Tank Level Monitoring System Market is Projected to Witness Significant Growth by 2025

The tank level monitoring system market size is expected to grow from USD 757 million in 2020 to USD 1,057 million by 2025, at a CAGR of 6.9%. Growing demand from process industries and growing demand for IoT-based tank level monitoring systems are the key factors driving the growth of the tank level monitoring system market.

The automotive and transportation is also a major end-use industry of the tank level monitoring system market. Many countries, including the US, China, Japan, and South Korea, have stopped the production of automobiles due to the COVID-19 pandemic.

TE Connectivity (Switzerland), Emerson Electricl (US), Graco Inc (US), Piusi (Italy), Tank Scan (US), Gauging Systems (US), Varec Inc (US), Digi International (US), Dunraven Systems (Ireleand), Schneider Electric (France), Pneumercator (US).

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Driver: Growing demand from process industries

Increasing demand for tank level monitoring systems for safety and efficiency requirements, especially from the process industries, such as chemical plants, pulp & paper, steel mills, power generation, and glass manufacturing, is expected to boost the overall growth of the tank level monitoring system market.

Overfills result in material and production loss while threatening to damage the silo itself. For tanks containing hazardous materials, spilling could also lead to disastrous environmental impacts and associated cleanup costs and fines. Failing to refill feedstock tanks in time could also cause businesses to run out of stock, which leads to delayed production and delivery. This is one of the major reasons behind the adoption of tank level monitoring systems.

Restraint: Security issues in using wireless communication

A tank level monitoring system provides meaningful data on tank fuel and level and any leaks for industrial applications. Moreover, wireless infrastructure needs analytics software and Internet connections. The hardware and software in the tank level monitoring system are interconnected and communicate with each other through the Internet. The data retrieved from the tank level monitoring system uses a well-built structure for storage, which may lead to data loss or malfunctions.

Opportunity: Growing popularity of IoT-based tank level monitoring systems

Compared to wired communications, a wireless IoT solution for industrial tank monitoring has many advantages. Wireless connectivity is flexible, cost-effective, and much easy to deploy. With a long-range and power-efficient solution like low power wide area networks (LPWANs), one can easily connect hard-to-reach assets using sensors operating on independent batteries that can last for years.

Due to simple maintenance and low device and network costs, LPWANs can be implemented at a lower cost than other wireless alternatives. By unlocking 24/7 asset visibility and feeding this data into enterprise management systems, a wireless IoT architecture enables enhanced production planning, asset management and protection, and operational safety.

Challenge: Overlapping technologies for similar applications

One of the major challenges impacting the growth of the tank level monitoring system market is the use of different level-sensing technologies for the same application. Overlapping of technologies leads to the cannibalization of the market. For instance, the ultrasonic and radar transmitters are highly preferred instead of tank level monitoring systems, which, in turn, leads to inhibiting its market growth.

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