Inventory Tank Gauging System Market Report 2023-28
IMARC Group, a leading market research company, has recently releases report titled “Inventory Tank Gauging System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global inventory tank gauging system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the inventory tank gauging system market?
The global inventory tank gauging system market size reached US$ 640.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 783.2 Million by 2028, exhibiting a growth rate (CAGR) of 3.3% during 2023-2028.
What is an inventory tank gauging system?
The inventory tank gauging system includes numerous instruments that accurately measure liquid levels. The most commonly used tank gauging systems are continuous level instruments and continuous level instruments which are predominantly used for ultrasonic, float, capacitance, pressure, and radar-based level monitoring. They also help in measuring the volume, temperature, mass, and pressure for oil movement, inventory control, leakage detection, and overfill prevention. Owing to this, inventory tank gauging systems are extensively adopted across several industries, including aviation, mining, defense, agriculture, oil, and gas, automotive, etc.
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What are the growth prospects and trends in the inventory tank gauging system industry?
The significant growth in the petrochemical and chemical industries, along with the growing penetration of automated solutions, is primarily catalyzing market growth. Numerous chemical manufacturers are getting inclined towards inventory tank gauging systems for measuring bulk liquids in storage tanks for diverse processes. Moreover, the global market is further driven by the rising popularity of radar tank gauging systems to enable non-contact measuring of liquefied natural gas (LNG) with highly precise outcomes and negligible maintenance requirements. Additionally, increasing integration of inventory tank gauging systems with Internet-of-Things (IoT) and human-machine interface (HCI) solutions is expected to catalyze the global market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Point Level Instruments
Continuous Level Instruments
Breakup by Technology:
Electronic ITG
Mechanical ITG
Breakup by Application:
Aviation
Defense
Oil and Gas
Others
Breakup by Region:
North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?
The report covers the major market players including:
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)
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