Global Fuel Management System Market Insight
The global Fuel Management System Market Size is anticipated to expand at a CAGR of more than 4% during the forecast period.
Market Drivers & Trends
The fuel management system is mainly used for controlling, monitoring and maintaining the fuel consumption and store in large sector industries that utilize transport, including air, rail, road, and water, as a means of commerce trading. Fuel management systems are designed in a way to manage the proper utilization of fuel and are also used to measure the fuel consumption in the construction and transport industries effectively. Fuel management systems also compromise the most comprehensive solution in the global market as it knows the exact quantity of fuel storage, consumed, and real-time tracking of the fleet vehicle. The fuel management system, therefore, offers complete fuel accountability to total reconciliation and protection against fuel theft.
At present, the fuel management system market is in the growth stage, which is attributed to the surge in fuel prices, reduction in the wastage of oil & gas with the proper rise in inventory storage. The factors such as the surging number of fuel stations and global growth in the automobile sector have also influenced the market to expand considerably over the forecast period.
Fuel Management System Market Segmentation
The fuel management system market is segmented based on type, card-based, on-site, and Total Fuel Management.
The onsite fuel management systems segment has increased in market share as it is widely used in the vehicles and, thus, let the monitoring the levels of the fuel storage. The total fuel management systems use the combination of the card-based systems and the onsite fuel management systems to easily monitor and optimize the overall fuel consumption. Whereas, the card-based fuel management systems monitor the fuel transaction based on the unique pin and fueling credit card of the driver.
Regional Outlook
Regionally, North-America region is found to be leading the market of fuel management systems and is followed by Europe. The overall growth in transport infrastructure and a surge in fuel consumption in the countries such as U.S and Canada, where, major transporting of goods and equipment are depended on the transport system with effective and efficient fuel consumption. This is to reduce the transport charge and curb down inflation rates, which is driving the market for fuel management systems.
There has been extensive growth in the overall global energy consumption and volatility in global fuel prices which has driven the monitoring and controlling of fuel consumption for cost-effective operation and increase the efficiency of the fuel system in Asia Pacific region. These factors have certainly created a high potential for fuel management system market all around the world.
Key Players
The prominent players of the global fuel management system market are 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) and Orpak Systems Ltd. (Israel).
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