Aug 4 2015
According to the new market research report "Tank Level Monitoring System Market by Technology (Float & Tape Gauging, Pressure Level Monitoring, Ultrasonic Level Monitoring, Capacitance Level Monitoring, Radar-Based Level Monitoring), Application, & Geography - Analysis & Forecast to 2020", published by MarketsandMarkets, the global tank level monitoring System market is expected to witness substantial growth, due to rising applications across various industry verticals, The global Tank Level Monitoring System Market is expected to reach $859.0 Million by 2020, at a CAGR of 6.0% from 2015 to 2020.
Browse 45 market data Tables and 48 Figures spread through 93 Pages and in-depth TOC on "Tank Level Monitoring System Market".
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Globally, several clean energy policies and regulations have been implemented over the past decade to reduce the consumption of higher carbon fossil fuels. Some government policies have also mandated and facilitated for the development of higher energy efficiency technologies. Therefore, governmental regulations have influenced the growth of the tank level monitoring system market in the industrial and power sectors, due to their use in the monitoring and control of carbon emissions. These regulations are majorly expected to be introduced in emerging economies, such as China, India, Brazil, and South East Asian countries in the coming years.
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Another major factor driving the Tank Level Monitoring System Market is lower installation cost. Increasing demand of tank level monitoring system for safety and efficiency requirements, especially from the process industries, such as chemical, pulp & paper, steel mills, power generation, and glass manufacturing among others, is expected to boost the overall growth of the market.
The global tank level monitoring system market is expected to witness substantial growth in the near future. There is a growing adoption of tank level monitoring system in various sectors, such as oil & fuel, chemical industry, mining, agriculture & husbandry, automotive, and power plant. In 2014, the oil & fuel application was the largest segment of the global tank level monitoring application market, and contributed a share of 36.0%. The agriculture & husbandry was the fastest-growing application of the market, and is projected to grow with a CAGR of 7.6% from 2015 to 2020. The tank level monitoring system market in North America is the second-largest market for tank level monitoring system globally, and is expected to grow at a CAGR of 6.4% during the forecast period.
The research report is aimed at identifying emerging trends and opportunities in the global Tank Level Monitoring System Market and analyzing the global tank level monitoring system market with explicit focus on high-growth applications and the fastest-growing market segments. The research study also includes analysis of the future of the global tank level monitoring system market and market opportunities till 2020.
Apart from the market segmentation, this report also makes use of the Porter's Five Forces Analysis, which provides an in-depth analysis of the market providing a detailed process flow diagram and market dynamics, such as drivers, restraints, and opportunities in the global tank level monitoring market.
The report includes company profiles of major players, recent activities in the market, new product launches, mergers & acquisitions, collaborations and partnerships, and SWOT analysis.
Source: http://www.marketsandmarkets.com/