The presence of IoT technology in the petroleum industry is not a new concept. However, the value derived from this information is what differentiates an organization from another. As uncertainty in the global oil and gas industry ensues, businesses are looking above and beyond merely managing assets and are now focusing on integrating data across their entire value chain, developing advanced workflow solutions to predict market shifts, reduce costs, and create new revenue streams, says our tank monitoring vice president, Anton Albrand

According to Berg Insight, the global installed base of active remote tank monitoring units reached almost 1.8 million by the end of 2017. Growing at a compound annual growth rate of 37.2%, it is estimated to reach 8.6 million units worldwide in 2022. These are staggering numbers that will surely prove profitable for leaders that capitalize on the value of IoT tank monitoring solutions across their entire operation.