Global fuel management system market size was valued at US$ XXX Mn in 2019 and is expected to reach US$XXX Mn by 2027 to exhibit a CAGR of XXX % during the forecast period.
Global Fuel Management System Market, by OfferingThe objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global fuel management system market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in the global fuel management system market.
An effective fuel management system supports to tackle challenges posed by higher or fluctuating prices of oil used as fuel and also difficulties collecting from inflexible protocols affecting the environment by effective management of fuel. The fuel management system provides various benefits including maintain, control and monitor fuel consumption. So these unique benefit has driven up the demand for the fuel management system.
The fast-rising automotive and transportation industries, improvement in efficiency and production, reduction in chances of fueling errors and reduction in loss of fuel are expected to increase the growth or fuel system market. The fuel management system required high initial investments and interoperability with current systems and software that may restrain the progress of fuel management system market.
Also, increasing adoption of fuel management system across developing the market and continuing technological advancement in the fuel management system products are anticipated to create several opportunities in the fuel management system market in the coming years. Access control and fuel dispensing applications are expected to dominate during the forecast period because the capacity of fuel management systems to reduce loss or waste of fuel and eliminate chances of fueling errors is one of the main aspects leading to the increase in demand for fuel management systems for these applications.
The mining and construction industry is anticipated to witness a major growth during the forecast period owing to growing demand for fuel management systems for use in mining and construction activities in the Asia Pacific is one of the crucial factors accelerating the progress of the market for this industry. Services, hardware, and software are the offerings that could be explored in the fuel management system market during the forecast period. Between all offerings, the hardware is estimated to hold the largest share of the market during the forecast period. This can be attributed to the high costs of hardware components related to software and services in the market.
Access control and fuel dispensing lead the fuel management system market among the others. In 2018 access control and fuel dispensing application hold the major share of the global market. Its continue dominance and high demand for fuel management systems from the transportation and logistics, mining and construction, and oil & gas industries are the major factors behind the growth of the access control and fuel dispensing applications.
The various types of processing are used in the fuel management systems such as measuring, monitoring, and controlling, among others. Measuring fuel management systems are used to measure the amount of fuel bunkered, amount of fuel inside the tank and fuel provided to engines, generators, and boilers are measured by using the fuel flow meters. Controlling helps grab the growing cost of fuel and controls fuel consumption and increases operational efficiency.
North America accounted for the significant market share of the fuel management system and is expected to lead the global market in the upcoming years. Because of the high adoption of fuel management systems in the United States. The United States is a major user of the fuel management system in this region. The Asia Pacific and Europe are also projected to have a positive influence on future growth. The Asia Pacific is the second largest region with major market share. The developing countries like India and China are the key consumers of the fuel management system in this region. However, Europe is projected to grow at the highest CAGR in the forecast period.
In recent years, the fuel management system market has witnessed introductions of several technologically advanced and inventive products and solutions designed to make the procedure of fuel management easier. For example, in 2017, Veeder-Root launched the PLUS VIEW, a new mobile application for Android- and iOS-based phones and tablets.
Scope of Global Fuel Management System Market
Global Fuel Management System Market, by Offering
Global Fuel Management System Market, by Process
Global Fuel Management System Market, by Application
• Fuel Storage Monitoring
• Access Control and Fuel Dispensing
Global Fuel Management System Market, by Industry
• Mining and Construction
• Military & Defense
• Oil & Gas
• Transportation and Logistics
Global Fuel Management System Market, by Region
• North America
• Middle East & Africa
• South America
Key Players operating in the Global Fuel Management System Market
• Gilbarco Veeder-Root
• Franklin Fueling Systems
• Triscan Group
• Hid Global
• Multiforce Systems
• Road Track
• Fluid Management Technology
• Timeplan Fuel Solutions
• Sentinel Fuel Products
• Guduza System Technologies
• Esi Total Fuel Management
• Smartflow Technologies
• World Fuel Services
• Newlea Fuel Systems
This Report Is Submitted By : Maximize Market Research Company
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