Fuel Management System Market Share Set to Witness Huge Growth by 2027
The global fuel management system market size will develop at a 4% CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. A fuel management system is used for controlling, monitoring, and maintaining the fuel consumption and storing in big number of industries that use transport such as water, road, rail, and air as a medium of commerce trade. These systems are basically designed for managing the proper use of fuel and also effectively used for measuring the consumption of fuel in the transport and construction industry. Transport fleet, mobile fueling systems, and others, are some of its end use.
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Various factors are propelling the global fuel management system market share. According to the recent MRFR market estimates, such factors include a rise in fuel prices, proper increase in inventory storage, reduction in the wastage of gas and oil, demand for renewable energy and power generation, growing demand from the logistics and transportation industry, and launch of technologically advanced products.
On the contrary, high initial investments, complexity in installation, the COVID-19 impact, and additional costs incurred may impede the global fuel management system market growth over the forecast period.
The MRFR report highlights an inclusive segmental analysis of the global fuel monitoring system market based on type & application.
By type, the fuel management system market is segmented into total fuel, on-site, and card-based. Of these, the total fuel management system will have the largest share in the market over the forecast period. Wide acceptance around all fuelling systems coupled with less complex operation with the best output is adding to the growth of the segment.
By application, the fuel management system market is segmented into transport fleet, mobile fueling systems, and others.
By region, the fuel monitoring system market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will have the lion's share in the market over the forecast period. High adoption in the US, growth in transport infrastructure, increasing awareness about reducing vehicle emissions, promoting environment safety, high disposable income, presence of emerging economies, booming transportation and logistics industry, demand for commercial cars, and growing infrastructural development are adding to the global fuel management system market growth in the region. Canada and the US have the utmost share in the market.
In the APAC region, the fuel management system market share will have a healthy growth over the forecast period. Technological advances, and rising transportation and construction industries are adding to the global fuel management system market growth in the region.
In Europe, the fuel management system market is predicted to have sound growth over the forecast period. Government measures like research initiatives and green car initiatives directed to improve transport services, improving fuel regulations, and the booming automotive sector are adding to the global fuel management system market growth in the region.
In the Rest of the World, the fuel management system market is predicted to have steady growth over the forecast period.
Key contenders profiled in the global fuel management system market report include Orpak Systems Ltd. (Israel), Sokolis Group (U.S), Wayne Fueling Systems LLC (U.S), Banlaw (Australia), Guduza System Technologies (South Africa), Timeplan Fuel Solutions (U.K), Franklin Fueling Systems (U.S), The Triscan Group (U.K),and OPW Fuel Management Systems (U.S), among others. Industry players have incorporated multiple strategies to remain at the forefront and also suffice the consumers growing needs like mergers and acquisitions, partnerships and collaborations, joint ventures, new product launches and developments, strategic alliances, and others.
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