Market Size of Electronic Inventory Tank Gauging Systems (2024-2030)

By 2023, the market for Electronic Inventory Tank Gauging (EITG) Systems reached a value of $674.64 million, with a projected market capitalization of $875.31 million by 2030. Across the forecast period of 2024-2030, a Compound Annual Growth Rate (CAGR) of 3.79% is anticipated.

Overview of the Electronic Inventory Tank Gauging Market

The electronic inventory tank gauging (EITG) system is a tool designed for measuring fluid levels and quantities within tanks, notably those used for oil storage. These systems typically incorporate sensors and electronic measurement devices to provide real-time data on tank contents, facilitating inventory management, leak detection, and regulatory compliance. Various sensors such as ultrasonic, radar, and pressure sensors, along with flow meters and temperature sensors, are employed in EITG systems. The data generated by these systems serves multiple purposes including inventory management, leak detection, and regulatory compliance, aiding businesses in optimizing operations, reducing costs, and meeting legal requirements.

Market drivers for Electronic Inventory Tank Gauging Systems

Increasing demand for precise and timely tank data:

The growing need for accurate and timely information regarding tank contents is a key driver for the EITG system industry. This data is crucial for inventory management, leak detection, and operational optimization, particularly in industries like oil and gas where minimizing leaks and regulatory compliance are paramount. EITG systems offer precise and real-time data, thereby assisting businesses in enhancing operations and ensuring compliance.

Rise in digital technology adoption in the oil and gas sector:

The adoption of digital technologies such as IoT, big data, and cloud computing in the oil and gas industry is fueling the demand for EITG systems. These technologies enhance the accuracy and reliability of EITG systems, enabling real-time monitoring and management of tank contents. Additionally, digital integration reduces manual labor costs and enhances operational efficiency while ensuring regulatory compliance and preventing leaks.

Challenges in the Electronic Inventory Tank Gauging System Market

High implementation and maintenance costs:

The significant expenses associated with deploying and maintaining EITG systems pose a major challenge to the industry. These systems require sophisticated sensors and equipment, which can be costly to procure and install. Moreover, regular maintenance and calibration are necessary to ensure accurate measurements, further adding to the overall expenses. Such high costs may hinder adoption, particularly among small and medium-sized enterprises.

Lack of standardization:

The absence of industry-wide standards complicates the selection and integration of EITG systems. With numerous systems offering varying features and capabilities, businesses may struggle to identify the most suitable solution for their needs. Furthermore, the lack of uniformity makes compliance with regulations and industry norms challenging.

Impact of COVID-19 on the Electronic Inventory Tank Gauging System Market

The COVID-19 pandemic has disrupted supply chains, leading to delays in the manufacturing and delivery of EITG systems. Lockdown measures and mobility restrictions have caused labor shortages, further impeding the installation and maintenance of equipment.

However, the pandemic has also accelerated the adoption of digital technologies such as IoT and cloud computing. Businesses, compelled to embrace remote working and digitalization, have increasingly integrated EITG systems with these technologies. This integration allows for remote monitoring and control of tank contents, compensating for physical limitations imposed by the pandemic.

In summary, the COVID-19 pandemic has had a dual impact on the EITG system market.

Segmentation of the Electronic Inventory Tank Gauging System Market - By Component

• Hardware
• Software

The hardware segment encompasses sensors and electronic measuring equipment utilized in Electronic Inventory Tank Gauging (EITG) systems. It includes ultrasonic, radar, and pressure sensors, along with electronic measuring devices such as flow meters and temperature sensors. With the increasing deployment of sophisticated sensors and electronic measuring devices in EITG systems, the hardware sector is poised to lead the market.

The software segment encompasses the software and techniques employed for data collection, processing, and analysis from EITG systems. It comprises tools for data management, analytics, and visualization. The software segment is anticipated to witness rapid growth due to the escalating adoption of digital technologies like the Internet of Things (IoT) and big data in EITG systems.

Segmentation of the Electronic Inventory Tank Gauging System Market - By End User

• Oil and Gas
• Chemical and Power Generation
• Others

The oil and gas industry stands as a significant user of EITG systems, necessitating precise real-time data on tank contents to enhance operations, prevent oil leaks, and adhere to regulations. With the increasing demand for EITG systems in this sector, the oil and gas segment is expected to dominate the market.

Similarly, the chemical industry requires reliable real-time data on tank contents to streamline operations and ensure regulatory compliance. Consequently, the chemical segment is anticipated to experience modest growth.

The power generation sector also relies on precise real-time data on tank contents to enhance operational efficiency and comply with regulations. As the need for EITG systems rises in this sector, the power generation segment is projected to grow steadily.

EITG systems find application in various other industries including food and beverage, pharmaceuticals, and water treatment to optimize operations and ensure compliance with regulations, leading to a modest growth rate in these sectors.

Segmentation of the Electronic Inventory Tank Gauging System Market - By Technology

• Ultrasonic Sensor
• Radar Sensor
• Pressure Sensor

Ultrasonic technology utilizes sound waves to measure fluid levels and quantities in tanks, offering precision and reliability. It is extensively employed in EITG systems and is expected to dominate the industry owing to its accuracy and dependability.

Radar technology, utilizing radio waves, also measures fluid levels and quantities in tanks with precision and reliability, contributing to its widespread use in EITG systems. This technology is forecasted to grow at a moderate rate.

Pressure sensors detect fluid levels and volumes in tanks using pressure technology, offering reliable measurements particularly in situations requiring accurate fluid level determination. Consequently, pressure sensor technology is expected to grow steadily. While other technologies like optical and conductivity sensors are utilized in EITG systems, their applications are more limited compared to ultrasonic, radar, and pressure sensors.

Segmentation of the Electronic Inventory Tank Gauging System Market - By Region

• North America
• Europe
• Asia-Pacific
• South America
• Rest of the World

North America and Europe are anticipated to hold significant market shares due to the presence of key players and early adoption of advanced technologies in these regions. Stringent regulations governing the oil and gas industry in the United States and Canada are driving the use of EITG systems. Asia Pacific is expected to witness the highest growth rate owing to increasing demand for EITG systems in the oil and gas sector. Key oil and gas producers like Brazil, Russia, and Saudi Arabia are expected to fuel market growth in South America and the Rest of the World.

Key Players in the Electronic Inventory Tank Gauging System Market:

1. Siemens AG
2. Honeywell International Inc.
3. Emerson Electric Co.
4. Schneider Electric SE
5. ABB Ltd.
6. Endress+Hauser Management AG
7. Varec, Inc.
8. Toptech Systems LLC
9. Wärtsilä Oyj Abp
10. Yokogawa Electric Corporation