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.
Growing at a compound annual growth rate (CAGR) of 35,5%, 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.
Merger and acquisition activity on this market is just about to commence at the same time as new innovative companies enter the market.