New York, USA, June 06, 2023 (GLOBE NEWSWIRE) — According to a comprehensive report by MRFR/Market Research Future (MRFR), “Fuel management systems market Information by Type, Application and Region: Forecast to 2030”, the fuel management systems market may grow from USD 0.55 billion in 2022 to USD 1.01 billion in 2030, at a rate of 7.63% between 2022 and 2030
Fuel Management System Market Overview
The use of petrol and stock in any business doing business by rail, road, sea or air is controlled, monitored and maintained by the fuel management system, which is a collection of hardware and software solutions. This system allows tracking of delivery and usage, as well as security, management and access to fuel stores. Most of the time, it is used by transportation systems like trains and airplanes that need gasoline to run. Fuel management systems provide you with a wealth of information about your fuel usage, ensuring you are using it efficiently and legally. There are several fuel delivery systems that can be found in a gasoline engine.
Competitive landscape of the market:
Wealthy companies active in the fuel management system market include
- Dover Fueling Solutions
- The Triscan Group
- Piusi Spa
- Franklin Fueling Systems
- Timeplan Fuel Solutions
- Move system technologies
- rinse
- Wayne Fueling Systems LLC
- Sokolis group
- Orpak Systems Ltd
- Among others.
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COVID 19 Fuel Management Systems Market Analysis
Oil-exporting developing countries are being particularly hard hit by the combined effects of the coronavirus (COVID-19) and the oil price shock at a time when the fossil fuel industry is experiencing structural collapse. Most of the fragile oil-exporting countries, many of which are resource-dependent and were already struggling with high levels of debt and multi-faceted economic and social fragility before the current crisis, will not be able to overcome the current crisis thanks to sovereign wealth funds. or relatively low levels of public debt.
As a result of the current unrest, some nations may find themselves trapped in an unsustainable debt cycle. This is because oil-exporting developing nations have become more dependent in recent years on expensive, short-term, non-concessional private borrowing, much of which is secured by oil. To create fiscal space in oil-exporting developing countries, reduce the risks of unsustainable debt, corruption and illicit financial flows (IFF) and accelerate the transition to a greener and more sustainable future, a timely and forceful response is needed, involving both concessional lenders and private financiers.
Scope of the report:
| Report metrics | Details |
| 2030 market size | 2030: $1.01 billion |
| CAGR during 2022-2030 | 7.63% CAGR |
| base year | 2022 |
| forecast | 2023-2030 |
| Coverage of the report | Revenue forecast, competitive landscape, growth factors and trends |
| Segments covered | Type, application and region |
| Key market opportunities | Additional costs and complexity of installation |
| Key market dynamics | Rising fuel prices Reduction in oil and gas wastage with adequate increase in inventory storage Increasing number of petrol stations and growth in the automobile sector |
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Fuel Management System Market Covered by USP:
Market Drivers:
The demand for fuel management systems is mainly influenced by railways. Depending on the market, fuel consumption can be divided into three categories: marine, road, rail and aviation. Most of the oil is used for shipping between them. Due to the huge increase in global global energy consumption and the unpredictability of fuel prices, cost-effective and technologically sophisticated fuel management systems have emerged, leading to explosive growth in the sector. Reduced fuel wastage, increased productivity, and less chance of fuel errors are some of the aspects that are anticipated to accelerate the growth of the fuel management system market.
Furthermore, during the forecast period, the fuel management system market will witness an accelerated expansion due to increasing adoption of fuel management system in emerging regions, increase in total consumption of energy and rapid improvements in transport infrastructure. The market is expected to expand at a faster rate due to the increasing use of fuel management systems in the mining, construction, and defense sectors, as well as the numerous advantages associated with its use such as now increased productivity, a decrease in theft, improved operational efficiency and the ability to automate processes to reduce error.
opportunities
Artificial intelligence (AI) and the Internet of Things (IoT) are two examples of cutting-edge innovation that can be used in fuel management systems to increase demand and, consequently, growth potential. The creation of sophisticated fuel management systems that are advantageous to end users is being aided by ongoing R&D initiatives. The market for fuel management systems is expanding rapidly due to all these factors.
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Market limitations:
One factor that may hinder the growth of the fuel management system market is the lack of expertise in handling car telematics software. Due to the complexity of the installation and susceptibility to cyber-attacks, the market for fuel management systems may encounter difficulties.
That being said, the launch of technologically advanced products and an increasing emphasis on creative solutions are expected to open up lucrative opportunities for the fuel management systems market.
Fuel Management System Market Segmentation
By Type
Card-based, on-site and total fuel management are the three types of fuel management systems. The fuel management system market in 2021 was dominated by the card-based segment. Fuel cards, which are plastic cards embedded with RFID chips, can be used to buy fuel at regular gas stations. Gasoline information is automatically recorded using gas cards that are coupled with fuel management software for real-time access by a fleet manager.
By Application
Mobile fuel systems, transportation fleets, and others are among the fuel management systems market segments, in terms of application. Fleet and fuel management systems are widely used in the transportation industry, especially to improve fuel efficiency. Using software for truck or vehicle fuel management systems gave the overall transportation management system much-needed transparency. Also, the main selling point of fuel management software in the market has been automation.
Regional Fuel Management System Market Insights
A considerable growth rate is expected in the Asia-Pacific fuel management system market during the forecast period. One of the largest markets for fuel management systems is the Asia-Pacific area, which includes nations such as China, Japan, India, South Korea, and Australia.
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The fuel management systems market in the region is expanding as a result of the increasing adoption of fuel management systems in various end-use sectors including transportation, construction, and agriculture. The expansion of new technologies such as IoT and big data analytics in fuel management systems is also expected to contribute to the growth of the market in the Asia-Pacific region. Market growth is also expected to be driven by government measures to encourage the use of fuel management systems and the growing popularity of hydrogen fuel cell-based vehicles.
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