A recent report published by Infinium Global Research on the fuel management system market provides in-depth analysis of segments and sub-segments in the global as well as regional fuel management system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional fuel management system market over the short term as well as the long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global fuel management system market. According to the report, the global fuel management system market is projected to grow at a CAGR of over 5% over the forecast period of 2022-2028.
The revenue generated by the fuel management system market was about USD 670 million in 2022 and is expected to reach nearly USD 900 million in 2028 and is expected to grow with a CAGR of over 5% over the forecast period 2022-2028. Fuel management systems are used to monitor, control, and keep track of fuel usage and storage in a large number of enterprises that rely on transportation, including all modes such as air, train, road, and water, as a means of conducting business. They precisely count and monitor gasoline inventories as well as the distribution of fuel. Then, in order to offer the manager this essential information, this information is saved in systems and reported to them via online portals.
The market for fuel management system is anticipated to develop significantly as a result of reasons including decreased fuel loss, increased productivity and efficiency, and decreased likelihood of fuelling errors. Additionally, increasing fuel management system adoption in emerging markets, an increase in overall energy consumption, and quick changes in the transportation infrastructure will all contribute to the market's growth during the period covered by the forecast. The growing adoption in the mining, construction, and defense sectors as well as the numerous advantages associated with using fuel management systems, such as increased productivity, fewer thefts, increased operational efficiency, and the ability to automate tasks to lower mistakes further strengthen product deployment, are anticipated to support the market's overall growth. However, the market's expansion is constrained by the substantial initial outlays required for its acquisition. Another factor reportedly impeding the industry is a lack of management experience with car telematics software. Technological advancements in fuel management offer growth opportunities.
The COVID-19 outbreak has slowed the market expansion for fuel management systems due to ongoing lockdowns, global economic recession, and lockdowns. Supply networks have the biggest immediate impact on the fuel management system. Nevertheless, the business is anticipated to pick up steam over the forecast period after the pandemic as limitations start to loosen. The COVID-19 pandemic outbreak has had a negative effect on this industry's whole value chain.
The global fuel management system market is segmented into North America, Europe, Asia Pacific, and the Rest of the World based on regional analysis. Significant growth is anticipated in the Asia-Pacific region. North America is expected to control a substantial portion of the market. This is primarily because of the sector's explosive growth as a result of the development of cost-efficient and technologically sophisticated fuel management systems as a result of the sharp rise in global energy consumption and volatility in fuel prices.
The report on the global fuel management system market covers segments such as type, offering, applications, and industry. On the basis of type, the sub-markets include card based fuel management systems, total fuel management systems, on-site fuel management systems, and others. On the basis of offering, the sub-markets include hardware, software, and services. On the basis of applications, the sub-markets include fuel storage monitoring, access control, and fuel dispensing. On the basis of industry, the sub-markets include mining & construction, military & defense, oil & gas, and transportation & logistics.
The report provides profiles of the companies in the market such as Franklin Electric Company, Inc., Dover Corporation, Gilbarco Inc., HID Global Corporation, Road Track, Multiforce Systems, ESI Total Fuel Management, Triscan Group, Banlaw, and PIUSI S.p.A.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the fuel management system market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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