Farmington, Jan. 23, 2023 (GLOBE NEWSWIRE) -- The Fuel Management System Market size was valued at USD 556.45 Million in 2022 and is projected to reach USD 906.60 Million by 2030, growing at a CAGR of 6.29% from 2023 to 2030. Any corporation that does business via rail, road, sea, or air uses a fuel management system to control, monitor, and keep track of the amount of fuel and stock used. This system enables the security of fuel depots, their management, and access control. It also monitors delivery and usage. It is typically utilized by trains, aircraft, and other vehicles that require fuel to operate. Gasoline management systems provide a wealth of information about how fuel is used, enabling efficient and lawful consumption.
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There are numerous ways to fuel a gasoline-powered engine. The gasoline engine of an automobile consists of a gas tank, fuel lines, fuel pump, fuel filter, air cleaner, carburetor, and intake manifold. These components comprise the fundamental fuel supply system. Within the gas tank is a component known as the fuel pump. In many modern automobiles, the fuel pump is integrated into the gas tank.
Fuel Management System Market Recent Developments:
- In August 2022, Dover Fueling Solutions ("DFS"), a part of Dover and a leading global provider of advanced customer-focused technologies, services, and solutions in the fuel and convenience retail industry, announced today that it will work with Bottomline, a Dutch provider of software, planning, and transportation services in the oil and gas sector, to offer a complete, end-to-end fuel management solution.
- In March 2022, The Triscan Group, which makes and sells the most fuel management systems in the UK, has grown even more with the purchase of FUELlink Systems Ltd. FUELlink has been a trusted provider of fuel management solutions for over 10 years, with a strong reputation for quality, dependability, and excellent customer service.
- December 2022, HID, which is a global leader in trusted identity solutions, announced today that it has bought Janam Technologies, which is a leading maker of handheld mobile computers and readers. The purchase makes HID more visible and important as a provider of solutions for issuing smart credentials and reading them.
Fuel Management System Market Segmentation Analysis:
In 2021, droplet digital PCR had the largest share of the market. During the forecast period, 2022–2029, it is expected to grow at a high CAGR. The growth is due to the fact that market players are putting more effort into making and selling dPCR for diagnosing infectious diseases. Also, the growing number of infectious diseases and the fact that these devices are better at diagnosing diseases than other PCR are expected to boost segment growth over the next five years.
The largest market share was held by the academic and research organizations segment, which is expected to grow at a moderate CAGR over the next few years. The growth of the segment is due to the fact that these devices are being used more and more in research studies in fields like oncology, genetic diseases, and others. During the time frame of the forecast, the segment of diagnostics centers is expected to grow at the highest CAGR. The growth of the segment is due to the rise in infectious diseases and the rise in the use of digital devices to diagnose different kinds of infectious diseases.
Regional Outlook:
In 2021, the North American market was worth USD 189.9 million, and it is expected to grow at a high CAGR over the next five years. The growth is because the people are very smart and have a stable economy. During the forecast period, the regional market is also expected to grow because more and more high-tech, expensive diagnostics are being used in the region.
Europe is expected to grow at a moderate CAGR over the next few years. The growth is due to the fact that there are a lot of infectious disease tests being done in key European countries and that Europe is spending more on research and development.
During the period of the forecast, the market in Asia-Pacific is expected to grow at the fastest rate. The growth of the market in the region is due to the fact that healthcare infrastructure is getting better in Asian countries, that there are a lot of chronic and infectious diseases in the area, and that people are becoming more aware of how better treatment can help them.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | 6.29% from 2023 to 2030 |
| Market Size in 2022 | USD 556.45 Million |
| Revenue Forecast by 2030 | USD 906.60 Million |
| By Offering | Hardware, Software, Services |
| By Industry | Mining and Construction, Military & Defense, Oil & Gas, Transportation and Logistics, Others |
| By Applications | Fuel Storage Monitoring, Access Control and Fuel Dispensing |
| By Companies | Gilbarco Inc., Dover Corporation, Franklin Fueling Systems, Piusi S.p.A., Triscan Group Limited., HID Global Corporation, Multiforce Systems Corporation, roadandtrack, Banlaw, fmtweb, Triscan Group Limited, Guduza System Technologies, Esi Total Fuel Management, Assetworks LLC, smartflowsheet, World Fuel Services Corporation, Technotrade Associates, Romteck, and Others. |
| Base Year | 2022 |
| Historical Year | 2017 to 2021 |
| Forecast Year | 2023 to 2030 |
Fuel Management System Market Dynamics:
Market Drivers:
In industries where fleets are crucial to operations, such as mining, transportation, and oil and gas, fuel costs are a major concern. The majority of fleets spend over 40% of their total operating expenses on fuel, so if they lose fuel, they can lose a substantial amount of money. Fuel theft and loss account for an average of less than 3% of a company's overall fuel budget. Fuel theft is on the rise due to the high price of oil and the ease with which refined fuel can be sold or used for personal gain. Fuel management systems can significantly aid in the prevention of fuel theft since they enable individuals to keep track of how much fuel they use from the time they purchase and store it until they consume it.
Market Opportunity:
A number of technologically advanced and novel products and solutions have been brought to the market for fuel management systems in recent years. These items and solutions are intended to facilitate fuel management. In 2017, Veeder-Root (US) introduced PLUS VIEW, a new app for Android and iOS (Apple) smartphones and tablets. This application links to the company's automatic tank gauges (TLS-450PLUS, TLS4i, TLS4c, and TLS-450) so that users may obtain inventory, compliance, and alarm data rapidly.
Fuel Management System Market Key Segments Covered:
Top Market Players:
Gilbarco Inc., Dover Corporation, Franklin Fueling Systems, Piusi S.p.A., Triscan Group Limited., HID Global Corporation, Multiforce Systems Corporation, roadandtrack, Banlaw, fmtweb, Triscan Group Limited, Guduza System Technologies, Esi Total Fuel Management, Assetworks LLC, smartflowsheet, World Fuel Services Corporation, Technotrade Associates, Romteck, and Others.
By Offering
- Hardware
- Software
- Services
By Industry
- Mining and Construction
- Military & Defense
- Oil & Gas
- Transportation and Logistics
- Others
By Application
- Fuel Storage Monitoring
- Access Control and Fuel Dispensing
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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