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 market for oil & fuel accounted for the largest size in 2019.The levels of oil and fuel in storage tanks must be continuously monitored because of strict safety and environmental requirements. Overfilling or product discharge on deck and into the sea could have devastating consequences for human life and the environment. The charging and discharging procedures have to be carefully supervised. Advancements in technology have allowed the level sensing technology to measure oil and fuel levels in storage tanks. IoT based solutions are also gaining traction in the oil & gas industry.
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The market for radar-based technology is estimated to grow at higher CAGR during the forecast period.Radar-based methods of level measurement are sometimes referred to as microwave types. They use electromagnetic waves, typically in the microwave X-band (10 GHz) range. This technology is chiefly used for continuous level measurement applications. Radar-based level monitoring systems are completely wireless, accurate, offer repeatability, do not require calibration, and involve low maintenance. They are mainly used in industries for monitoring gasoline, diesel fuel, motor oil, lubricating oil, and water.
The market for invasive type is estimated to account for the largest share of the overall Industrial Sensor tank level monitoring system market in 2019.Invasive tank level monitoring solution products offer a direct and reliable method to monitor a variety of liquid types. These types of products are compatible with most fluid types. The main advantage of the invasive type of products is that they are non-powered and are relatively inexpensive as compared to the non-invasive type of tank level monitoring system products.
In terms of value, APAC to grow at highest CAGR during the forecast period. Among all applications, the oil & fuel segment is the most dominant application in the APAC tank level monitoring system market. APAC is expected to show significant growth in the oil & gas industry. India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally.
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