The global installed base of active remote tank monitoring (RTM) solutions reached 2,5-million units at the end of 2018, according to a new research report from the IoT analyst firm Berg Insight.
Growing at a compound annual growth rate (CAGR) of 36,3%, the active installed base is estimated to reach 11,9-million units worldwide in 2023. Berg Insight estimates that the European market accounted for more than 0,6-million active RTM systems at the end of 2018.
The North American market is estimated to be larger than the European at around 0,9-million active units. The Asia-Pacific market is moreover estimated to represent an installed base of about 0,7-million RTM systems at the end of 2018. South America and Middle East & Africa are smaller markets having installed bases of 127 000 units and 253 000 units respectively.