According to The Insight Partners’ research, the global fuel management system market was valued at US$ 1,013.21 million in 2020 and is expected to hit US$ 2,089.56 million by 2028, recording an annual growth rate of 9.82% from 2021 to 2028. Growing demand for monitoring and controlling fuel consumption and increasing cases of fuel theft are the critical elements aiding the market expansion.
The global increase in gasoline prices, possible damages, losses in terms of theft, and other malpractices are being observed over a period in the fuel industry. Hence, standard processes and effective solutions such as anti-siphoning smart devices and fuel monitoring software need to be implemented to combat gasoline theft. Various companies are developing automatic fuel monitoring systems to mitigate these problems. For instance, Aeris partnered with Omnicomm to provide fuel monitoring systems in India. This strategic partnership targets fuel theft occurring in construction and locomotives. Such advancements are crucial to sustain the fuel business, thereby driving the global fuel management system market.
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Fuel management systems regulate and keep track of the fuel volume used by a fleet. They track and measure gasoline stockpiles and fuel supply. The entire data is then saved on systems and further reported to the management through online portals. Several industry vertical stakeholders prefer the systems for sustaining their economy and curbing fuel wastage. These systems enhance fuel efficiency by tracking vehicle maintenance and driver’s route data.
Additionally, they collect data about timely fueling of the vehicles, create fleet lists, generate reports, manage stocks, keep track of transactions storage, and maintain data tables. Key market players are now providing end-to-end solutions for various industry verticals. Fueltek provides T4000 system, which functions with current gasoline pumps and provides consumers with total control over fuel delivery.
According to component, the market is split into hardware, software, and controller. The software segment held 66.5% market share in 2020 with a revenue total of US$ 672.11 million. It is estimated to generate US$ 1442.70 million by 2028, expanding at 10.36% CAGR during 2021–2028.
Based on function, the fuel management system market is divided into delivery and storage. The delivery segment occupied 64.1% share of the business in 2020. It was assessed at US$ 647.30 million and is speculated to garner US$ 1,379.75 million by 2028, surging at 10.2% CAGR during the forecast period.
As per the end user, the global fuel management system market is fragmented into mining, construction & ports, transportation & logistics, oil & gas, and others. With 35.8% market share, the transportation & logistics segment dominated the business in 2020. It amassed US$ 360.74 million in 2020 and is slated to accrue US$ 771.99 million by 2028, featuring a CAGR of 10.3% throughout the forecast period.
Our regional analysis states that North America captured 36.6% market share in 2020. It was evaluated at US$ 370.89 million in 2020 and is likely to reach US$ 687.05 million by 2028, exhibiting a CAGR of 8.34% over the forecast period. The market in Asia Pacific accounted for a valuation of US$ 215.39 million in 2020 and is supposed to be worth US$ 602.84 million by 2028.
Leading players in the global fuel management system market are Chevin Fleet Solutions; Franklin Fueling Systems; Gilbarco Inc; Multiforce Systems Corporation; Navig8; Piusi S.p.A.; OPW Fuel Management Systems; Orpak Systems Ltd; Banlaw; and Syntech Systems, Inc, among others.
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