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Home Technology Devices

Expect market consolidation in connected tanks

FutureIoT Editors by FutureIoT Editors
December 9, 2024
Photo by Erik Mclean: https://www.pexels.com/photo/industrial-area-in-waterfront-desert-landscape-9407354/

Photo by Erik Mclean: https://www.pexels.com/photo/industrial-area-in-waterfront-desert-landscape-9407354/

According to a recent report by Berg Insight, the global installed base of active remote tank monitoring (RTM) solutions is projected to grow significantly, reaching 25.5 million units by 2028. This growth represents a compound annual growth rate (CAGR) of 22.4%, up from 9.3 million units at the end of 2023. The report highlights the increasing adoption of RTM systems across various regions, with Europe, North America, and Asia-Pacific leading the way in market penetration.

At the end of 2023, the European market accounted for approximately 2.1 million active RTM systems, while North America had a larger installed base of around 3.9 million units. The Asia-Pacific region followed closely with about 2.2 million RTM systems. In contrast, South America and the Middle East & Africa had smaller markets, with installed bases of 465,000 and 651,000 units, respectively.

Berg Insight's report identifies over 100 RTM solution vendors globally, with 67 companies covered in detail. Otodata, a Canadian company, leads the market with an installed base of about 2.0 million RTM units, primarily serving the fuel reseller segment in North America. The company has expanded its footprint through acquisitions, including Wise Telemetry and Wireless Applications Corporation. Following Otodata, Anova and SkyBitz (Ametek) rank second and third, with installed bases of approximately 1.1 million and 245,000 units, respectively. Anova has also pursued a series of acquisitions to bolster its market position.

The report notes that merger and acquisition activity is expected to increase as companies seek to consolidate their positions in the market. Johan Fagerberg, principal analyst at Berg Insight, stated, “Additional companies have recently started to look at in-organic growth opportunities more actively,” indicating a trend towards consolidation in the RTM industry. He anticipates that this market consolidation will accelerate over the next five years, driven by both established players and new entrants seeking to innovate and expand their offerings .

In summary, the remote tank monitoring market is poised for substantial growth, with significant implications for energy management and operational efficiency across various sectors.

Related:  Drivers of €12.4 billion cellular IoT connectivity business
Tags: Berg Insightremote tank monitoring
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