Fuel Management System Market by Offering (Hardware, Software, and Services), Application (Fuel Storage Monitoring, and Access Control & Fuel Dispensing), Industry (Transportation & Logistics, and Oil & Gas), and Geography - Global Forecast to 2023
High demand for fuel managements systems for access control and fuel dispensing applications driving growth of market
The fuel management system market is expected to grow at a CAGR of 6.52% between 2018 and 2023, to reach USD 707.4 million by 2023 from USD 515.9 million in 2018. High demand for fuel management systems for use in access control and fuel dispensing applications is one of the major factors fueling the growth of this market. However, high initial investments involved in the procurement and installation of fuel management systems are posing challenges for market players.
Fuel management system market for transportation and logistics industry to witness significant growth during forecast period
The fuel management system market for the transportation and logistics industry is expected to witness significant growth during the forecast period. Companies operating in this industry need considerable volumes of fuel every day to carry out their operations. As fuel is an expensive resource, efficient management of fuel becomes a critical task for maintaining companies’ profitability. Fuel management systems play an important role in obtaining fuel-related data, which can be easily accessed by users for fuel accounting. These systems help plant or site managers reduce misuse or loss of fuel. Also, by using fuel management systems, companies can restrict unauthorized access to fuel.
Fuel management system market in APAC to witness significant growth during forecast period
Among all regions, the fuel management system market in APAC is expected to grow at the highest CAGR during the forecast period. China, Japan, Australia, and India are some of the major contributors to the growth of the market in APAC. High demand for fuel management systems from the transportation and logistics, and Mining and construction industries in these countries is fueling the growth of the market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the fuel management system market. Following is the breakup of the profiles of primary participants for the report.
By Company Type: Tier 1 - 35 %, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C-Level Executives - 35%, Directors - 25%, and Others - 40%
By Region: North America - 45%, Europe - 20%, APAC - 30%, and RoW - 5%
The report profiles key players in the fuel management system market and analyzes their market rankings. Players profiled in this report are Gilbarco Veeder-Root (US), Dover (US), Franklin Fueling Systems (US), PIUSI (Italy), Triscan Group (UK), HID Global (US), Multiforce Systems (US), Road Track (Mexico), Banlaw (Australia), Fluid Management Technology (Australia), Timeplan Fuel Solutions (UK), Sentinel Fuel Products (Ireland), Guduza System Technologies (South Africa), ESI Total Fuel Management (US), AssetWorks (US), Smartflow Technologies (Nigeria), World Fuel Services (US), Technotrade (Ukraine), Romtek (Australia), and Newlea Fuel Systems (UK).
This report segments the fuel management system market by offering, application, industry, and geography. The report also describes the major drivers, challenges, and opportunities pertaining to this market, as well as includes value chain and market ranking analyses.
Reasons to Buy This Report
The report will help leaders/new entrants in the fuel management system market in the following ways:
1. The report segments the fuel management system market comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, challenges, and opportunities pertaining to the fuel management system market.
3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the fuel management system market. The competitive landscape section describes the competitor ecosystem.