increasing demand for these products for the growing population, the significant growth of the Tank Level Monitoring market is not far away. International Energy Agency data reveals that the world total oil supply has increased from 102.1 EJ in 1971 to 187.4 EJ in 2019 and that of coal from 60.2 EJ to 162.4 EJ between 1971 and 2019. With the data representing increased demand for oil and coal, the coming years predict their higher use to support growing infrastructure and rapid industrialization. This is expected to increase the application of tank level monitoring as well in the coming years to keep an accurate check of the tanks in fields.
With the introduction of AI, IoT, and Cloud-based services in Tank Level Monitoring, the chances of accurate readings and efficiency have increased overall. These technological advancements have provided a power-efficient and long-range solution in the monitoring process. For instance, recently SkyBitz has launched a User Interface (UI) for SmartTank, which is a wireless tank monitoring system that provides data visualizations and supports automated workflows. Furthermore, Graco Inc. has introduced a Pulse Level Tank Monitoring system that runs completely on Wi-Fi that is cost-effective, and uniquely end-users an end-to-end fluid management solution.
Price Volatility and Lack of Trained Labor Serve as Restraints for the Market
One of the major concerns for the market growth is the price volatility associated with the technology involved in tank level monitoring. This factor has made the adoption of tank level monitoring difficult in every needed industry and is also expected to limit its growth in the low developing economies.
Also, the lack of trained labor to install and adopt the mechanism can pose a major challenge to the market. Lack of technically trained personnel and expertise in the field can restrict the growth of the market not just in some sectors but in underdeveloped economies as well because monitoring sensors are highly dependent on trained and qualified personnel to install, monitor, and configure the equipment thoroughly.
Regional and Geographical Insights
With the discovery of oil and gas fields, this market is expected to witness significant growth in Africa and the Middle East. With the high investment being done by the companies in these areas, tank level monitoring market growth stands in a good position. For instance, Honeywell International Inc. is ready to invest in Egypt to expand its activities in the fields of gas, oil, and refining and become a regional refining hub in the Middle East and Africa. The Middle East and Africa are the hubs to a few of the largest oil and gas fields in the world including Ghawar Field in Saudi Arabia, Burgan Field in Kuwait, Ahvaz Field in Iran, Gachsaran Field in Iran, Upper Zakum Oil Field in UAE, Safaniya Oil Field, etc.
Also, North America is expected to witness significant growth in the market owing to the technological advancement in the nation which is expected to invest high in the related field. Also, the growing infrastructure and industrialization in Asia-Pacific Region are expected to contribute significantly towards the Tank level monitoring market.
The coronavirus pandemic severely impacted the global tank level monitoring market. With the risk of spreading at a high rate, governments across the globe imposed lockdown and curfew. With the shutting down of industries, the operations in construction, oil and gas, chemical, mining, automotive, energy, and power came to a halt. With the economies falling, the demand for tank-level monitoring services also went down.