Market Research Future (MRFR)’s latest study projects that the global fuel management system market is set to expand at 4% CAGR over the forecast period.
The report highlights that the market is anticipated to reach a decent valuation over the next couple of years. These systems are in excessive demand from the industries such as transportation and construction for maintaining, tracking, and managing fuel consumption and storage. These are also used in the management of fleets of railways, aircraft, and vehicles. The growth of the transportation and automotive industries are projected to revolutionize the growth pattern of the market in the forthcoming years.
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The fuel management system market is at its nascent stage currently and is expected to gain quick mileage in the foreseeable future owing to increasing fuel prices, depleting resources, increasing fuel stations, etc. Furthermore, the inclination towards minimum fuel wastage is likely to influence the expansion of the market positively in the years to come.
Industry leaders are focusing on technological advancements for capitalizing on developmental opportunities. For instance, the advent of real-time tracking fuel management systems has gained much popularity in recent times. The market has witnessed the evolution of these systems and is prognosticated to exhibit innovations and upgradations to harness growth opportunities. On the flip side, the additional cost incurred for installation is expected to restrict the proliferation of the fuel management system market over the next couple of years.
By type, the global fuel management system market has been segmented into card-based, on-site and total fuel management.
By application, the fuel management system market has been segmented into mobile fueling systems, transport fleet, and others.
By region, the global fuel management system market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America is expected to hold the leading position in the global marketplace and retain its prominence across the forecast period. The growth-inducing factors of the regional fuel management system market include increasing fleet management services, growth of the transportation sector, etc. The U.S. and Canada are poised to drive the expansion of the market in the region.
Europe is anticipated to trail the North America market in terms of market size and revenue generation. The boom witnessed in the automotive sector of the region has been forecasted to expedite the proliferation of the fuel management system market over the assessment period. Furthermore, the need for curbing inflation of fuel prices is also likely to favor the expansion of the market in the years to come.
Some of the major players of the fuel management system market profiled in this MRFR report The Triscan Group (U.K), Piusi S.p.a. (Italy), are OPW Fuel Management Systems (U.S), Franklin Fueling Systems (U.S), Guduza System Technologies (South Africa), Timeplan Fuel Solutions (U.K), Banlaw (Australia), Sokolis Group (U.S), Wayne Fueling Systems LLC (U.S), and Orpak Systems Ltd. (Israel).
- In March 2019, the Mobile Systems Division of Parker Hannifin Corporation, which is a pioneer in control & motion technologies, has announced the release of Electro-Hydraulic Pump System (EHPS). The new pump is designed for cutting fuel costs on high power-lifting applications.
- In March 2019, Rio Tinto, an Anglo-Australian metals and mining corporation, has partnered with Banlaw, dealer in fuel management and vehicle safety systems, for the supply of two fuel facilities for fuel management at Amrun Project site.
- In February 2019, Norway based Havila shipping has awarded a contract to Rolls-Royce Commercial Marine for the installation of Energy Management System across nine vessels in the shipping fleet. The company chose Rolls-Royce Energy Management System as it wanted simplified tracking of fuel consumption.
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