Global Fuel Management System Market Booming at a CAGR of 6.05 % to Estimated $802.04 Billion Growth by 2026

Posted November 20, 2019 by ganesha

The Global Fuel Management System Market is expected to reach USD 802.4 million by 2025 from USD 484.8 million in 2017 and is projected to grow at a CAGR of 6.5% in the forecast period of 2018 to 2025.

Global Fuel Management System Market, By Offering (Hardware, Software, Services), Application (Fuel Storage Monitoring, Access Control and Fuel Dispensing), Industry (Mining and Construction, Military & Defense, Oil & Gas, Transportation and Logistics, Others)
Market Analysis: Global Fuel Management System Market
The Global Fuel Management System Market is expected to reach USD 802.4 million by 2025 from USD 484.8 million in 2017 and is projected to grow at a CAGR of 6.5% in the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Market Definition: Global Fuel Management System Market
Fuel Management System are basically used to control, screen and keep up the fuel utilization and store in substantial number of businesses which uses transport, including air, rail, street and water, as a methods for business exchange. Fuel administration frameworks are fundamentally intended to deal with the best possible usage of fuel and are likewise used to viably gauge the fuel utilization in the development and transport enterprises. Fuel administration frameworks bargains the most extensive arrangement in the worldwide market for knowing precisely how much fuel is put away, devoured and continuous following of the armada vehicle. Fuel administration framework gives from finish fuel responsibility to add up to compromise and insurance against fuel robbery.
As of now, the Fuel Management System advertises is in the development position. This is because of the expansion in fuel costs, decrease in the wastage of oil and gas with legitimate increment in stock stockpiling, likewise expanding number of fuel stations and worldwide development in car segment. Notwithstanding, the extra expense and many-sided quality required with the establishment of fuel administration frameworks will frustrate the fuel administration showcase development rate.
In June, 2016, Franklin Fueling Systems, the global leader in Total System Solutions for retail petroleum equipment systems, has announced the launch of FFS PRO: University. This new full-feature platform will serve as the industry’s premier training, certification, and resource tool for installation professionals.
Market Drivers and Restraints:
• Reduction in loss of fuel
• Improvement in efficiency and productivity
• Reduction in chances of fueling errors
• Launch of technologically advanced products
Market Segmentation: Global Fuel Management System Market
• The global fuel management system market is segmented based on offering, application, industry and geographical segments.
• Based on offering, the market is segmented into hardware, software and services. The hardware segment is sub segmented into automatic tank gauge systems, fuel control systems and identification devices.
• Based on Application, the market is segmented into fuel storage monitoring, access control and fuel dispensing.
• Based on Industry, the market is segmented into mining and construction, military & defense, oil & gas, transportation and logistics and others.
• Based on geography, the market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others.
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Competitive Analysis: Global Fuel Management System Market
The global fuel management system market is fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market in order to sustain in long run. The report includes market shares of fuel management system market for global, Europe, North America, Asia Pacific and South America.
For instance, in June, Dover Company acquired Wayne Fueling Systems Ltd to develop new fuel management products offering with OPW and Tokheim. This collaborative product set will feature to all major regions of the world.
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Last Updated November 20, 2019