New York, Nov. 30, 2021 (GLOBE NEWSWIRE) -- According to our latest market study on Fuel Management System Market Size, Share, Revenue, Growth, Trends, Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Function (Delivery and Storage), and End-User (Mining, Construction and Ports, Transportation and Logistics, Oil and Gas, and Others) with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003172
| Report Coverage | Details |
| Market Size Value in | US$ 1,084.64 million in 2021 |
| Market Size Value by | US$ 2,089.56 million by 2028 |
| Growth Rate | CAGR of 9.82% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 139 |
| No. Tables | 71 |
| No. of Charts & Figures | 79 |
| Historical Data Available | Yes |
| Segments Covered | Component, Function, and End-User |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country Scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Fuel Management System Market: Competitive Landscape and Key Developments
Multiforce Systems Corporation, OPW Fuel Management Systems, Orpak Systems Ltd., Banlaw, and Syntech Systems, Inc. are among the key players that are profiled during this market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global fuel management system market and its ecosystem.
In January 2021, Chevin Fleet Solutions unveiled a new corporate identity, website, and "hero" video to commemorate its 30th anniversary. The new look is aimed for companies who want to elevate their fleet management to the next level by employing smart technologies to improve fleet and business performance.
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In April 2021, OPW Fuel Management Systems built a new manufacturing facility in Milan, Italy. The ProGauge and Wayne Fueling Systems sites in Italy have been combined into one renovated production and office area at this big, high-grade facility.
Fuel management systems are primarily used to regulate, monitor, and maintain fuel consumption and storage in a wide range of businesses across the globe that employ transportation as a method of commerce trade, such as air, train, road, and water. Fuel management systems are used in the construction and transportation sectors to control the correct usage of fuel and to quantify fuel consumption accurately.
The significant increase in overall worldwide energy use and the volatility in global fuel prices have prompted the monitoring and controlling of fuel usage for cost-effective operation and increased fuel system efficiency. These elements have undoubtedly generated a huge market opportunity for fuel management systems across the world. Transportation of goods and equipment is primarily dependent on transportation systems with effective and efficient fuel consumption to reduce transportation costs and inflation rates.
North America dominates the global fuel management systems market due to the presence of continuous and large oil & gas exploration and production projects and the surge in new activities in the US, the Gulf of Mexico, and Canada. The trucking industry's fuel expenditure accounts for a major portion of the cost of operating a tractor-trailer in North America. Over the last decade, gas prices have ranged from US$ 0.65 per mile traveled to US$ 0.34 in 2016. Fuel expenditures were 39% and 21% of the overall cost of running a commercial vehicle.
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As of December 2019, the price per gallon for diesel was US$ 3.07, which is slightly lower than the annual average of US$ 3.18 recorded in 2018. Concurrently, the US Environmental Protection Agency (US EPA) and the National Highway Traffic Safety Administration (NHTSA) have extended greenhouse gas emissions rules on commercial vehicles until 2030, requiring manufacturers to develop and market efficiency-improving solutions. These reasons have compelled fleets, manufacturers, and others to enhance over-the-road tractor-trailer efficiency, resulting in the growing demand for efficient fuel management systems across the region.
Resumption of Shale Gas Operations:
The shale gas industry has resumed its operations and started recovering from the challenges faced during FY 2020. As most of the operations were on hold during FY 2020, the vendors are also focusing on Fracking 2.0. This is due to the increase in demand for natural gas in past few years, owing to rising energy consumption worldwide and the surging number of gas rig exploration. This is positively impacting the demand for fuel management systems across different gas rig locations, thereby driving the growth of the fuel management system market.
Fuel Management System Market: Component Overview
The fuel management system market is segmented on the basis of component, function, end user, and geography. Based on component, the market is segmented into hardware, software, and controller. Based on function, the fuel management system market is bifurcated into delivery and storage. Similarly, based on end user, the market is segmented into mining, construction and ports, transportation & logistics, oil & gas, and others. Geographically, the fuel management system market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, North America accounted for the significant share in the global market.
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