Top 3 Emerging Trends Impacting the Global Inventory Tank Gauging Market from 2017-2021: Technavio

Technavio has announced the release of their 'Global Inventory Tank Gauging Market 2017-2021' report. (Graphic: Business Wire)

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LONDON--()--Technavio’s latest report on the global inventory tank gauging market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.

The research study by Technavio on the global inventory tank gauging (ITG) market for 2017-2021 provides detailed industry analysis based on technology (electronic ITG and mechanical ITG) and geography (EMEA, APAC, and the Americas).

   

An inventory tank gauging (ITG) instrument is used to measure the level of liquid inside a tanker or a container. Technavio analysts forecast the global ITG market to grow to USD 701.9 million by 2021, at a CAGR of close to 5% over the forecast period. APAC is projected to be the fastest-growing regional segment, driven by the rising requirement for wastewater treatment in emerging economies.

 

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The top three emerging trends driving the global inventory tank gauging market according to Technavio heavy industry research analysts are:

  • Innovation in tank gauging system
  • Growth of petrochemical and chemical industry in India
  • Growing demand from emerging economies

Innovation in tank gauging system

“The inventory tank gauging market is witnessing an increase in innovation and development of new types of technologies for inventory management. Companies are constantly involved in R&D to develop better equipment that provides higher accuracy,” says Gaurav Mohindru, a lead analyst at Technavio for test and measurement research.

Endress+Hauser has come up with 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.

Growth of petrochemical and chemical industry in India

Chemical manufacturing is a complex process requiring a complex series of processes such as cooling, condensing, and heating, for separation and evaporation. The Indian petrochemical and chemical industry have been experiencing impressive growth driven by the increasing demand from process, manufacturing, and agricultural industries. These flourishing industries in India create a high demand for inventory tank gauging equipment, resulting in a steady revenue generation for the market.

Growing demand from emerging economies

The power, water and wastewater management, chemical, and food and beverage sectors are growing in emerging economies. These industries, especially in China, create a high level of demand for the inventory tank gauging market,” says Gaurav.

The petrochemical industry in China is growing significantly, as new discoveries and production options are increasing in the country. Also, construction of new facilities with green parameters in the chemical sector will boost the market.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com