Global Remote Tank Monitoring Market Experiences Robust Growth — Installed Base of Connected Tanks to Reach 23.5 Million by 2027

Dublin (Dec. 19, 2023) — The “Global Remote Tank Monitoring Market — 6th Edition” report has been added to researchandmarkets.com’s offering.

The global installed base of active remote tank monitoring (RTM) solutions reached 7.7 million units in 2022. Growing at a compound annual growth rate (CAGR) of 25%, the active installed base is estimated to reach 23.5 million units worldwide in 2027. The report estimates that the European market accounted for more than 1.8 million active RTM systems at the end of 2022. The North American market is estimated to be larger than the European at around 3.2 million active units. The Asia-Pacific market is moreover estimated to represent an installed base of about 1.7 million RTM systems at the end of 2022. South America and Middle East & Africa are smaller markets having installed bases of 385,000 units and 539,000 units respectively.

There are more than 100 RTM solution vendors active on the market worldwide and this report covers 63 companies. The analyst ranks Otodata once again as the leading RTM solution provider in terms of the active installed base worldwide with an installed base of about 2 million RTM units. Otodata is based in Canada and primarily focuses on the fuel reseller segment in North America. Otodata has so far acquired three companies to boost its growth plans: Wise Telemetry in April 2021, Wireless Applications Corporation (WACnGO) in December 2021 and AIUT’s LPG branch in June 2022.

Anova and SkyBitz (Ametek) were in second and third place, having achieved installed bases of about 1 million units and 210,000 units respectively. Anova has done a string of acquisitions including Independent Technologies, Wikon, ISA – Intelligent Sensing Anywhere, iTank (Sierra Wireless) and Silicon Controls to become the second-largest RTM solution vendor with more than 2,000 customers in 80 countries. SkyBitz is based in the U.S. and most of its tanks under management can be found in North America and a few in Mexico and other countries.

Tank Utility based in the U.S. and German FoxInsights followed in fourth and fifth place and had installed bases of 130,000 and 125,000 tank monitoring systems respectively. Sensile Technologies, Dunraven Systems, Angus Energy, Kingspan and PowTechnology are also ranked among the largest providers with 70,000 to 100,000 units each.

Other RTM solution providers with installed bases of 22,000 to 50,000 RTM systems in active use at the end of 2022 include ATEK Access Technologies, Varec, Banner Engineering, FreeWave, GreenCityZen, Gasbot, Insite Platform Partners, SilentSoft, Tecson and Schmitt Industries.