The Global Electronic Tank Gauges Market size is projected to grow from USD 1.6 billion in 2020, registering a CAGR of 5.2% during the forecast period of 2021-2028. The major driving factors for this market are the increasing application of tank gauges for monitoring liquid level and pressure, rising demand from emerging economies such as India and China, and growing awareness about liquid storage management among end-users.
Electronic tank gauges are devices used for measuring the level of fluid in a storage tank. The market is gaining immense traction due to increased demand from end-user industries such as chemical, oil & gas, and others. One of the key factors is that they are highly accurate. Because there are no moving parts, it makes them very reliable and long-lasting. They also provide hassle-free operation as well as high-performance recording capabilities for each tank individually or simultaneously on all tanks in a facility with just one meter reading per minute. Other features include easy installation - most units install within 15 minutes to an hour - reduced maintenance costs, improved safety measures due to their remote alarm monitoring capability which can detect leaks up to 20 feet away from the unit, increase fuel economy by automatically calculating the volume used during deliveries and dispatches through its quick shut off feature (which reduces inventory loss) and reduced environmental impact due to the ability of units with remote communication capabilities to send their readings wirelessly.
On the basis of Type, the global electronic tank gauges market is segmented into Wireless and Wired.
Wireless types of Electronic Tank Gauges are free from the restrictions posed by wired tank gauges. The wireless technology is an effective way to monitor weight data without any interruption in service or disruption of business operations, thus making it a preferred choice among industries that maintain their own storage tanks for bulk material transportation and logistics purposes. Wireless Electronic Tank Gauge (ETG) is an easy-to-install and cost-effective product that offers remote monitoring of fuel level, temperature, date/time stamps as well as tank security features. The wireless ETGs are generally used to monitor the underground storage tanks.
Wired type of electronic tank gauges is the traditional way to measure level and volume. The wired type of electronic tank gauges is used to measure the level in tanks that are not accessible for wireless sensors. These can be deployed using cable or pipe running through a hole drilled into the wall of an underground storage tank (UST). The advantage is cost-effectiveness and ease of deployment, but they come with their own limitations like limited accuracy levels due to wire deformation over time under heavy service conditions.
On the basis of Application, the global electronic tank gauges market is segmented into Above-Ground Storage Tanks and Underground Storage Tanks.
The applications of electronic tank gauges in above-ground storage tanks are mainly used for measuring the level of liquid stored inside. These types of products are designed to be portable and rugged enough to meet all requirements needed by end-users. They can also withstand high pressure, extreme temperatures, vibration as well as harsh weather conditions. A sensor is installed in a pipe connected to the top of an empty or full tank and sends information regarding temperature, pressure, flow rate, etc., which helps in filling up the accurate amount of fuel required by the customer.
Electronic tank gauges are widely used in underground storage tanks to monitor the amount of fuel that they have. With this, companies can see how much fuel is being consumed and keep track of their inventories. This method also helps them know when it’s time for refilling or transporting fuel from one place to another. It is a type of technology that helps to detect the amount and volume accurately, which makes it easier to manage inventory levels and measure consumption rates.
On the basis of Region, the global electronic tank gauges market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East & Africa. North America dominated the global electronic tank gauges market with around 30% revenue share followed by Europe due to increased use of EOTs across industries such as transportation (railway), retail trade & construction activities. In addition to this growing demand from the end-user industry along with technological advancements are expected to drive growth over the next five years. Over the years, there has been a significant rise in demand for electronic tank gauges across Latin America. The growth is attributed to constant efforts from leading players operating in the market towards introducing advanced technologies and products that offer maximum benefits. The Asia-Pacific electronic tank gauges market is projected to grow at a CAGR of 11.26% from 2018 to 2023, driven by factors such as increasing demand for clean energy and growing awareness about environmental issues.
Up Market Research published a new report titled “Electronic Tank Gauges Market research report which is segmented by Types (Wireless, Wired), By Applications (Above-Ground Storage Tanks, Underground Storage Tanks), By Players/Companies Alfa Lava, Seetru, Dover Corporation, King Engineering, Keller America, PCE Instruments, SONOTEC Ultraschallsensorik, Chromalox”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Electronic Tank Gauges Market Research Report |
By Type | Wireless, Wired |
By Application | Above-Ground Storage Tanks, Underground Storage Tanks |
By Companies | Alfa Lava, Seetru, Dover Corporation, King Engineering, Keller America, PCE Instruments, SONOTEC Ultraschallsensorik, Chromalox |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 248 |
Number of Tables & Figures | 174 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Wireless, Wired and By Application Above-Ground Storage Tanks, Underground Storage Tanks.
Some of the companies that are profiled in this report are:
Electronic Tank Gauges Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Electronic Tank Gauges Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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