The Wireless Tank Level Monitoring market is expected to grow at a compound annual growth rate of 7.95% to reach a market size worth US$243.232 million by 2027. This market was valued at US$142.381 million in 2020. A wireless tank level monitoring system detects and transmits tank level data to an end device or user for use in relevant applications. The transmitters, sensors, and a smartphone or computer application monitor liquid levels in a tank across a variety of cellular or satellite networks.
Analysts anticipate that the market will grow due to growing demand from process industries during the forecast period.
The overall growth of the wireless tank level monitoring market is expected to be boosted by rising demand for tank level monitoring systems for efficiency and safety requirements, particularly from process industries such as chemical plants, pulp and paper mills, steel mills, glass manufacturing, and power generation. Overfilling causes material and production loss, as well as the risk of harm to the bunker itself. Spilling hazardous-materials tanks might have devastating environmental consequences, as well as associated cleanup expenses and fines. Failure to replenish feedstock tanks on schedule may cause firms to run out of stock, causing production and delivery to be delayed. This is one of the main reasons why tank level monitoring systems have become so dominant.
Furthermore, a wireless loT approach for industrial tank monitoring has numerous advantages over cable connectivity. Wireless communication is adaptable, affordable, and simple to set up. Low power wide area networks are a long-range and power-efficient option for connecting hard-to-reach assets utilizing sensors that run on their batteries and can survive for years. LPWANS are less expensive to adopt than other wireless options due to their ease of maintenance & low device as well as network costs. A wireless loT architecture allows increased production planning, asset management and protection, and operational safety by enabling 24/7 equipment visibility and feeding this data into enterprise management systems.
The security issues in using wireless communication can act as a constraint on the market growth at a global level.
A water level monitoring system provides essential information on tank fuel & level, as well as any leaks, for industrial uses. However, the data collected and communicated is prone to inaccuracy and errors, which can have serious repercussions in the business and restrict the wireless tank level monitoring segment's expansion. In addition, wireless systems have required the usage of analytics software as well as a connection to the Internet. The tank level monitoring system's hardware and software are linked and communicate with one another through the Internet. The data collected from the fluid level monitoring system is stored in a well-designed structure, which may result in data loss or malfunctions.
The ultrasonic technology will attribute to the growth of the market during the forecast period.
For volume, level, and open channel flow measurement, an ultrasonic sensor for a water tank is a cost-effective & reliable solution. Storage tanks, buffer tanks, steady flow channels, and buffer tanks all use ultrasonic level sensors. The market segment is expected to increase owing to its simple and effective installation, as well as the high accuracy and sensitivity of such sensors. It also has a continuous water level detecting feature with no-contact measurement.
The oil & fuel industry is anticipated to witness a significant market share during the forecast period.
Because of severe safety and environmental standards, the amounts of fuel and oil in storage facilities must be regularly monitored. Overfilling or dumping products on the deck or into the sea might have disastrous implications for humans and the environment. The charging / discharging processes must be closely monitored. Level sensing technology has been developed to assess oil and fuel levels in storage tanks due to technological advancements. In the oil and gas business, IoT-based technologies are also gaining traction.
According to regional analysis, the Wireless Tank Level Monitoring market in the Asia Pacific is expected to develop at an exponential rate.
During the forecast period, the oil and chemical sector is expected to grow rapidly, mostly in China and India. The chemical industry in India is predicted to develop at a CAGR of 9.3% from USD 178 billion in 2018-19 to USD 304 billion by 2025, according to an article published by the Indian Brand Equity Foundation in February 2022. Bharat Petroleum Corporation Limited (BPCL) revealed its plan to develop an ethanol facility in Telangana with an investment of roughly INR 1000 crore in July 2021, according to another post by IBEF. Future expansions in the oil and chemical industries are expected to drive the wireless tank level monitor system market in the Asia Pacific to new heights.
Mining, petroleum & gas, and a variety of other industries have all been hurt by the COVID-19 outbreak. Tank-level monitoring systems find a lot of applications in the oil and gas industries. As a result of COVID-19, some ongoing or future projects across the oil and gas value chain are anticipated to face considerable challenges in terms of project implementation, strategy, and risk management. Well over 2,000 EPC oil & gas projects in different categories, comprising LNG, petrochemicals, oil warehousing, and refineries, have been paused or delayed as a result of the epidemic. Apart from oil and gas and automobiles, the epidemic has caused various businesses and industries, including energy generating and manufacturing, to cease operations in virtually all countries. This is expected to lower demand for tank level monitoring systems and have a significant impact on market growth throughout the forecast period.