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Tank Level Monitoring System Market | Research Insight And Forecast
The tank level monitoring system is an innovative system that is utilized for monitoring the level of fluid inside atmospheric tanks.The tank level monitoring system market is segmented based on product (invasive and non-invasive), technology (float & tape gauging, radar-based, ultrasonic, capacitance level monitoring, conductivity level monitoring, others), and application (oil & fuel, power plants, mining, chemical, automotive, agriculture, and others).
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The rising demand for tank level monitoring systems for safety and efficiency requirements, especially from process industries such as chemical plants, pulp & paper plants, steel mills, power generation, and glass manufacturing is propelling the growth of the global tank level monitoring system market.
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Rise in Demand in Oil & Fuel Applications
1. By application, the oil & fuel segment is expected to dominate the tank level monitoring system market during the forecast period.
2. The rising demand for strict safety, and environmental requirements of monitoring storage tanks of oil & fuel in chemical plants is driving the tank level monitoring system market.
3. Moreover, technological advances have allowed tank level sensing technology to measure oil and fuel levels in storage tanks. Also, IoT-based solutions are gaining traction in the oil & gas industry.
4. Invasive product type segment is expected to expand at a substantial rate during the forecast period as it offers a direct and reliable method to monitor a variety of liquid types.
5. In February 2017, ATEK Access Technologies launched TankScan Ultrasonic (TSU) Cellular Monitor for remote level monitoring of deployed tanks, totes, and containers.
6. The major restraint of the global tank level monitoring system market is security issues in using wireless communication.
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Asia Pacific to Lead the Tank Level Monitoring System Market
1. In terms of region, the global tank level monitoring system market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
2. Asia Pacific is expected to experience the highest growth in the tank level monitoring system market throughout the forecast period due to rising demand from the oil & gas industry in the region.
3. China and India are expected to be the largest contributors to non-OECD petroleum consumption growth globally, thus fueling the demand for tank level monitoring systems.
4. The market in North America and Europe is expected to expand at a substantial rate during the forecast period since major market players of the global tank level monitoring system market such as TE Connectivity (Switzerland), Emerson Electrical (US), Graco Inc. (US), Piusi (Italy), Tank Scan (US), Gauging Systems (US), Varec Inc. (US), Digi International (US), Dunraven Systems (Ireland), Schneider Electric (France), Pneumercator (US), The Southern Company (US), Skybitz (US), AIUT (US), AXSensor (Sweden), and HMS Networks (Switzerland) operate in the regions.
5. On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
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