The wireless tank level monitoring market was worth US$142.381 million in 2020 and is projected to expand at a 7.95% CAGR over the predicted period to reach US$243.232 million by 2027. A wireless tank level monitoring system detects and transmits tank information to be used in different applications. The device, transmitters, and a smartphone or computer application that monitors liquid levels in a tank across a range of cells or satellite networks. The need of the hour as processing sectors such as oil and gas, chemicals, paper and, others see a critical necessity for proper monitoring and maintenance of liquids in containers to avoid losses or theft.
Growing Demand for the Need of Cost-Effective WTLMSM
Wireless communication is adaptable, affordable, and simple to set up. Limited power-wide area networks (LPWANs) are a lengthy and strength option for connecting hard-to-reach assets utilizing sensors that run on their own batteries and can survive for years. LPWANs are less expensive to adopt than other wireless options due to their ease of maintenance and low device and network costs. A wireless tank level monitoring market architecture allows for increased production management, property conservation and sustainability, and operational safety by enabling 24/7 asset monitoring and integrating this information into organizational management systems.
Emerging Oil and Fuel Helping the Market
With 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, a spike of 5.5 billion barrels per day. Due to the covid epidemic and lockdown, demand fell to around 8.7 million barrels each 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 potential markets. In November 2020, Saudi Arabia Aramco, for example, sanctioned authorization for the establishment and improvement of oil and fuel brownfield sites in the region. Additionally, in August 2020, the company announced the finding of two new oil and fuel resources within northern border region, as well as four new sites in early December 2020. In addition, the recent revelation of the Luiperd gas reserves off the coast of Mossel Bay, South Africa, in February 2021, has been hailed as a game-changer for the oil and fuel business, presenting the potential for tank level monitors. Other developments, such as the Tanzania LNG Liquefication Plant, the Rovuma LNG Liquefication Plant in Mozambique, and the Ogidigben Gas Revolution Industrial Park in Nigeria, provide opportunities for the tank level monitoring business to expand. Nigeria's Etan and Zabazaba oil fields, Angola's Nambire Refinery Complex, Iraq's Rumaila Oil Field, Saudi Arabia's Yanbu, and others are all potential markets for the industry. In liquids and fluids having bouncing qualities similar to water, float-style sensors are often used. A variety of other factors, such as temperature and pressure, can also be calculated. Another prominent piece of tank level monitoring technology is ultrasonic tank level monitoring. The ultrasonic instrument, on the other hand, may provide a false echo or information. False echo in ultrasonic level monitors is caused by a weak power source, faulty cable routing. The lack of insulated cables, chemical incompatibility, inadequate positioning angle, and inadequate application. It may be possible to avoid using high-accuracy ultrasonic equipment and guaranteeing proper communication.
Asia Pacific to Dominate the Market
The Asia Pacific region is likely to dominate the global wireless tank level monitoring market, owing to the rapid growth of the oil and chemical industries, namely 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 either by Indian Brand Equity Foundation (IBEF) in February 2022. Bharat Petroleum Corporation Limited (BPCL) revealed its plan to develop an ethanol plant in Telangana with an expenditure of roughly INR 1000 crore in July 2021, according to another post by IBEF. The oil and chemical industries will continue to expand in the future.
Insights of COVID-19
The coronavirus epidemic has triggered a worldwide economic downturn, disrupting activities in the oil and other liquid sectors. Events such as these have negatively impacted the global wireless tank level monitoring market. As a result, there is less need for wireless tank-level level monitoring devices. To disrupt the virus's cycle, governments worldwide implemented a number of containment measures, including halting construction, postponing ongoing projects, and sanctioning new projects, resulting in a reduction in market demand. The industry, however, is likely to grow at a rapid rate as the economy recovers. Following the outbreak of the coronavirus pandemic in April 2020, the International Energy Agency (IEA) reported that global oil demand had decreased by 30% compared to the previous year, reaching levels last seen in 1995.