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Fuel Management System Market to Witness Comprehensive Growth by 2028
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According to our latest market study on “Fuel Management System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Function, and End-User,” the market was valued at US$ 1,084.64 million in 2021 and is projected to reach US$ 2,089.56 million by 2028; it is expected to grow at a CAGR of 9.82% from 2021 to 2028.
Fuel management systems are used to keep track of and regulate the volume of fuel used by a fleet. They precisely measure and track gasoline stockpiles, as well as how fuel is supplied. This data is then saved on systems and reported to the management through online portals. As a result, numerous industry vertical stakeholders benefit from enhanced fuel economy and reduced fuel waste. It aids in tracking vehicle maintenance and driver routes data, which may be used to make cost-effective decisions such as creating more efficient driving routes and encouraging better driving behavior, both of which enhance fuel efficiency. These systems can also gather data on drivers filling up their vehicles, build fleet lists, generate reports, manage stocks, keep track of transactions storage, and maintain data tables. Based on these responses, organizations are making data-driven decisions to enhance business operations. Taking advantage of this, several firms have entered the market and are now providing end-to-end solutions for various industrial verticals. For example, Fueltek provides T4000 fuel management system, which works with current gasoline pumps to give consumers total control over fuel delivery. The fueling location's hardware is a Fuel Access Control Terminal, which interfaces with the Fueltek FMO browser-based software, which can be accessed from anywhere with an internet connection. These systems improve fuel efficiency and raise demand for effective fuel management systems.
The expansion of the fuel management system market is driven by the increased need for better fuel management to improve productivity and efficiency across various industry sectors. Furthermore, the rapid growth of e-commerce platforms to provide the best consumer experience has driven the supply and logistics industries to embrace sophisticated IoT technologies. Ford Commercial Solutions announced Ford TelematicsTM in June 2020, a web-based software platform and subscription service that includes GPS tracking and geofencing, and fuel monitor consumption.
The fuel management system market is segmented on the basis of component, function, end-user, and geography. Based on component, the market is segmented into hardware, software, and controller. Based on function, the market is bifurcated into delivery and storage. By end user, the fuel management system market is segmented into mining, construction and ports, transportation & logistics, oil & gas, and others. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the significant share in the global market.
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Impact of COVID-19 Pandemic on Fuel Management System Market
According to the latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, India and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences, and the effects are expected to endure to some extent in the coming years. Oil and gas power-generating facilities have reduced activities, such as shutting down construction, operations, and maintenance projects, at several locations, after the issuing of multiple "stay at home" orders by state governors across the world. In the energy industry, the quarantine measures and shutdowns are causing furloughs and layoffs of technical, construction, and manufacturing personnel, and project demobilizations in many cases. As a result, many oil wells are struggling to keep up with maintenance and operations. However, the production of the industrial equipment is anticipated to gain pace from the first quarter of 2022, which is expected to positively influence the industrial equipment manufacturing, including fuel management systems.
A few key players operating in the global fuel management system market are The Triscan Group, OPW Fuel Management Systems, Franklin Fueling Systems, Technotrade, Piusi S.p.a., Guduza System Technologies, Royal Dutch Shell, Petroliam Nasional Berhad, Wayne Fueling Systems LLC, Banlaw, and Orpak Systems Ltd. Several other market players have been analyzed to understand the market.
Fuel Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Function (Delivery and Storage), and End-User (Mining, Construction and Ports, Transportation and Logistics, Oil and Gas, and Others)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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