The tank level monitoring system market size is expected to grow from USD 757 million in 2020 to USD 1,057 million by 2025, at a CAGR of 6.9%. Growing demand from process industries and growing demand for IoT-based tank level monitoring systems are the key factors driving the growth of the tank level monitoring system market.
The tank level monitoring system market is highly competitive owing to the presence of a large number of regional and global players. The key players are focusing on enhancing their product portfolios and increasing market share through strategies, such as product launches, collaborations, acquisitions, and divestments. Many market players adopted product launches as their key business strategy.
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TE Connectivity (Switzerland): TE Connectivity primarily designs, manufactures, and distributes electronics and their components, connector systems, sensors, and subsea fiber optic communication systems to the transportation, communications, and industrial sectors. More than 220 billion products are manufactured annually by the company. TE Connectivity marks its presence in ~140 countries with more than 100 manufacturing and engineering centers. As of 2018, the company’s 80% of the revenue was generated through direct sales, and the rest was generated through third-party distributors.
Varec, Inc. (US): Verec, Inc is considered a leading innovator of tank gauging instruments, fuel management systems, and enterprise solutions, which are developed for the petroleum and chemical industries. A majority of the products cater to the oil & gas industry, which is a major end-user industry, owing to which they have an edge in the market. The expansion of its presence will help the company be dominant in the tank level monitoring solutions market.
Tank Level Monitoring System Market by Technology (Float & Tape Gauging, Pressure Level Monitoring, Ultrasonic Level Monitoring, Capacitance Level Monitoring, Radar-Based Level Monitoring), Application, & Geography - Global Forecast to 2025
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