The global installed base of active remote tank monitoring (RTM) solutions reached 3,6-million units at the end of 2019, according to a new research report from the IoT analyst firm Berg Insight.
Growing at a compound annual growth rate (CAGR) of 35,1%, the active installed base is estimated to reach 16,3-million units worldwide in 2024.
Berg Insight estimates that the European market accounted for more than 0,9-million active RTM systems at the end of 2019. The North American market is estimated to be larger than the European at around 1,2-million active units. The Asia-Pacific market is moreover estimated to represent an installed base of about 1-million RTM systems at the end of 2019. South America and Middle East & Africa are smaller markets having installed bases of 181 000 units and 326 000 units respectively.
There are more than 100 RTM solution vendors active on the market worldwide and this report covers 60 companies.