According to the latest report by IMARC Group, titled “Inventory Tank Gauging System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global inventory tank gauging system market grew at a CAGR of around 5% during 2014-2019 and expected to continue its moderate growth during the next five years.
The inventory tank gauging system is widely used for liquid measurement in large storage tanks to analyze the level and temperature of any component present in the tank. They consist of a tank probe, electronic control panel and a remote printer or display monitor. These systems ensure an accurate level, temperature, and pressure measurements for various purposes, including inventory control, oil movement and overfill prevention. They are also used to detect leakages in the storage tanks by performing periodic tests every few hours while the tank is inactive. As a result, they are extensively being deployed across numerous industry verticals, such as mining, defense, aviation, agriculture, automotive, and oil and gas.
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Global Inventory Tank Gauging System Market Trends:
The market is primarily driven by the significant growth in the chemical and petrochemical industry. ITG systems are widely deployed across the sector as they help identify product losses, develop static and dynamic measuring techniques, and offer accurate measurement to the operator. They are also essential for detecting leaks and other faults in an efficient manner. Consequently, they are used for measuring bulk liquids in storage tanks in multiple industrial processes, including cooling, heating, condensing, evaporating and separating, thereby providing a thrust to the market growth. Along with this, there has been a considerable increase in the adoption of radar tank gauging systems. These ITG systems are employed for non-contact measuring liquified natural gas (LNG) levels in tanks with highly precise results and minimal maintenance requirements. The market is further driven by the continual technological advancements that aim at launching systems to detect leakages in tanks without needing it to be inactive. They are also integrating these systems with the Internet of Things (IoT) and human-machine interface (HCI) in an attempt to reduce production loss and improve overall equipment effectiveness. On account of the aforementioned factors, the market is anticipated to witness moderate growth during 2020-2025.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Inventory Tank Gauging System 2020-2025 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Cameron Forecourt (TSG Fleet), Emerson Electric Co., Franklin Fueling Systems LLC (Franklin Electric Co. Inc.), Honeywell International Inc., L&J Technologies Ltd., Motherwell Tank Gauging Limited, MTS Systems Corporation, Schneider Electric, Tokyo Keiso Co. Ltd. and Varec Inc. (Science Applications International Corporation).
The report has segmented the market on the basis on region, type, technology and application.
Breakup by Type:
- Point Level Instruments
- Continuous Level Instruments
Breakup by Technology:
- Electronic ITG
- Mechanical ITG
Breakup by Application:
- Oil and Gas
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
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