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The tank gauging system is used to measure the level and temperature of the liquid present inside a tank. It is a combined configuration of hardware, software, and various sensors. It is used in various applications across varied industry verticals, which includes oil & gas, metal & mining, chemical, automotive, and power generation industry. Leakages in tanks can also be monitored with the help of the gauging systems by conducting tests on a periodic basis when the tank is empty. Automatic tank gauge systems are used to detect the leakage in the tank. Moreover, advancements in technology have spurred the demand for tank gauging systems, which eliminates the need for an empty tank.
The tank gauging system market is segmented into components, technology, gauging method, application, and geography. Based on the components, the market is categorized into sensors, tracking devices, and monitoring systems. The sensor segment is estimated to dominate the market owing to significant advancement in technology and increasing demand for sensor-based gauging systems. Based on the technology, the tank gauging system market is further segmented into float and tape gauging, pressure level monitoring, capacitance level monitoring, ultrasonic level monitoring, and radar-based level monitoring. Based on the gauging method, the tank gauging system market is segmented into a volume based and mass-based gauging system. Based on the application, the tank gauging system market is further categorized into the oil and gas industry, metal & mining industry, automotive industry, chemical industry, power generation, agriculture & husbandry, and others.
Deployment of tank gauging system witnesses a strong growth in the operation efficiency and performance of the industry, which upholds the demand for tank gauging system market. There is an increase in the demand for tank gauging systems owing to increases in productivity and achieve enhanced accuracy in tanks and vessels used in oil & gas, chemical, and refinery industries. Moreover, advancement in technology such as new gauge systems can detect the leakage without the need to empty the tank, holds promising opportunities to leverage the market growth during the forecast period. However, the high initial investments hamper market growth during the forecast period.
Key Market Driver -
Growing need for efficient equipments in industries
Key Market Restraint -
High initial investments hampers the market growth
The key competitors in the tank gauging system market are Emerson, Endress+Hauser Group, Gauging Systems Inc., L&J Technologies, Honeywell Process Solutions, Kongsberg Maritime, Schneider Electric, TSG Fleet UK, Franklin Fueling Systems, Digi International, OMNTEC Mfg., Inc., and Varec, Inc.
The tank gauging system market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific holds the largest market share for tank gauging system market owing to its wide application in petrochemical industry, chemical storage, refineries, and oil & gas sector. North America is the second-largest market in the global tank gauging system market due to the growing oil & gas industry and an uptick in the efficiency level of industrial units. Europe and Middle East & Africa region are also deploying the tank gauging system owing to improved productivity of the plant, which in turn enhances the accuracy of measurement across vertical industries. These factors accelerate the demand for the tank gauging system market during the projected period
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