Inventory Tank Gauging System Market Report by Type (Point Level Instruments, Continuous Level Instruments), Technology (Electronic ITG, Mechanical ITG), Application (Aviation, Defense, Oil and Gas, and Others), and Region 2024-2032

Inventory Tank Gauging System Market Report by Type (Point Level Instruments, Continuous Level Instruments), Technology (Electronic ITG, Mechanical ITG), Application (Aviation, Defense, Oil and Gas, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A2772
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Market Overview:

The global inventory tank gauging system market size reached US$ 662.7 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 869.2 Million by 2032, exhibiting a growth rate (CAGR) of 3% during 2024-2032.

Report Attribute
 Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 662.7 Million
Market Forecast in 2032 US$ 869.2 Million
Market Growth Rate 2024-2032 3% 


The inventory tank gauging system is used to measure the amount of liquid in large storage tanks to analyze the amount and temperature of the components present in the container. It comprises an electronic control panel, tank probe, and a remote printer or display monitor. It helps in inventory control, oil movement, leakage detection, and overfill prevention. It is also used to detect leakages in the storage tanks by performing periodic tests every few hours while the tank is inactive. As a result, the inventory tank gauging system is deployed in different industry verticals, such as mining, defense, aviation, agriculture, automotive, and oil and gas.

Global Inventory Tank Gauging System Market

Inventory Tank Gauging System Market Trends:

Significant growth in the chemical and petrochemical industries represents one of the key factors positively influencing the market. In addition, rapid automation in various industries and the widespread adoption of ITG systems to identify product losses, develop static and dynamic measuring techniques, and offer accurate measurement to the operator, are contributing to the market growth. In line with this, radar tank gauging systems are also utilized for non-contact measuring of liquified natural gas (LNG) in tanks with minimal maintenance requirements and highly precise and effective results. Furthermore, the widespread usage of gauging systems in power and wastewater management plants is propelling the growth of the market. Additionally, technological advancements, such as the integration of ITG systems with the Internet of Things (IoT) and human-machine interface (HCI), are offering a favorable market outlook. Moreover, increasing investments by leading market players in research and development (R&D) projects are expected to drive the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global inventory tank gauging system market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, technology, and application.

Breakup by Type:

  • Point Level Instruments
  • Continuous Level Instruments


Point level instruments represent the largest market segment as they are used to detect variations in dry and liquid levels in tanks, vessels and silos. 

Breakup by Technology:

  • Electronic ITG
  • Mechanical ITG


Electronic ITG currently holds the largest market share as it delivers highly accurate results from gauging without making any direct contact with the liquid.

Breakup by Application:

  • Aviation
  • Defense
  • Oil and Gas
  • Others


On the basis of the application, the market has been segmented into the aviation, defense, oil and gas, and other sectors.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa


The Asia Pacific exhibits a clear dominance in the market due to the increasing adoption of ITG systems in the petrochemical, chemical, and oil and gas industries. 

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 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).

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Type, Technology, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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)
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global inventory tank gauging system market was valued at US$ 662.7 Million in 2023.

We expect the global inventory tank gauging system market to exhibit a CAGR of 3% during 2024-2032.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for inventory tank gauging system.

The emerging trend of automation across various industries, along with the rising adoption of ITG systems to identify product losses, develop static and dynamic measuring techniques, and offer accurate measurement to the operator, is primarily driving the global inventory tank gauging system market.

 

Based on the type, the global inventory tank gauging system market has been segmented into point level instruments and continuous level instruments, where point level instruments currently hold the majority of the total market share.

Based on the technology, the global inventory tank gauging system market can be divided into electronic ITG and mechanical ITG. Currently, electronic ITG exhibits a clear dominance in the market.

 

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where Asia Pacific currently dominates the global market.

Some of the major players in the global inventory tank gauging system market include 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).

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Inventory Tank Gauging System Market Report by Type (Point Level Instruments, Continuous Level Instruments), Technology (Electronic ITG, Mechanical ITG), Application (Aviation, Defense, Oil and Gas, and Others), and Region 2024-2032
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