The tank level monitoring market is was valued at US$807.050 million in 2019 and will increase to US$1,080.953 million by 2026. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 4.26%.
In liquid tanks, tank level monitors are used to determine how much substance is left in the tank. Workers' safety and security, as well as the avoidance of potential dangers and accidents, are all dependent on tank level monitoring. The market for tank level monitoring will rise in accordance with the development of the oil and chemical industries. Rising oil demand and the discovery of new oil reserves in the Middle East and Africa are expected to stabilize and expand the market. Furthermore, technological improvement and innovation in the sector would create new market possibilities over the forecasted period. False echo instances, on the other hand, dissuade the market for ultrasonic level monitors. The market is further constrained by the need for skilled labor.
During the forecast period, analysts expect that the oil and chemical sectors will present substantial growth possibilities for the worldwide tank level monitoring market.
The tank level monitoring market is divided into five segments based on end-users: oil and gas, chemical, energy and power, automotive, mining, and others. The oil and gas, chemical, and mining industries are expected to dominate the tank level monitoring market throughout the forecast period. Because of the rising need for oil, chemicals, and other products, these industries are expected to see significant expansion. According to data from the International Energy Agency (IEA), world oil demand is expected to rise by 6% in 2021, to an average of 96.5 million barrels per day, an increase of 5.5 billion barrels per day. Due to the covid epidemic and lockdown, demand fell by 8.7 million barrels per day in 2020. Furthermore, the discovery of new oil resources in the Middle East and Africa, as well as the rebuilding of existing fields, will expand tank-level monitoring equipment's market opportunities. In November 2020, Saudi Arabia Aramco, for example, granted approval for the development and maintenance of oil and gas brownfields in the area. Additionally, in August 2020, the company announced the development of two new oil and gas resources in the northern border region, as well as four new fields in early December 2020. In addition, the recent discovery of the Luiperd gas field off the coast of Mossel Bay, South Africa, in February 2021, has been hailed as a game-changer for the oil and gas business, presenting the potential for tank level monitors.
Security concerns while employing wireless communication, as well as overlapping technology for similar applications, can act as restraints for the market's growth.
For industrial purposes, a tank level monitoring system gives useful information on tank fuel and level, as well as any leaks. Furthermore, wireless infrastructure necessitates the use of analytics software and Internet access. The tank level monitoring system's hardware and software are linked and communicate with one another through the Internet. The data collected from the tank level monitoring system is stored in a well-designed structure, which may result in data loss or malfunctions. The usage of multiple level-sensing technologies for the same application is one of the significant hurdles limiting the growth of the tank level monitoring system market. The market can be cannibalized as a result of overlapping technology. For example, ultrasonic and radar transmitters are favored over tank-level monitoring systems, limiting market expansion.
Tank-level monitors such as the float and tape gauge are anticipated to have a significant share in the global market.
The tank level monitoring market is divided into float and tape gauge, capacitance, ultrasonic, conductivity, radar-based, and data transmission segments based on technology. During the projected period, float and tape gauge are expected to hold a large proportion of the market. Float-style sensors are commonly employed in liquids and fluids with bouncing properties comparable to water. Along with this, a plethora of other variables, such as temperature and pressure, can be estimated. Ultrasonic tank level monitoring is another popular piece of tank level monitoring equipment. The ultrasonic device, on the other hand, may produce a false echo or information. False echo in ultrasonic level monitors is caused by a weak power supply, faulty cable routing, the lack of insulated cables, chemical incompatibility, inadequate mounting angle, and inappropriate application. Using high-accuracy ultrasonic instruments and ensuring adequate communication, might be prevented.
Furthermore, the development of wireless tank level monitors brings up a tremendous possibility for the sector due to technology advancements and innovation. Wireless level monitors are less inconvenient and more effective than wired level monitors. Cellular modems, wireless mesh networks, and wireless serial radios are all gaining popularity and are expected to develop at a significant rate in the future. However, the price of the product may stifle market expansion.
During the forecast period, the tank level monitoring markets in the Middle East and Africa are predicted to have a dominating share.
The tank level monitoring market is divided into five areas based on geography: North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. During the forecast period, North America and the Middle East and Africa region are predicted to have the largest share. The primary driver of market expansion is the discovery of new oil and gas reserves in the Middle East and Africa region. Furthermore, the tank-level monitoring sector benefits from the reconstruction and modernization of existing areas. Because of the growing chemical, energy and power, and mining industries, the Asia Pacific area is expected to grow at a significant rate.
COVID-19's impact on tank level monitoring systems is projected to stifle the tank level monitoring systems market's growth in the approaching years. The outbreak of the COVID-19 pandemic has harmed the growth of a number of businesses, including manufacturing, oil and gas, and many more. The oil and gas industry is a major end-user of tank-level monitoring devices. Several existing or new projects in the oil and gas production chain are expected to confront several obstacles in terms of project implementation, scheduling, and risk management as a result of COVID-19. The COVID-19 outbreak, for example, has caused delays or cancellations in hundreds of projects run by the Oil and Gas Technology Centre (OGTC). As a result of COVID-19's impact on tank level monitoring systems, the market for tank level monitoring systems has slowed.
To disrupt the virus's cycle, governments around the world implemented a number of containment measures, including halting construction, postponing ongoing projects, and sanctioning new projects, resulting in a reduction in market demand. However, with the recovery of the economy, the industry is expected to rise at a significant rate.