LONDON--(BUSINESS WIRE)--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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