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The wireless tank level monitoring market is expected to grow from US$987.120 million in 2025 to US$1,341.070 million in 2030, at a CAGR of 6.32%.
A wireless tank level monitoring system is used to detect and send tank-level information to an end device or user for relevant purposes. The system consists of sensors, transmitters and an application on a device such as a smartphone or PC which works over a range of cellular or satellite networks to monitor the liquid levels of a tank. The processing industries such as oil and gas, paper, chemicals, etc. have recognized the vital need for proper monitoring and management of liquid in tanks. This is crucial in preventing wastage or theft. As such, wireless tank level monitoring has become a vital need. It should be noted that accidental spillage of hazardous liquid waste due to improper tank level monitoring into water bodies has a detrimental effect on the environment, which means there needs to be a better system for correct monitoring and handling of liquid tanks across global industries Therefore, the increasing demand of liquid industries are the primary factors driving the market growth of wireless tank level monitoring systems in the forecast period and beyond. However, the data retrieved and transmitted is open to inaccuracy and error risks which can have serious consequences in the industry and can restrain the growth of the tank level monitoring segment.
The coronavirus pandemic has caused a global recession leading to a halt in the operations of oil and other liquid industries. As a result, the demand for wireless tank level monitoring systems has reduced as well. In April 2020, after the emergence of the coronavirus pandemic, the International Energy Agency (IEA) stated that the global demand for oil has reduced by 30% as compared to the last year, the level which was last witnessed in 1995. Events such as these have negatively impacted the global wireless tank level monitoring market.
The oil and other processing industries are observing the need for safe and reliable management of their liquid tanks to prevent losses or any other harm. Tanks are subjected to leaks during operations because of puncture or corrosion or even by manual overfilling. These reasons strongly signal for an effective approach to ensure proper real-time monitoring of tank levels so that relevant steps can be taken to avoid potential mishaps. According to the study conducted in April 2019 by the United States Environmental Protection Agency (EPA), it was revealed that out of the 28 states under review, 10 are in need of a comprehensive leak detection and monitoring system. It is expected that this number will increase after the evaluation of the remaining states. Additionally, as per the journal released by Taylor & Franics in June 2021, the global monetary value of stolen oil and its products is approximately USD 133 billion per year. These significant losses and thefts in the industry demand a critical solution to effectively manage potential threats and associated risks. Accurate monitoring and proper tracking of liquid and fuel levels in tanks are essential, making the wireless tank level monitoring system to be highly sought after in the market. The market is expecting significant growth during the forecast period.
The wireless tank level monitoring system uses various sensors and transmitters for liquid level sensing and sending that level information in encoded form via an application installed on the reception device such as smartphone a or tablet. This, however, can be exposed to chances of inaccurate data which eventually can prove to have negative outcomes for the industry. Various transmitters available worldwide for the manufacturing of wireless tank level monitor systems may come off as faulty and they also may have low warranty periods which can incur significant costs for replacement in case of degradation during the operational timeline. According to the 2016 Tank Storage Magazine released by Emerson, an error of 1- or 2-millimetres could be as much as a thousand barrels. Such data discrepancy may lead to huge inventory losses. Hence, these factors are anticipated to restrain the market share of the wireless tank level monitoring market in the forecast period.
Asia Pacific region is expected to grab the highest market share in the wireless tank level monitoring system as a rapid increase in the oil and chemical industry is projected to take place mainly in China and India during the forecast period. According to the article released by the Indian Brand Equity Foundation (IBEF) in February 2023, the chemical industry of India is expected to at a CAGR of 9.3% increasing from USD 178 billion in 2018-19 to USD 304 billion by 2025. In another article by IBEF, Bharat Petroleum Corporation Limited (BPCL), in July 2021, announced its plan to establish an ethanol plant in Telangana with an investment amounting to approximately INR 1000 crore. These future expansions in the oil and chemical industry are anticipated to propel the future growth of the wireless tank level monitor system market in the Asia Pacific.
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