Market Trends of Remote Tank Monitoring System Industry
The Expanding Oil and Gas Industry is Fueling the Demand for Remote Tank Monitoring Systems
- The oil and gas and chemical industries are witnessing rapid growth, intensifying the need for remote tank monitoring systems. The imperative for efficient and secure storage tank management grows as these industries expand. Remote tank monitoring systems offer real-time insights on tank levels, pressure, and temperature, empowering firms to fine-tune inventory management, curtail downtime, and avert leaks or overflows.
- These systems not only boost operational efficiency and ensure regulatory adherence but also bolster safety by flagging potential issues early. Companies leveraging remote monitoring can streamline logistics, slashing operational costs by reducing manual checks and maintenance.
- Consequently, the oil and gas and chemical industries are increasingly turning to advanced remote monitoring solutions to navigate their expanding operations' scale and complexity, all while upholding productivity and safety benchmarks.
- Highlighting the United States' dominance in oil production, the International Energy Agency (IEA) reported that the country had led global crude oil production for the past six years. In 2023, crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d), peaking at over 13.3 million b/d in December.
- The United States, Saudi Arabia, and Russia collectively contributed 40% (32.8 million b/d) to global oil production in 2023. These three nations have consistently outproduced others since 1971, albeit with occasional shifts in the top producer. In contrast, the combined production of the next three largest producers, Iraq, Canada, and China, stood at 13.1 million b/d in 2023, surpassing the United States' output.
- Looking ahead, the Organization of the Petroleum Exporting Countries (OPEC) projects a rising demand for lighter oil products, particularly gasoline and ethane. Gasoline demand is set to surge to 28.8 million barrels per day by 2045, with diesel and gasoline combined expected to hit 31.7 million barrels daily, underpinning market growth.
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North America Holds the Largest Market Share
- North America is poised for significant growth in remote tank monitoring systems, driven by a tech-savvy industry, a surge in oil and gas demands, and a push toward digitization.
- US companies are at the forefront, offering these systems not just for oil and gas but also for water management and agriculture. Typically, these systems employ sensors on tanks, relaying crucial data, from fill levels to temperature, to a central database or dashboard. Leveraging GSM networks and SMS, these systems are now more cost-effective and accessible than ever.
- In a notable move in May 2023, Gallagher Group Limited inked an exclusive deal with Gasbot Pty Ltd, introducing a cutting-edge satellite-based liquid monitoring system to North America. This system, powered by Gasbot's wireless sensor tech, provides real-time data on liquid levels, empowering farmers with precise liquid management insights. Furthermore, it utilizes satellite communication, ensuring that even remote farmers can easily access tank data on their cell phones.
- The United States stands out as a global chemical manufacturing hub where remote tank monitoring systems find applications beyond oil and gas. Oversight on chemical exports and deliveries is stringent, with bodies like the Department of Transportation, the International Air Transport Association, and the Environmental Protection Agency playing pivotal roles.
- Companies like Angus Energy, Anova, and ATEK Access Technologies (TankScan) are leading the charge in North America's evolving remote tank monitoring landscape, adapting swiftly to cutting-edge technologies.
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