Global Inventory Tank Gauging Market 2017-2021

Overview of the global inventory tank gauging market

Technavio’s market research analyst predicts the global inventory tank gauging (ITG) market to grow steadily at a CAGR of around 5% during the forecast period. One of the primary drivers for this market is the exponential rise in petrochemical and chemical industries. The increasing sales of chemicals in various regions signifies the increase in production of chemicals. The chemical industry offers a range of products such as petrochemicals; basic inorganic compounds such as fertilizers and industrial gases; polymers such as plastic, synthetic and man-made fibers; and specialty chemicals such as auxiliaries for industries, paints and inks, crop protection, dyes and pigments, and consumer chemicals for various sectors. Chemical manufacturing requires complex series of processes such as cooling, condensing, and heating for separation and evaporation. Consequently, the growth of the petrochemical and chemical industries will boost the demand for ITG equipment, since it helps in measuring bulk liquids in storage tanks. This, in turn, will propel growth in the global ITG market during the forecast period.  

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One of the latest inventory tank gauging market trends gaining traction is the rapid innovation in tank gauging systems.  According to the inventory tank gauging market analysis, an increase in the innovation of new types of technologies for inventory management will help boost the ITG market. Companies are constantly involved in R&D to develop better equipment that provides higher accuracy. For instance, in 2016, Endress+Hauser developed a tank gauging platform, which is a complete inventory and monitoring control system. The system was primarily formulated for tank farms in oil and gas, chemicals, refineries, and similar industries, where a large amount of liquid or solid is required to be stored. These innovations in the existing tank gauging system technology will augment growth in the ITG market in the coming years.

Competitive landscape and key vendors

The global ITG market is characterized by the presence of a large number of international, regional, and local vendors. Several local and regional vendors provide various products with a high level of customization, at a lower price compared with that of international vendors. It is expected that increase in product extensions, improved services, technological innovations, and mergers and acquisitions will intensify the competition in the tank gauging system market in the next four years.

Leading vendors in the market are –

• Emerson
• Endress+Hauser
• Honeywell International
• Kongsberg Gruppen
• Schneider Electric

Other prominent vendors in the inventory tank gauging market include Cameron Forecourt, Franklin Fueling Systems, Jasch Industries, KROHNE, L&J Technologies, MTS Systems Corporation, Motherwell Tank Gauging, Musasino, Senix Corporation, Tokyo Keiso, and Varec.

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Segmentation by technology and analysis of the ITG market

• Electronic ITG
• Mechanical ITG

During 2016, the electronic ITG dominated the tank gauging system market and accounted for a major part of the overall market share. As per the inventory tank gauging industry forecast, the capability of an electronic ITG system to not have any direct contact with the liquid and deliver highly accurate results from gauging is the key contributors to the dominance of this segment in the global tank gauging system market.

Geographical segmentation and analysis of the ITG market

• Americas
• APAC
• EMEA

In this inventory tank gauging market study, analysts have estimated the EMEA to dominate the ITG market during the forecast period. A significant share of the petrochemical industry in the Middle East utilizes natural gas as its raw material. Iran is the second largest market after Saudi Arabia for exporting petrochemical. As a result, the growth of the chemical sector in Iran and Saudi Arabia will drive the demand for ITG equipment, thereby, driving the tank gauging system market in EMEA.

Key questions answered in the report include

• What will the inventory tank gauging market size and the growth rate be in 2021?
• What are the key factors driving the global ITG market?
• What are the key market trends impacting the growth of the global ITG market?
• What are the challenges to market growth?
• Who are the key vendors in the global ITG market?
• What are the market opportunities and threats faced by the vendors in the global ITG market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global ITG market?

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