Artificial Intelligence
Fuel Management System Market Projected to Reach USD 1.01 billion by 2030, at a 7.63% CAGR – Report by Market Research Future (MRFR)
New York, US, June 06, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Fuel Management System Market Information By Type, Application, and Region – Forecast till 2030″, The market for fuel management systems can increase from USD 0.55 billion in 2022 to USD 1.01 billion by 2030, at a rate of 7.63% between 2022 and 2030.
Fuel Management System Market Overview
The use of gasoline and stock in any business that does 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 enables for tracking of delivery and usage in addition to security, management, and access to fuel stores. The majority of the time, it is used by transportation systems like trains and airplanes that need petrol to operate. Fuel management systems give you a plethora of information about your fuel use, ensuring that you use it effectively and in conformity with the law. There are various fuel supply systems that can be found in a petrol engine.
Market Competitive Landscape:
The affluent companies active in the market for fuel management systems include
- Dover Fueling Solutions
- The Triscan Group
- Piusi S.p.a.
- Franklin Fueling Systems
- Timeplan Fuel Solutions
- Guduza System Technologies
- Banlaw
- Wayne Fueling Systems LLC
- Sokolis Group
- Orpak Systems Ltd
- Among others.
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Fuel Management System Market COVID 19 Analysis
The oil-exporting developing countries are being hit particularly hard by the combined effects of the coronavirus (COVID-19) and the oil price shock at a time when the fossil fuel industry is experiencing a structural collapse. The majority of fragile oil exporting countries, many of which are resource dependent and were already struggling with high levels of debt and multifaceted economic and social fragility before the current crisis, will not be able to weather the current crisis on the back of sovereign wealth funds or relatively low public debt levels.
As a result of the current unrest, some nations may find themselves caught in a cycle of unsustainable borrowing. This is because developing nations that export oil have become more dependent in recent years on expensive, short-term, non-concessional private borrowing, a large portion of which is secured by oil. To create fiscal space in oil-exporting developing countries, lower the risks of unsustainable debt, corruption, and illicit financial flows (IFFs), and accelerate the transition to a greener and more sustainable future, a timely and cogent response is required, involving both concessional lenders and private financiers.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 1.01 Billion |
| CAGR during 2022-2030 | 7.63% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Key Market Opportunities | Additional costs and complexity involved with the installation |
| Key Market Dynamics | Increase in fuel prices Reduction in the wastage of oil & gas with a proper increase in inventory storage An increasing number of fuel stations and growth in the automobile sector |
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Fuel Management System Market USP Covered:
Market Drivers:
The demand for fuel management systems is primarily influenced by railroads. Depending on the market, fuel consumption can be divided into three categories: marine, road, railway, and aviation. The majority of the petroleum is used for maritime transportation among them. Because of the enormous rise in overall global energy consumption and the unpredictability of fuel prices, cost-effective and technologically sophisticated fuel management systems have emerged, which has led to the sector’s explosive growth. Reduced fuel loss, higher productivity, and lower chances of fuelling errors are some of the aspects that are projected to speed up the growth of the fuel management system market.
Additionally, throughout the projection period, the fuel management system market will experience accelerated expansion due to increased fuel management system adoption in emerging regions, rising total energy consumption, and swift improvements in transportation infrastructure. It is anticipated that the market will expand at a faster rate due to the rising use of fuel management systems in the mining, construction, and defence sectors as well as the numerous advantages associated with their use, including higher productivity, a decrease in thefts, improved operational efficiency, and the capacity to automate processes to lower 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 rapidly expanding due to all of these factors.
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Market Restraints:
A factor that can hinder the fuel management system market growth is a lack of expertise in handling car telematics software. Due to installation complexity and cyberattack susceptibility, the market for fuel management systems may face difficulties.
That being said, the launch of technologically advanced products and a growing emphasis on creative solutions are anticipated to open up lucrative opportunities for the market for fuel management systems.
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 incorporating RFID chips, can be used to buy fuel at regular petrol stations. gasoline information is automatically logged by gasoline cards that are coupled with fuel management software so that a fleet manager can access it in real-time.
By Application
Mobile Fueling Systems, Transport Fleets, and Others are among the market segments for fuel management systems, in terms of application. Fleet and fuel management systems are widely used in the transportation industry, especially to improve fuel efficiency. The use of software for truck or vehicle fuel management systems gave the overall transportation management system much-needed transparency. Additionally, the main selling point for fuel management software on the market has been automation.
Fuel Management System Market Regional Insights
During the projected period, a considerable growth rate in the Asia-Pacific Fuel Management System market is anticipated. One of the largest markets for fuel management systems is the Asia-Pacific area, which includes nations like China, Japan, India, South Korea, and Australia.
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The region’s fuel management system market is expanding as a result of the growing adoption of fuel management systems across a number of end-use sectors, including transportation, construction, and agriculture. The expansion of new technologies like IoT and big data analytics in fuel management systems is also anticipated to contribute to the market growth in the Asia-Pacific region. Growth in the market is also anticipated to be fueled by government measures to encourage the use of fuel management systems and the rising popularity of vehicles based on hydrogen fuel cells.
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