Remote Tank Monitoring Market: Revenue, Application, Forecast 2018 - 2026
A remote tank monitoring system is a reliable and convenient way to remotely monitor storage tank levels. It monitors the temperature of liquids and gases and also integrates multiple tanks into the monitoring system. Remote tank monitoring solutions collect and transfer data between field devices and the control room. They provide security, scalability, and data reliability. They connect directly to the Internet for single excels for most people who need to monitor tank levels in remotely located tanks. Remote tank monitoring solutions are easily executed for all types of oil tanks, which include diesel, heating oil, and heavy oil and lubricants.
Remote Tank Monitoring Market – Drivers and Restraints
Remote tank monitoring provides compressed gas distributors and suppliers with the wireless ability to validate that a supply of gas is always available. Remote tank monitoring solutions reduce miles driven, increase operational efficiencies, improve ROI, and eliminate emergency deliveries. This makes the solutions easy and cost-effective. Technologies such as machine-to-machine (M2M) are being used for real-time remote monitoring and control applications. Remote tank monitoring solutions enable accurate and timely record keeping and provide a daily inventory reconciliation with audit and documentation trails. The solutions offer precise and reliable digital monitoring, removing the inconsistencies associated with manual measurement. The solutions comprise flow meters and fuel gauges and data collection units along with a mobile laptop and rugged handheld computers.
Remote tank monitoring solutions also reduce the risk of staff injury. With the help of their accurate data readings on tank levels, the threats of manual checks with dipsticks are removed.
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Remote tank monitoring solutions offer a number of benefits. They detect unusual product usage, track extra data and reporting with smart connected tools, integrate multiple tanks into the monitoring system, remove manual tank readings, and reduce inventory shrinkage. Moreover, the solutions eliminate emergency deliveries while maximizing delivery and pickup quantities, send alerts via text messaging or email, increase operational efficiencies, allow remote access through any Internet-enabled device, eliminate emergency deliveries, reduce miles driven, improve ROI, increase cost effectiveness, and lessen time spent on inventory management. These factors are boosting the global remote tank monitoring market. However, restraints such as errors in remote tank monitoring systems are likely to hinder the growth of the global remote tank monitoring market. Nevertheless, there are opportunities for companies to adopt remote tank monitoring solutions, which would help them drastically improve productivity and save time.
Remote Tank Monitoring Market – Segmentation
The global remote tank monitoring market can be segmented based on type, application, and region. In terms of type, the remote tank monitoring market can be categorized into integrity monitoring, tank level monitoring, and equipment-based condition monitoring. Remote tank monitoring solutions reduce the maintenance cost in marine environments, which are generally corrosive and require more maintenance. Based on application, the remote tank monitoring market can be categorized into tank collection services, bulk liquid distributors, and inventory management. Bulk liquid distributors transport bulk liquids and help customers manage their liquids.
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In terms of region, the global remote tank monitoring market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South America. North America is anticipated to hold a leading share of the global remote tank monitoring market during the forecast period. This is attributable to presence of global players in the region.
Remote Tank Monitoring Market – Key Players
Some of the leading companies in the global remote tank monitoring market are Automation Products Group, Inc., Banner Engineering, DataOnline, Wessex Petroleum Limited, SEI Industries LTD., SkyBitz, Dunraven Systems, HMS Industrial Networks, Schneider Electric, Oriel Systems, Sensile Technologies, Top Fuel, GreenCityZen, Powelectrics, Engie Laborelec, Asset Monitoring Solutions Siemens, Sensile Technologies, AT&T, Inc., Digi International, ATEK Access Technologies, FreeWave Technologies, Schmitt Industries, and Peabody Engineering among others.
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