Global Hanging Hardware Market for Fueling Systems 2017-2021
About Hanging Hardware for Fueling Systems
Hanging hardware is used in fuel dispensers for filling vehicle tanks. It includes a hose that extends from the dispenser, terminating in a fuel delivery nozzle. Fuel retail companies are required to constantly optimize their services to ensure their profitability along with increasing their market shares. Considering the high volatility of crude oil prices, it becomes difficult to anticipate the market and take precautionary measures.
Technavio’s analysts forecast the global hanging hardware market for fueling systems to grow at a CAGR of 3.03% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global hanging hardware market for fueling systems for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hanging Hardware Market for Fueling Systems 2017-2021
Technavio recognizes the following companies as the key players in the global hanging hardware market for fueling systems: Dover Corporation, Franklin Fueling Systems, and Gilbarco.
Other Prominent Vendors in the market are: Blue1USA, Husky, IRPCO, RBM Company, U-Fuel, and Willborn.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing fleet of CNG vehicles. Natural gas is an alternative fuel for vehicles and other applications, such as cooking, and is gaining importance. The adoption of natural gas is rising, with an increasing number of customers opting for natural gas fueled vehicles.”
According to the report, one driver in the market is increasing vehicular sales. The demand for passenger and commercial cars is rising in emerging countries, such as India, Brazil, and China, due to the rising purchasing power of consumers, accompanied by substantial economic growth. The growth in emerging markets, in step with global trade activity and ongoing industrialization especially in BRIC countries, has been significant. China has maintained its position as the world's largest automotive market in recent years. Similarly, the automobile market in India is highly dynamic in nature and is growing rapidly.
Further, the report states that one challenge in the market is fluctuations in crude oil prices. Fluctuations in crude prices since mid-2014 has been putting additional pressure on the oil and gas sector. The upstream sector, comprising of drilling and production companies, has been severely affected. According to the U.S. Energy Information Administration, crude oil, which was once trading at $110/bbl in June 2014 fell to $27/bbl in January 2016. With the fall in crude oil prices, oil field service companies were impacted as oil well owners pressurized service providers to reduce their cost for upstream operations.
Dover Corporation, Franklin Fueling Systems, Gilbarco, Blue1USA, Husky, IRPCO, RBM Company, U-Fuel, and Willborn.
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