Inventory Tank Gauging System Market

Global Inventory Tank Gauging System Market:

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. The increasing regulations and standards related to safety, automation and industry 4.0 trends, expansion of oil & gas industry, and technological advancements are primarily propelling the market growth.

Inventory Tank Gauging System Market Analysis:

• Major Market Drivers: 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.
• Key Market Trends: 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.
• Competitive Landscape: Some of the prominent companies in the 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), among many others.
• Geographical Trends: The Asia Pacific region is dominating the overall market. Rapid industrialization across the region is boosting the demand for tank gauging systems to monitor and manage inventory efficiently in industries such as oil & gas, chemicals, and pharmaceuticals. The increasing environmental regulations and safety standards are compelling industries to implement advanced tank gauging systems that offer precise measurement and help in compliance with regulatory norms.
• Challenges and Opportunities: High costs associated with installing tank gauging systems, regulatory compliances, and continuous need for maintenance to ensure longevity are some of the challenges that the market is facing. However, advances in sensor technology, IoT, and automation are enhancing the capabilities of tank gauging systems, offering real-time monitoring, predictive maintenance, and improved data analytics.
   

Inventory Tank Gauging System Market Trends:

Industry Automation and Digitization

Industry automation and digitization have been significant drivers of growth in the inventory tank gauging system market. These systems play a crucial role in industries where accurate measurement and management of liquid levels in tanks are essential, such as oil and gas, chemicals, pharmaceuticals, and food and beverage. Automated tank gauging systems offer higher accuracy compared to manual methods. They provide real-time data on liquid levels, temperature, and sometimes even quality parameters, which improves operational efficiency and reduces the risk of errors. For instance, according to an article published by Banlaw, automatic gauges eliminate the need to manually dip tanks. The operator can obtain a real-time reading of the level inside the tank without having to climb up and manually dip into the reservoir. Using cutting-edge technology, it can calculate product volume and temperature. Apart from this, digitization enables the collection of large volumes of data from tank gauging systems. Analyzing this data using advanced analytics and AI can provide insights for better decision-making, such as optimizing inventory levels, scheduling maintenance, and improving overall operational efficiency. For instance, in February 2024, NASA developed a unique fuel gauge device that employs radio waves to determine the amount of fuel in a tank. This Radio Frequency Mass Gauge (RFMG) would provide a novel method of measuring propellant mass that is unaffected by gravity, temperature, or fluid characteristics. The RFMG transmits radio waves through the tank and measures how the propellant reflects them. This technology can determine the volume and mass of the fuel by analyzing signal patterns. These factors are further contributing to the inventory tank gauging system market share.

Increasing Demand for Accurate and Real-Time Data

The increasing demand for accurate and real-time data on tank contents is a critical driver shaping the inventory tank gauging system market. The food and beverage industry relies on accurate tank-level data to optimize production processes. For instance, in August 2021, Emerson developed the Rosemount 1408H non-contacting level transmitter, which provides accurate and dependable level monitoring and is intended for sanitary applications in the food and beverage industry. Real-time data allows for better inventory management, ensuring that tanks are neither overfilled nor underutilized. This is further positively influencing the inventory tank gauging system market price. Moreover, with advancements in technology, tank gauging systems can now offer remote monitoring capabilities. Operators can access real-time data from tanks located in different geographical locations, allowing for proactive management and immediate response to any anomalies or emergencies. For instance, in March 2023, ProMinent introduced Dulcolevel, a novel IIoT-compatible radar level sensor that offers real-time information on tank liquid levels. This ensures that tanks may be replenished on schedule without causing process disruptions and simplifies chemical inventory management. This enables any number of sites with pump installations to be remotely monitored, operated, and supplied in real-time via the cloud. Liquid levels, pump outputs, and consumption are all automatically available, along with comprehensive reports. At the same time, smartphone alerts provide advance notice of low levels or probable system outages. These factors are positively influencing the inventory tank gauging system market forecast.

Growing Adoption in the Oil and Gas Sector

The rising adoption of inventory tank gauging systems in the oil and gas sector is significantly driving the market growth. Oil and gas companies require precise and real-time data on tank levels to optimize production and logistics. Inventory tank gauging systems provide accurate measurements of crude oil, refined products, and chemicals stored in tanks, enabling operators to manage inventories efficiently and reduce downtime. For instance, according to an article published by Zero Instrument, radar level gauges can detect oil levels fast and accurately, ensuring the safe operation of oil tankers and tanks. When developing offshore natural gas resources, it is vital to measure the liquid level of natural gas. Moreover, the oil and gas sector increasingly demand real-time data to support decision-making processes. Tank gauging systems provide continuous updates on inventory levels, which are crucial for scheduling deliveries, managing refinery operations, assuring environmental compliance, and responding to market fluctuations effectively. For instance, in May 2024, Iveda, a cloud-based AI provider, launched LevelNOW, a next-generation tracking and monitoring solution for effective liquid storage management. LevelNOW, a first-of-its-kind solution, targets oil and gas corporations. LevelNOW offers comprehensive fluid monitoring, GPS tracking, and real-time warnings to improve operational efficiency, assure environmental compliance, and bring significant cost savings to businesses. These factors are further bolstering the inventory tank gauging system market revenue.

