New York, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Fuel Management System Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Fuel Management System Market Research Report, Type and Application and Region - Forecast till 2030”, the market is expected to grow at a CAGR of more than 8.9% during the forecast period (2022-2030).
List of the key companies profiled in the fuel management system market research report include –
- 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)
- Orpak Systems Ltd. (Israel).
- Among others.
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The fuel management system market is both fragmented and as well competitive for the presence of various international & also domestic key players. The players have incorporated several innovative strategies to stay at the vanguard and also cater to the burgeoning need of the customers including contracts, collaborations, joint ventures, partnerships, new product launches, geographic expansions, and more. Also, they are investing in different research and development activities.
Market Research Future’s Review on Fuel Management System Market
COVID-19 Analysis
The COVID-19 outbreak has possessed a significant impact on the fuel management system market. New projects all across the globe have been stalled that declined the growth of the market. Worldwide factories have struggled in integrating new fuel management systems as workers are staying at home that in turn has disrupted the supply chains across the globe. The COVID-19 impact is temporary as supply and production chain is stalled. As the situation improves, supply chains, production, and also the demand for such products are likely to increase gradually. The present scenario is likely to offer opportunities for organizations to think regarding the ways of increasing their production, improve current products, and research about technologies.
Browse In-depth Market Research Report (188 pages) on Fuel Management System
https://www.marketresearchfuture.com/reports/fuel-management-system-market-4394
Drivers
Reduction in Fuel Loss to Boost Market Growth
The reduction in fuel loss will boost market growth over the forecast period. Fuel management systems can be of immense help with regards to curbing fuel theft because these allow users in keeping track of the fuel consumption, right from purchasing and storing up to dispensing.
Opportunities
Increasing Adoption in Logistics and Transportation Applications to offer Robust Opportunities
Increasing adoption of fuel management systems in logistics and transportation applications will offer robust opportunities for the market over the forecast period. With rising investments being made in logistics and transportation sectors, the use of fuel management systems have automatically increased for the increase in efficiency, security, productivity, and the reduction in overall costs. Such fuel management systems are developed to attain optimum fuel utilization and also minimum fuel wastage as oil reserves over the globe are depleting. They are highly advanced systems, thus even if there is some improvement in technology, only few changes require being done instead of replacing the complete fuel management systems that further fuels the market growth.
Besides, the increased transportation services by sectors that use oil and gas to operate various operations need fuel monitoring and controlling system which is likely to boost market growth.
Restraints
Lack of Expertise to act as Market Restraint
The lack of expertise for managing vehicle telematics software may act as market restraint over the forecast period.
Challenges
High Installation and Procurement Cost to act as Market Challenge
The high initial investments related to the installation and procurement of fuel management systems may act as market challenge over the forecast period.
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Market Segmentation
The global fuel management system market is bifurcated based on type and application.
By type, the total fuel management system will lead the market over the forecast period for the wide acceptance around all fuelling systems and also less complex operation with the best output.
By application, the fuel management system market is bifurcated into transport fleet, mobile fueling systems, and others.
Regional Analysis
North America to Remain Domineer in Fuel Management Market
North America will remain domineer in fuel management system market over the forecast period. Highly competitive logistics and transportation industry, the set of strict regulations by government for fuel usage optimization and emission standards designed for transport and automotive industries, businesses across these regions are under tremendous pressure for the rising fuel expenditure & present fossil fuel regulation, and high adoption of fuel management systems in the US are adding to the global fuel management system market growth in the region. Besides, the increasing fleet management services, the growth of transportation sector, growing demand in the US and Canada, increasing defense and military equipment, notable companies in the region focusing on operational effectiveness, reduction in the overall costs of fleets, companies in Mexico, Canada, and US outsourcing the management of cars to external providers, the adoption of new technologies, public-private partnerships for allocating funding for research and development are also adding to the market growth in the region.
APAC to Have Favorable Growth in Fuel Management Market
The APAC region will have favorable growth in the fuel management system market over the forecast period. Rising urbanization and rising industrialization, increased investments in fuel consumption meters and navigation automation, substantial growth in the need for fuel monitoring and controlling systems for restricting unauthorized access to fuel, and high implications of oil taxes in China are adding to the global fuel management system market growth in the region.
Segmentation of Market covered in the research:
Fuel Management System Market Information Report by Type (Card-Based, On-Site and Total Fuel Management), by Application (Mobile Fueling Systems, Transport Fleet and Others) and by Regions - Global Forecast to 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
