The global installed base of active remote tank monitoring (RTM) solutions reached 9.3 million units at the end of 2023, according to a new research report from the IoT analyst firm Berg Insight.
Growing at a compound annual growth rate (CAGR) of 22.4 percent, the active installed base is estimated to reach 25.5 million units worldwide in 2028.
Berg Insight estimates that the European market accounted for close to 2.1 million active RTM systems at the end of 2023.
The North American market is estimated to be larger than the European at around 3.9 million active units. The Asia-Pacific market is moreover estimated to represent an installed base of about 2.2 million RTM systems at the end of 2023. South America and Middle East & Africa are smaller markets having installed bases of 465,000 units and 651,000 units respectively.There are more than 100 RTM solution vendors active on the market worldwide and this report covers 67 companies. Berg Insight ranks Otodata once again as the leading RTM solution provider in terms of the active installed base worldwide with an installed base of about 2.0 million RTM units. Otodata is based in Canada and primarily focuses on the fuel reseller segment in North America. Otodata has so far acquired 3 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 1.1 million units and 245,000 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 US and most of its tanks under management can be found in North America and a few in Mexico and other countries. German FoxInsights and Generac based in the US followed in fourth and fifth place and had installed bases of 150,000 and 130,000 tank monitoring systems respectively. Sensile Technologies, Dunraven Systems, Angus Energy, Kingspan and PowTechnology are also ranked among the largest providers with 70,000–110,000 units each.
Other RTM solution providers with installed bases of 24,000–50,000 RTM systems in active use at the end of 2023 include TankScan, Gasbot, Varec, Banner Engineering, FreeWave, Fourdata, GreenCityZen, Insite Platform Partners, Schmitt Industries and Tecson.
Merger and acquisition activity on this market is just about to commence at the same time as new innovative companies enter the market. Anova and Otodata have been the most ambitious consolidators on the market so far with five and three acquisitions respectively.
Johan Fagerberg, Principal Analyst, Berg Insight, said:
“Additional companies have recently started to look at in-organic grow opportunities more actively including for instance Measure Connect Display that acquired Top Fuel in Q4-2023 and Badger Meter that picked up Trimble’s water monitoring assets in Q1-2024.”
Mr. Fagerberg anticipates that the market consolidation of the remote tank monitoring industry will accelerate in the next five years.
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