Global Inventory Tank Gauging System Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global inventory tank gauging system market report, along with forecasts at the global, regional, and country levels 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 currently hold the majority of the total market share

A detailed breakup and analysis of the market based on the type has also been provided in the report. This includes point level instruments and continuous level instruments. According to the report, point level instruments hold the majority of the total market share.

According to the inventory tank gauging system market overview, point level instruments provide crucial information at discrete points within tanks, such as indicating high, low, or intermediate levels of liquids or solids. They are essential for tasks like triggering alarms for overfill or empty conditions, controlling pumps or valves, and ensuring operational safety. Moreover, these instruments are widely used across industries, such as oil & gas, chemicals, pharmaceuticals, food & beverage, water treatment, and manufacturing. They are chosen based on factors like cost-effectiveness, reliability, environmental suitability, and specific application requirements.

Breakup by Technology:

• Electronic ITG
• Mechanical ITG
   

Electronic ITG currently holds the largest market share

A detailed breakup and analysis of the market based on the technology has also been provided in the report. This includes electronic ITG and mechanical ITG. According to the report, electronic ITG currently holds the largest market share.

According to the inventory tank gauging system market outlook, electronic ITG systems offer high accuracy in measuring tank levels compared to mechanical or manual methods. They use advanced technologies such as radar, ultrasonic, guided wave radar, or capacitance sensors to provide precise measurements of liquid or solid levels in tanks. Moreover, these systems are often part of automated tank gauging solutions that integrate with control systems, SCADA (Supervisory Control and Data Acquisition) systems, and ERP (Enterprise Resource Planning) systems. This integration enables real-time monitoring, data logging, and remote access to tank data, enhancing operational efficiency and decision-making.

Breakup by Application:

• Aviation
• Defense
• Oil and Gas
• Others
   

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes aviation, defense, oil and gas, and others.

ITG systems are crucial for monitoring jet fuel storage tanks at airports and aviation fuel depots. These systems ensure accurate measurement of fuel levels, which is essential for planning refueling operations, preventing overfills, and maintaining supply chain efficiency. Moreover, military bases and installations use ITG systems to monitor and manage fuel storage tanks for aircraft, vehicles, and other equipment. These systems provide real-time data on fuel levels, enabling efficient logistics planning and operational readiness. Besides this, in upstream oil and gas operations, ITG systems are used to monitor crude oil and natural gas liquids (NGL) storage tanks at production sites. These systems ensure accurate measurement of inventory levels, which is crucial for production planning and inventory management.

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
   

Asia Pacific exhibits a clear dominance in the market

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, the Asia Pacific exhibits a clear dominance in the market.

According to the inventory tank gauging system market statistics, rapid industrialization across countries like China, India, Japan, South Korea, and Southeast Asian nations is driving the demand for efficient storage and management of liquids such as crude oil, chemicals, and petroleum products. This expansion necessitates reliable inventory tank gauging systems to ensure accurate measurement and monitoring of inventory levels. Moreover, the region is a major consumer and producer of crude oil and petroleum products. Growth in upstream exploration and production activities, coupled with expanding downstream refining and distribution infrastructure, increases the adoption of inventory tank gauging systems in oil storage terminals, refineries, and petrochemical plants. For instance, in February 2023, Svanehøj Tank Control Systems announced to provide the tank gauging system for COOEC's six new LNG tanks at the Longkou Nanshan LNG Terminal, China. 

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players that are:

• 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.
• Varec Inc. (Science Applications International Corporation)
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Inventory Tank Gauging System Market Recent Developments:

• May 2024: Iveda, a cloud-based AI provider, launched LevelNOW, a next-generation tracking and monitoring solution for effective liquid storage management.
• February 2024: NASA developed a unique fuel gauge device that employs radio waves to determine the amount of fuel in a tank.
• January 2024: ColloidTek, a Finnish deep technology company, developed Collo Analyzer, a revolutionary approach for real-time liquid process quality monitoring based on EMF sensors in the food and beverage processing business.

Inventory Tank Gauging System Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the inventory tank gauging system market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global inventory tank gauging system market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the inventory tank gauging system industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.