Market Overview
The rise in fuel cost has expanded the demand for a fuel management system. The cost accounts are the major part of the operating cost. Higher cost prices and frequent changes in fuel prices accelerate the Fuel Management System Market demand.
The restriction in environmental policies also leads to the requirement of efficient fuel management. The system has proven best for controlling, monitoring, and reporting fuel consumption in order to control the operational cost of a vessel.
Growth factors and drivers Chifley drive the Fuel Management System Market. The rise in fuel prices is one of the key market drivers. The reduction of oil and gas waste with proper inventory storage is also driving the market. The rise in the number of fuel stations and global growth in the automobile sector. The development of fuel stations and the automobile sector’s growth accelerate the market.
The railways and waterways are inexpensive modes of goods and passenger movement. The operation cost of this transport is less compared to roadways and air transportation. Through the waterways, bulk amounts of goods can be transported. The need for merchant vessels and the movement and transportation of goods, oil and gas is massively increasing. These factors are boosting the Fuel Management System Market.
The trade between the countries, states and locals is advancing in the transportation sector. Implementing emission control areas will accelerate the demand for middle distillate oils. The regulations policies associated with the shipping industry cut down the operational cost. Emission control and other factors have led to technological advancements boosting the growth of the Fuel Management System Market.
The pandemic has made the market face many challenges due to the global lockdown. Travel restrictions and halt in the trade process have reduced the market’s demand. The market will recover from the loss in the post-lockdown period.
The Fuel Management System Market is estimated to reach a CAGR of 8.9 % during the forecast period and a significant value by 2022 to 2030.
Key Players
· Technotrade LLC (Dubai, United Arab Emirates)
· Gilbarco Inc. (North Carolina, United States)
· Triscan Group Limited (Milton Keynes, United Kingdom)
· Piusi SPA (Suzzara, Italy)
· Dover Corporation (Illinois, United States)
· Assa Abloy AB (Stockholm, Sweden)
· Multiforce Systems (Texas, United States)
· Fluid Management Technology (New Jersey, United States)
· Franklin Fueling Systems (Wisconsin, United States)
· Banlaw (Sydney, Australia)
· Chevin Fleet Solutions (Belper, United Kingdom)
· Smartflow Technologies (Texas, United States)
· Sokolis Group (Pennsylvania, United States)
· Syntech Systems (Florida, United States)
· Fleetx (Haryana, India)
Market Segmentation
The Fuel Management System Market is segmented into type and application. These two major segments are further sub-segmented.
The type segment is segregated into Card-Based, On-Site and Total Fuel Management.
The application segment of the market is categorized into mobile fueling systems, transport fleets and others.
Regional Analysis
The regional report of the Fuel monitoring system Market Size shows its massive growth in regions such as the North American region, European region, Asia-Pacific, and the Rest of the World.
The North American region is showcased as the leading region, followed by Europe. The region is noticing huge growth due to the development of transport infrastructure. The increased fuel consumption rate in countries like the U.S. and Canada is driving the regional market. The goods transportation and equipment with effective solutions can reduce the transport charge and cut down the inflation rates. The other regions, such as the countries of Asia Pacific and the rest of the world, will acquire a good growth rate.
Industry News
In March 2018, Veeder-Root (U.S.) and Gilbarco Veeder-Root (U.S.) got a contract from National Joint Powers Alliance (NJPA, U.S.) for providing fleet management and related technology solutions.
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