The fuel management system market will reach a CAGR of 8.9% in the forecast period and a good market valuation in the forecast period between 2022 to 2030.
The fuel management systems efficiently manage the fuel by monitoring and maintaining the fuel consumption. The rise in the number of industry verticals utilizing transport for commerce trading purposes is driving the market. These systems can manage the proper utilization of fuel and further take effective measures for controlling fuel consumption in the sectors like construction and transport industries. It brings a comprehensive solution to the global market for knowing the fuel storage, consumption, and real-time tracking of vehicles. The fuel management system market offers fuel accountability and protection against fuel theft. These factors are driving the market at the global level.
The rising growth factors such as higher energy consumption and unstable global fuel prices are driving the market. The demand for the control and proper monitoring of fuel consumption with cost-effective solutions is accelerating the fuel management systems market. These systems have effectively managed the efficiency of fuel. These factors show great potential for the fuel management system market development. The North American region is the leading fuel management systems market, which Europe then follows. The market's overall growth is due to the increased fuel consumption rate in countries like the U.S and Canada, for transporting goods and equipment is propelling the fuel management systems demand.
Currently, the global market is in the growth stage. This is due to the increase in fuel prices, reduction in the wastage of oil & gas with proper increase in inventory storage, also increasing number of fuel stations and global growth in automobile sector. However, the additional cost and complexity involved with the installation of fuel management systems will hinder the fuel management market growth rate.
The key players of global market are OPW Fuel Management Systems (U.S), The Triscan Group (U.K), Piusi S.p.a. (Italy), Franklin Fueling Systems (U.S), Timeplan Fuel Solutions (U.K), Guduza System Technologies (South Africa), Banlaw (Australia), Wayne Fueling Systems LLC (U.S), Sokolis Group (U.S) and Orpak Systems Ltd. (Israel).
The substantial growth in the overall global energy consumption and volatility in global fuel prices has driven the monitoring and controlling of fuel consumption for cost-effective operation and increase the efficiency of the fuel system. These factors have certainly created a great potential for fuel management system market all around the world. North-America region is the leading market for fuel management systems market and is followed by Europe. The overall growth in transport infrastructure and increase in fuel consumption in the countries such as U.S and Canada, where, major transporting of goods and equipment are depended on transport system with effective and efficient fuel consumption, so as to reduce the transport charge and curb down inflation rates, is driving the market for fuel management systems.
Fuel Management System are primarily used to control, monitor and maintain the fuel consumption and store in large number of industries which utilizes transport, including air, rail, road and water, as a means of commerce trade. Fuel management systems are basically designed to manage the proper utilization of fuel and are also used to effectively measure the fuel consumption in the construction and transport industries. Fuel management systems compromises the most comprehensive solution in the global market for knowing exactly how much fuel is stored, consumed and real-time tracking of the fleet vehicle. Fuel management system provides from complete fuel accountability to total reconciliation and protection against fuel theft.
|Market Size||2030: Significant Value|
|CAGR||8.9% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||OPW Fuel Management Systems (U.S), The Triscan Group (U.K), Piusi S.p.a. (Italy), Franklin Fueling Systems (U.S), Timeplan Fuel Solutions (U.K), Guduza System Technologies (South Africa), Banlaw (Australia), Wayne Fueling Systems LLC (U.S), Sokolis Group (U.S) and Orpak Systems Ltd. (Israel)|
|Key Market Opportunities||Additional cost and complexity involved with the installation|
|Key Market Drivers||
The segments of the market are type, Card-Based, On-Site and Total Fuel Management.
The CAGR of the market is calculated to be more than 8.9%.
The Triscan Group (U.K), Piusi S.p.a. (Italy), OPW Fuel Management Systems (U.S), Timeplan Fuel Solutions (U.K), Guduza System Technologies (South Africa), Franklin Fueling Systems (U.S), are the key companies leading the market.
The leading growth in the overall global energy consumption and volatility has driven the monitoring and controlling of fuel consumption for cost-effective operation and increase the efficiency of the fuel system.
The additional cost and complexity with the installation of fuel management systems is hindering the fuel management market growth rate.