The global fuel management system market is expected to grow at a CAGR of more than 4% during the forecast period. Currently, the Fuel Management System market is in the growth stage. This is due to the increase in fuel prices, reduction in the wastage of oil & gas with proper increase in inventory storage, also increasing number of fuel stations and global growth in automobile sector. However, the additional cost and complexity involved with the installation of fuel management systems will hinder the fuel management market growth rate.
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Fuel Management System are primarily used to control, monitor and maintain the fuel consumption and store in large number of industries which utilizes transport, including air, rail, road and water, as a means of commerce trade. Fuel management systems are basically designed to manage the proper utilization of fuel and are also used to effectively measure the fuel consumption in the construction and transport industries.
Fuel management systems compromises the most comprehensive solution in the global market for knowing exactly how much fuel is stored, consumed and real-time tracking of the fleet vehicle. Fuel management system provides from complete fuel accountability to total reconciliation and protection against fuel theft.
The fuel management system market is segmented on the basis of type by, Card-Based, On-Site and Total Fuel Management. The onsite fuel management systems track down the fuel when it is dispensed into the vehicles and, thus, allows the monitoring of the fuel storage levels. The total fuel management systems use the combination of the card-based systems and the onsite fuel management systems to monitor and optimize the overall fuel consumption. The card-based fuel management systems monitor the fuel transaction based on the driver’s unique pin and fueling credit card.
Fuel Management System Market– Overview
The management of fuel consumption is acquiring increased prominence as companies and organizations are becoming increasingly responsible with fuel resources. Market reports connected to the energy and power industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The market is projected to increase at a 4% CAGR in the forecast period.
The need for proper management of fuel and are also used to efficiently measure the fuel consumption in the transport and construction industries is the key factor driving the market for fuel management systems. The benefits of complete fuel accountability and protection against fuel theft are fortifying the overall market. The upsurge in fuel prices globally is expected to accelerate market growth in the forecast period.
The market segmentation of fuel management system is carried out on the basis of type, application, and region. The segmentation of the fuel management system market on the basis of type, comprises of on-site, card-based, and total fuel management. On the basis of application, the market is segmented into transport fleet, mobile fueling systems, and others. The regions covered in this market are North America, Europe, Asia Pacific and rest of the world.
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Detailed Regional Analysis
The regional analysis of the fuel management system market comprises of regions such as North America, Europe, Asia Pacific and rest of the world. The North American region is the foremost market for fuel management systems market and is followed by the European region. The growth in transport infrastructure and the upsurge in fuel consumption in the countries such as Canada and U.S are the major drivers of the market in the region.
Major transporting of goods and equipment that are dependent on the transport system that is efficient and effective fuel consumption and can reduce the transport charge and control inflation rates, is motivating the market for fuel management systems. The considerable growth in the overall global energy consumption and instability in global fuel prices has motivated the monitoring and controlling of fuel consumption for cost-effective operation and efficacy of the fuel systems. These factors are projected to create great potential for fuel management system market all around the world.
The framework for growth plans also has stimulated the market for potential new entrants. The leadership trends in the market are reinforcing the level of growth that can be achieved in the current market scenario. The market contenders are making considerable adjustments to minimize the incidence of competitive disadvantage. The alterations seen in terms of strategy execution and creation are modifying the development pace of the market. The evolution patterns are revised in tandem to the customer likings to realize the greatest growth, and in the long run, viability. The market is also well equipped to meet the challenges and keep up with the dynamic growth trends effectively. The plan formulation process in the market has become significantly easier in which deviations are well accounted for; this approach increases the overall success of these plans in the market.
The crucial competitors in the fuel management system market are The Triscan Group (U.K), Franklin Fueling Systems (U.S), Sokolis Group (U.S) Guduza System Technologies (South Africa), Timeplan Fuel Solutions (U.K), Banlaw (Australia), Piusi S.p.a. (Italy), Wayne Fueling Systems LLC (U.S), OPW Fuel Management Systems (U.S), and Orpak Systems Ltd. (Israel).
Oct 2018 Auramarine, the foremost provider of engine room fuel supply and auxiliary systems for the marine and power industries has declared an agreement with MARCAS International Ltd, part of V. Group and independent Marine Contracting Association. The agreement will see Auramarine bring fuel system services to a MARCAS-served fleet totaling to more than a thousand vessels while helping them navigate some of the most important fuel regulation changes in the industry.
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