Fuel Management System Market Overview
Market reports connected to the energy and power industry have been made available by Market Research Future which creates reports on other industry verticals that outlines the current market scenarios. The Fuel Management System Market Size is projected to increase at a 4% CAGR in the forecast period. The management of fuel consumption is acquiring increased prominence as companies and organizations are becoming increasingly responsible with fuel resources.
The fuel management system market is at its nascent stage currently and is expected to gain quick mileage in the foreseeable future owing to increasing fuel prices, depleting resources, increasing fuel stations, etc. Furthermore, the inclination towards minimum fuel wastage is likely to influence the expansion of the market positively in the years to come.
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The need for proper management of fuel and are also used to efficiently measure the fuel consumption in the transport and construction industries is the key factor driving the market for fuel management systems. The benefits of complete fuel accountability and protection against fuel theft are fortifying the overall market. The upsurge in fuel prices globally is expected to accelerate market growth in the forecast period. A detailed analysis report of COVID-19 impact on Fuel Management System Market is provided with the report.
Industry leaders are focusing on technological advancements for capitalizing on developmental opportunities. For instance, the advent of real-time tracking fuel management systems has gained much popularity in recent times. The market has witnessed the evolution of these systems and is prognosticated to exhibit innovations and upgradations to harness growth opportunities. On the flip side, the additional cost incurred for installation is expected to restrict the proliferation of the fuel management system market over the next couple of years.
By type, the global fuel management system market has been segmented into card-based, on-site and total fuel management.
By application, the fuel management system market has been segmented into mobile fueling systems, transport fleet, and others.
By region, the global fuel management system market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to hold the leading position in the global marketplace and retain its prominence across the forecast period. The growth-inducing factors of the regional fuel management system market include increasing fleet management services, growth of the transportation sector, etc. The U.S. and Canada are poised to drive the expansion of the market in the region.
Europe is anticipated to trail the North America market in terms of market size and revenue generation. The boom witnessed in the automotive sector of the region has been forecasted to expedite the proliferation of the fuel management system market over the assessment period. Furthermore, the need for curbing inflation of fuel prices is also likely to favor the expansion of the market in the years to come.
Some of the major players of the fuel management system market profiled in this MRFR report The Triscan Group (U.K), Piusi S.p.a. (Italy), are OPW Fuel Management Systems (U.S), Franklin Fueling Systems (U.S), Guduza System Technologies (South Africa), Timeplan Fuel Solutions (U.K), Banlaw (Australia), Sokolis Group (U.S), Wayne Fueling Systems LLC (U.S), and Orpak Systems Ltd. (Israel).
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