What Transformation Has the Tank Level Monitoring System Market Undergone?
The tank level monitoring system market has seen considerable growth due to a variety of factors.
• In the recent past, the tank level monitoring system market has been showing impressive growth. The market size, which was $1.1 billion in 2024, is projected to climb to $1.17 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 6.3%.
Factors that contributed to the growth during the historic period include an enhancement in production planning via level monitoring, an increase in mining operations, and progress in technological advancements.
How Does the Forecast Look for the Tank Level Monitoring System Market?
The tank level monitoring system market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the tank level monitoring system is projected to witness robust growth in the coming years and is anticipated to reach $1.59 billion in 2029, escalating at a compound annual growth rate (CAGR) of 8.0%.
The growth over the forecast period can be ascribed to the rising demand from process industries, the expansion of emerging markets, the burgeoning hydrogen economy and the increase in mergers and acquisitions. The forecast period is expected to see major trends such as technological advancements, partnerships, and acquisitions aimed at brand expansion, investments in wireless technologies, Internet of Things (IoT) based products, and the creation of thermally enabled solutions for tank level monitoring.
What Are the Critical Driver Fuelling the Tank Level Monitoring System Market's Growth?
The increasing need for tank-level monitoring systems in process industries worldwide is fueling the market expansion in the projected timeline. Industrial sectors such as pulp & paper, chemical plants, power generation, steel mills, and glass manufacturing require these monitoring systems due to safety and efficiency prerequisites. Overfilled tanks result in wastage, potentially causing production and delivery delays, and escalating cleanup costs and fines. Consequently, the demand for tank-level monitoring systems is rising. For example, in 2022, the Energy Information Administration, a US government agency, reported that the overall nameplate power capacity of active utility-scale battery energy storage systems (BESSs) in the US hit 8,842 MW, with a total energy capacity of 11,105 MWh. The majority of this BESS power capacity was commissioned after the initial installation years, with around 4,807 MW installed in 2022 alone. Thus, the increased need from process industries is propelling the growth of the tank-level monitoring system market.
How Are The Segments Defined Within The Global Tank Level Monitoring System Market?
The tank level monitoring system market covered in this report is segmented –
1) By Product: Invasive, Non-Invasive
2) By Application: Oil, Power Plant, Mining, Automotive, Others
3) By Technology: Float And Tape Gauge, Conductivity, Ultrasonic, Capacitance, Radar-Based, Other Technologies
Subsegments:
1) By Invasive: Hydrostatic Pressure Sensors, Float And Tape Gauges, Magnetostrictive Sensors
2) By Non-Invasive: Ultrasonic Sensors, Radar Sensors, Laser Sensors
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How Are New Trends Expected To Influence The Growth Of The Tank Level Monitoring System Market?
Prominent businesses in the tank-level monitoring system market are increasingly focusing on cutting-edge IoT solutions and AI-driven technologies. Their objective is to offer precise, real-time monitoring coupled with GPS tracking and management capabilities, thereby bolstering operational efficacy and environmental adherence across diverse industries. The application of real-time fluid monitoring provides constant surveillance of liquid levels in tanks, while GPS tracking delivers exact location details for effective management. For example, in May 2024, the U.S.-based cloud video surveillance technologies firm Iveda introduced LevelNOW, a revolutionary tracking and monitoring solution specially designed for efficient liquid storage management. This product targets oil and gas firms, industrial associations, and government agencies and comes equipped with advanced fluid monitoring, GPS tracking, and real-time alerts to augment operational efficiency and secure environmental compliance.
Who Are the Key Players in the Tank Level Monitoring System Market?
Major companies operating in the tank level monitoring system market include:
• TE Connectivity
• Schneider Electric SE
• Emerson Electric Co.
• ATEK Access Technologies
• Varec Inc.
• Graco Inc.
• Piusi S.p.A.
• Dunraven Systems
• Schmitt Industries Inc
• Powelectrics Limited
• Banner Engineering
• Continental AG
• MISENSOR
• Wenzhou Shengnuo Automobile Electric Appliance Co. Ltd
• Arjay Engineering
• AIUT
• Senix
• American Sensor Technologies Inc. (AST)
• Centeron
• Gauging Systems Inc.
• Pneumercator
• Smartlogix
• Digi International Inc
• Gilbarco-Veeder Root
• Construserv Group
• Kronhe
• Maritronics
• Omnicomm
• Technoton
• Anytech (Pty) Ltd.
What Is The Most Dominant Region In The Tank Level Monitoring System Market?
North America was the largest region in the tank level monitoring system market in 2024. The regions covered in the tank level monitoring system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
