FOR IMMEDIATE RELEASE
Senior Director of Marketing & Client Services
(508) 653-9000, ext.122
Emerging Market Opportunities Come to the Rescue for Inventory Tank Gauge Suppliers, According to VDC Research
New diversification strategies required for ITG market resilience.
NATICK, MA | October 14, 2016 - Manufacturers of inventory tank gauges (ITG) experienced significant reduction in demand for sensors, particularly those catering to the oil and gas verticals, according to a new report from VDC Research (click here for more information). To survive, many ITG suppliers are rethinking and recasting their vertical market strategies.
As the downward spiral of oil prices lead to increased production and, ultimately, an oversupply of oil, many ITG suppliers focusing on this domain were heavily impacted. In the past, most leading ITG suppliers obtained a significant portion of their revenue from the oil and gas vertical . However, the recent slowdown is forcing them to explore new opportunities within other verticals.
“Water treatment and desalination is one such vertical that is offering higher growth opportunities to ITG suppliers,” says Chris Rommel, VDC executive vice president. “As custody transfer, water treatment and water storage activities increase in the Asia-Pacific, Africa and Middle East regions, we expect ITG suppliers to witness a higher demand for their solutions.”
In spite of significant economic headwinds and an uncertain business climate, the demand for ITG sensors to remain relatively steady, driven by attempts of manufacturers in different verticals to attain additional cost savings and enhance operational efficiency of their existing and new plant infrastructure; according to a new report by VDC Research (click hereto learn more).
About VDC Research
Founded in 1971, VDC Research provides in-depth insights to technology vendors, end users, and investors across the globe. As a market research and consulting firm, VDC’s coverage of AutoID, enterprise mobility, industrial automation, and IoT and embedded technologies is among the most advanced in the industry, helping our clients make critical decisions with confidence. Offering syndicated reports and custom consultation, our methodologies consistently provide accurate forecasts and unmatched thought leadership for deeply technical markets. Located in Natick, Massachusetts, VDC prides itself on its close personal relationships with clients, delivering an attention to detail and a unique perspective that is second to none.