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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 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A2772
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Market Overview:
The global inventory tank gauging system market size reached US$ 640.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 783.2 Million by 2028, exhibiting a growth rate (CAGR) of 3.3% during 2023-2028.
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Report Attribute
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Key Statistics
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|---|---|
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Base Year
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2022
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Forecast Years
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2023-2028
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Historical Years
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2017-2022
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| Inventory Tank Gauging System Market Size in 2022 | US$ 640.9 Million |
| Inventory Tank Gauging System Market Forecast in 2028 | US$ 783.2 Million |
| Inventory Tank Gauging System Market Growth Rate 2023-2028 | 3.3% |
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.
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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 2023-2028. 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 | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| 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$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| 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) |
The global inventory tank gauging system market was valued at US$ 640.9 Million in 2022.
We expect the global inventory tank gauging system market to exhibit a CAGR of 3.3% during 2023-2028.
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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