Global Fuel Management System Industry Insight
As the Covid-19 pandemic cases boost worldwide and still affecting the world economy, the global fuel management system market 2020 is hopeful of reaching high valuation by 2023 at a pace of 4% CAGR. By doing so, the market can reposition itself with massive investments, shows a study conducted by Market Research Future in the latest. The growth can be expected over the period from 2018 to 2023.
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Top Impacting Factors
The swell of novel coronavirus has shaken the global markets of the fuel management system where prices of oil have soared, demand has doubled, and supply has been destabilized with risks in the four months. The spread of the COVID-19 beyond Asia has put the global fuel market in losses. Lockdowns and travel restrictions have limited the use of jet fuels. The industrial fuel sector witnessed heavy losses as activities halted when employees and workers advised staying home. But in the present situation, the expected per-barrel value curve of fuel has up, repositioning oil traders again interested in selling stocks. The coronavirus epidemic in the U.S. and Europe has further negatively influenced the oil market confidence as it has scaled down fuel consumption, thereby restricting the market growth.
The fuel management system market is likely to gain quick mileage in the predictable period owing to escalating fuel prices, mounting fuel stations, depleting resources, and more. Besides, the inclination towards minimum fuel wastage is prone to persuade the expansion of the market positively in the years to come.
MRFR further spots the fact that industry leaders are focusing on technological advancements for capitalizing on developmental opportunities. In such a case, the advent of real-time tracking fuel management systems has gained high popularity in the present times. The market has observed the evolution of these systems and is prognosticated to exhibit innovations and up gradations to harness growth opportunities.
To add in this, currently, the fuel management system market proliferating at a steady notion due to the increase in fuel prices, reduction in the wastage of oil & gas with a proper increase in inventory storage, also increasing number of fuel stations and global growth in the automobile sector. On the contrary, the factor of additional cost incurred for installation might regard as restriction towards the propagation of the fuel management system market over the next couple of years.
The leading segments profiled in the study of global Fuel Management System Market are type and application.
In terms of type, the market has included card-based, on-site and total fuel management.
In terms of application, the market has included mobile fuelling systems, transport fleet and others.
Study shows that rising fuel theft incidences in the Middle East and Africa have helped the market to regain its valuation. The countries such as Brazil, Argentina, Mexico, Chile, and Peru, are securely managing the fuel expenditure. In fact, leading vendors are also focusing on the temporary storage and eco-friendly disposal of the spent fuel. To achieve the target, the regional government is motivating the initiation of surveillance programs to monitor fuel usage in a reactor and maintain a common database on fuel inventories. Although low fuel prices during coronavirus pandemic since the past four months, initially eliminated the need of management system. However, rising cases of fuel theft in recent years have urged authorities in both the Middle East and Africa to implement quality fuel monitoring and fleet optimization solutions.
Europe is anticipated to follow the North America market in terms of market size and revenue generation. The boom observed in the automotive sector of the region has been forecasted to accelerate the fuel management system market over the review period. Additionally, the need for reduction inflation of fuel prices is also likely to favour the development of the market in the coming years.
Top Industry Players
Some of the most prominent industry players in the global fuel management system market include The Triscan Group (U.K), OPW Fuel Management Systems (U.S), Franklin Fueling Systems (U.S), Piusi S.p.a. (Italy), Guduza System Technologies (South Africa), Timeplan Fuel Solutions (U.K), Wayne Fueling Systems LLC (U.S), Banlaw (Australia), and Orpak Systems Ltd. (Israel).
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