Global Tank Gauge Systems for Fueling Stations Market 2017-2021
About Tank Gauge Systems for Fueling Stations
Tank gauge systems for fueling stations are devices that aid in day-to-day operations by monitoring the fuel tank inventory levels, raising the alarm in case problems arise in the tank, and performing leak tests as per the environmental regulations. The use of tank gauge systems increases the efficiency of fueling stations. The device analyzes the entire operations of the fueling station and highlights all the inefficiencies.
Technavio’s analysts forecast the global tank gauge systems for fueling stations market to grow at a CAGR of 2.91% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global tank gauge systems for fueling stations market for 2017-2021. To calculate the market size, the report considers the new installations.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Tank Gauge System for Fueling Stations 2017-2021
Technavio recognizes the following companies as the key players in the global tank gauge systems for fueling stations market: Censtar Science & Technology, Dover, Franklin Fueling Systems, and Veeder-Root
Other Prominent Vendors in the market are: Blue1USA, Husky, U-Fuel, Willborn, and ZHENGZHOU WINDBELL MEASUREMENT AND CONTROL TECHNOLOGY.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing fleet of CNG vehicles. The rising trend of natural gas use has been driving customers toward natural gas-fueled vehicles. Though the market for EVs is on the rise, manufacturers in the automotive industry are keeping track of alternate fuels. In emerging markets such as Latin America and Asia, easy access to and availability of natural gas sources will drive the fleet of natural gas-powered vehicles. For natural gas to truly become an alternate fuel for vehicles, government investments in infrastructure development become crucial.”
According to the report, one of the major drivers for this market is Increasing sales of automobiles. The demand for passenger cars is rising in emerging economies like India, China, and Brazil due to higher purchasing power of consumers accompanied by the significant economic growth. The growth in emerging markets in step with global trade activity and ongoing industrialization, especially in the BRICS, has been encouraging. China's massive fiscal stimulus packages in recent years made it the leader in emerging markets. Over the past few years, China has maintained its position as the world's largest automotive market. The automotive market in India is dynamic in nature and is growing rapidly; therefore, many auto OEMs are entering the market to tap the enormous potential.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in global oil and gas prices. The continued trend of low global crude oil prices has put additional pressure on upstream oil and gas companies. Oil drilling and production companies have been impacted the most as the crude oil that was once trading at $110/bbl. in June 2014, fell to nearly $26/bbl. in January 2016. Consequently, a wide range of deep and ultra-deepwater projects was put on hold due to the reduced revenues, and many of the smaller upstream companies struggled to sustain in the market. For the drilling and production of crude oil to be commercially viable, global crude oil prices need to be sufficiently high from a financial standpoint so that the firms can sustain in the market. While integrated oil companies were able to absorb some of the pressure, pure upstream companies were the most adversely affected.
Censtar Science & Technology, Dover, Franklin Fueling Systems, Veeder-Root, Blue1USA, Husky, U-Fuel, Willborn, and ZHENGZHOU WINDBELL MEASUREMENT AND CONTROL TECHNOLOGY.