DUBLIN, June 22, 2021 /PRNewswire/ -- The "Tank Level Monitoring Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The tank level monitoring market is expected to grow at a compound annual growth rate of 4.26% over the analyzed period to reach a market size of US$1,080.953 million in 2026 from US$807.050 million in 2019. Tank Level Monitors are used in liquid tanks to measure the amount of substance remaining in the tank. Level monitoring in the tank is quite crucial as it is linked with the safety and security of workers and the prevention of potential hazards and accidents. Burgeoning growth in oil and chemical industries will increase the market growth of tank level monitoring. Rising oil demand and discovery of oil fields in the Middle East and Africa area is projected to provide market stability and opportunity. Further, technological advancement and innovation in the industry will open up new market prospects during the forecasted period. However, instances of false echo discourage the market, ultrasonic level monitor. Requirement for skilled workforce further constraints the market.
The oil and chemical industries will provide robust growth opportunities for the global tank level monitoring market during the forecasted period.
Based on end-users, the tank level monitoring market is segmented as oil and gas, chemical, energy and power, automotive, mining, and others. The Oil and gas, chemical, and mining industries will have a dominating share in the tank level monitoring market during the forecasted period. These industries are also anticipated to provide robust growth opportunities owing to the booming demand for oil, chemicals, and other products. Data from a monthly report by International Energy Agency (IEA) states that the global oil demand is forecasted to increase by 6% in the year 2021, to average 96.5 million barrels per day, an increase by 5.5 billion barrels per day. The demand had dipped by 8.7 million barrels per day in 2020 owing to the covid pandemic and lockdown.
Further, the discovery of new oil fields across the Middle East and Africa along with the redevelopment of existing fields will open more market prospects for tank-level monitoring equipment. Saudi Arabia Aramco, for instance, sanctioned the approval for the development and maintenance of oil and gas brownfields in the region in November 2020. Furthermore, the organization also announced the discovery of 2 new oil and gas fields in the northern border region in August 2020 and 4 new fields in early December 2020. Also, the recent discovery of the Luiperd gas field, at the South Coast of Mossel Bay, South Africa in February 2021, has been termed as a game-changer for the oil and gas industry, providing growth opportunities for tank level monitors. Other projects such as Tanzania LNG Liquefication Plant, Tanzania, Rovuma LNG Liquefication Plant, Mozambique, and Ogidigben Gas Revolution Industrial Park, Nigeria, open several growth doors for the tank level monitoring industry. Etan & Zabazaba Oil Fields in Nigeria, Nambire Refinery complex, Angola, Rumaila Oil Field in Iraq, Yanbu, Saudi Arabia, and others are a potential market for the industry.
Float and Tape Gauge are widely used tank-level monitors. However wireless tank level monitors are expected to grow at an auspicious rate to gain significant market share.
Based on technology, the tank level monitoring market is fragmented into float and tape gauge, capacitance, ultrasonic, conductivity, radar-based, and data transmission. Float and tape gauge are anticipated to hold a significant share of the market during the forecasted period. Float-style sensors are widely used in liquids and fluids that have bouncy similar to that of water. Accompanied with this, a plethora can be used to estimate other variables such as temperature and pressure. Ultrasonic is another leading tank level monitoring equipment that facilitates monitoring. However, the ultrasonic device may give false echo or information. Poor quality power source, improper cable routing, not using shielded cables, chemical incompatibility, poor mounting angle, and inappropriate application give rise to false echo in the ultrasonic level monitors. This could be avoided using high-accuracy ultrasonic devices and ensuring proper connectivity.
Furthermore, with technological advancement and innovation, the launch of wireless tank level monitors opens up wide market opportunities for the industry. Wireless level monitors reduce the chaos of wiring and are more effective. Cellular modems, wireless mesh networks, and wireless serial radios are gaining considerable favorability and are predicted to grow at a noteworthy rate. The product cost, however, may hinder the market growth. Furthermore, the lack of a skilled workforce constrains the market notably.
Covid Pandemic Insights.
The coronavirus pandemic negatively impacted the tank level monitoring market. To break the cycle of the virus, governments around the world adopted several containment measures including a halt in the construction industry, delaying the ongoing projects and sanction new projects, and hence contracting the market demand. However, with economic recovery, it is anticipated that the industry will grow at a considerable rate.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Tank Level Monitoring Market, by Product
6. Tank Level Monitoring Market, by Technology
6.2. Float and Tape Gauge
6.7. Data Transmission
7. Tank Level Monitoring Market, by End-Users
7.2. Oil and Gas
7.4. Energy and Power
8. Tank Level Monitoring Market, by Geography
8.2. North America
8.2.1. United States
8.3. South America
8.4.3. United Kingdom
8.5. The Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrative
9.3. Mergers, Acquisition, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
10.1. Schneider Electric
10.2. Gauging Systems Inc.
10.3. Piusi S.p. A.
10.4. Emerson Electric Co.
10.5. TankScan (ATEK Access Technology)
10.6. Varec Inc.
10.7. Graco Inc.
For more information about this report visit https://www.researchandmarkets.com/r/pqdaeh
Research and Markets
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SOURCE Research and Markets