Tank level monitoring systems (TLMSs) have applications across varied industry verticals, such as oil & fuel, chemical, mining, agriculture & husbandry, and automotive. The oil & fuel vertical is anticipated to be the leading application segment of the tank level monitoring system market.
The global tank level monitoring system market is primarily driven by the lower installation cost of these systems, as well as the rising demand for safety of workers and growing adoption of TLMS across varied industry verticals. There is a huge demand for remote tank-level monitoring technology from propane retailers. Safety and homeowner assurance are two major reasons as to why propane retailers are increasingly employing the remote tank-level monitoring technology. The increasing demand for tank level monitoring system for safety and efficiency requirements, especially from the process industries, such as chemical plants, pulp & paper, steel mills, power generation, and glass manufacturing among others, is expected to boost the growth of the tank level monitoring system market.
The global tank level monitoring system market is expected to reach $859.0 million by 2020, at a CAGR of 6.0% from 2015 to 2020.
The global tank level monitoring system market has been segmented on the basis of four categories, namely, products and components, technology, application, and geography.
The technology segment is subdivided into float & tape gauging, pressure level monitoring, ultrasonic level monitoring, capacitance level monitoring, and radar-based level monitoring.
In 2014, the float & tape gauging technology was the largest segment of the tank level monitoring system market; and accounted for a share of 25.5% in terms of value. It is projected to grow at a CAGR of 4.3% during the forecast period. The radar-based monitoring segment that includes guided wave radar and micro-power impulse (MIR) radar, contributed a market share of 22.0% in 2014, and is projected to grow at a CAGR of 7.1% from 2015 to 2020.
The market on the basis of geography has been classified into four regions, namely North America, South America, Europe, MEA and Asia-Pacific. APAC is expected to be the fastest-growing market, at a CAGR of 12.4% during the forecast period from 2015 to 2020. The tank level monitoring system market in North America is the second-largest market for tank level monitoring system globally, and is expected to grow at a CAGR of 6.4% during the forecast period.
The major players operational in the global tank level monitoring system market are American Sensor Technologies (U.S.), Centeron (U.S.), Gauging Systems, Inc. (U.S.), Graco, Inc. (U.S.), Piusi S.p.a (Italy), Pneumercator, Inc (U.S.), SmartLogix Technologies(U.S.), Solid Applied Technologies (Israel), TankLink (U.S.), Tank Scan (U.S.), Varec, Inc. (U.S.), Digi International, Inc. (U.S.), and Dunraven Systems (Ireland). These companies have adopted various strategies, such as mergers & acquisitions and partnership, among others to achieve growth in the global tank level monitoring system market.