IoT and RTM: Connected Tanks are all the Rage

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IoT and RTM: Connected Tanks are all the Rage

The global installed base of active remote tank monitoring (RTM) solutions reached 4.8 million units at the end of 2020, according to a new research report from the IoT analyst firm Berg Insight.IoT and RTM

Growing at a compound annual growth rate (CAGR) of 35.5 percent, the active installed base is estimated to reach 22.2 million units worldwide in 2025. Berg Insight estimates that the European market accounted for more than 1.3 million active RTM systems at the end of 2020.
The North American market is estimated to be larger than the European at around 1.6 million active units. The Asia-Pacific market is moreover estimated to represent an installed base of about 1.4 million RTM systems.South America and Middle East & Africa are smaller markets having installed bases of 243,000 units and 388,000 units respectively.
There are more than 100 RTM solution vendors active on the market worldwide and this report covers 62 companies. Berg Insight ranks Otodata as the leading RTM solution provider in terms of the active installed base worldwide with an installed base of about 1.0 million RTM units. Otodata is based in Canada and primarily focuses on the fuel reseller segment in North America.
Anova and SkyBitz (Ametek) were in second and third place having achieved installed bases of about 743,000 units and 180,000 units respectively. Anova has done a string of acquisitions including Independent Technologies, Wikon, ISA – Intelligent Sensing Anywhere and iTank (Sierra Wireless) and Silicon Controls to become the second largest RTM solution vendor with more than 2,000 customers in 70 countries. SkyBitz is based in the US and most of its tanks under management can be found in North America and a few in Mexico and other countries.

Additional companies have recently started to look at in-organic grow opportunities more actively including for instance Otodata that acquired Wise Telemetry in April 2021 and Wika that picked up Sensile Technologies during in Q3-2020,

says Johan Fagerberg, Principal Analyst, Berg Insight. He also anticipates that the market consolidation of the remote tank monitoring industry will accelerate in the next five years.

Author: Tim Cole
Image Credit: Pixabay

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