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The installed base of connected tanks to reach 11.9 million in 2023

November 25, 2019 / IoTBusiness.News

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 percent, 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.