Fuel Dispenser Market Research Report - Global Forecast till 2030

Impact of COVID-19 on the Global Fuel Dispenser Market

The fuel dispenser market has been negatively impacted in recent months owing to the lockdowns imposed in the majority of the countries COVID-19 pandemic. These lockdowns have resulted in temporarily halting the manufacturing of fuel dispensers since the COVID-19 outbreak in December 2019. Several countries witnessed curfew-like situations where non-authorized people were not allowed to travel within the cities, which impacted the demand for automobiles, in turn, affecting the demand for fuel dispensers. The fuel dispenser market is driven by the increasing adoption of natural gas vehicles and the increasing consumption of petroleum products in emerging economies. Fuel dispensing equipment releases and monitors liquid or gaseous fuels and are used to pump liquid fuels such as gasoline, diesel, oil, or kerosene into vehicles, storage tanks, or portable containers. Gaseous fuel dispensers may refuel hydrogen- or syngas-powered vehicles or machinery or be used to move gases from one location to another. The pandemic outbreak has hampered the demand for fuel dispensers significantly; however, the product demand is anticipated to recover in the coming months as several governments prepare to lift the lockdowns in a phased manner. On the downside, the growth of the fuel dispenser market may be hindered due to the reducing number of fuel stations and rising sales of electric vehicles.

The increasing awareness about the adverse effects of vehicle emissions on the environment and rising prices of gasoline are driving the demand for natural gas vehicles (NGVs) as they reduce carbon monoxide emissions by more than 80% as compared to gasoline-powered vehicle. Governments in developing countries in Asia-Pacific are providing initial subsidies to build NGV refueling infrastructure. The increase in demand for NGVs coupled with the rising government initiatives has led to the major automotive OEMs increasing their focus on NGV design and manufacturing. In 2017, Volkswagen signed a joint declaration of intent to expand CNG use in Europe with a focus on Germany to expand its CNG vehicles to 1 million by 2025 along with increasing the number of CNG filling stations from 900 to 2,000 within the same timeframe. Therefore, the increasing use of NGVs is expected to drive the demand for fuel dispensers in the coming years.

Source: International Organization of Motor Vehicle Manufacturers (OICA)