Global Fuel Management Systems market is anticipated
to grow at a steady pace in the forecast period 2024-2028.
Several industries such as defense, mining, and construction industries have
high demand for fuel management technologies.
The
adoption of fuel management devices will be sparked by the growing
need for access control in gasoline dispensing applications and real-time fleet
vehicle tracking. These factors are expected to accelerate the market expansion
during the forecast period. Any industry that relies on transportation,
including rail, road, water, and air for business purposes, requires
fuel-management systems to maintain, control, and monitor the consumption
of fuel and stock.
Moreover,
systems for managing fuel consumption in the building and transportation
sectors are effectively measurable. They are primarily used for fleets of
vehicles, including those used in aviation and the transportation of
individuals and products, via rail. To monitor and track fuel stockpiles, fuel
purchases, and fuel dispensations, fuel management uses a variety of
techniques and technology. The fuel management system is a group of hardware
and software tools used to regulate, keep track of, and maintain fuel and stock
usage through reports. Additionally, the data from these reports can be used to
inform managerial practices by being saved in computerized systems. For
instance, the new Worldwide Harmonised Light-Duty Vehicles Test Procedure
(WLTP), which was created in collaboration with specialists from the E.U.,
Japan, and India in September 2017, makes it possible to access real-time
information on the use of fuel and vehicle emissions. The system was developed
to make it easier for the government to monitor its fuel usage.
Acceptance
Of Cutting-Edge Products and Solutions for Fuel Management Systems
Fuel
prices are a big issue in industries where fleets are essential to operations,
including mining, transportation, and oil and gas. Most fleets spend more
than 40% of their operating budget on fuel, and if companies run out, they
could lose a lot of money. Less than 3% of the company's overall fuel budget is
often lost to gasoline theft and loss. Fuel theft is on the rise, owing to the
high price of oil and the ease with which refined fuel can be sold or used for
personal gain. Since they allow users to monitor their fuel usage from the time
they buy and store it until they use it, fuel management systems can
considerably help in the prevention of fuel theft.
In recent
years, a variety of unique and cutting-edge products and solutions for fuel
management systems have been introduced into the market. These products and
services are designed to make fuel management easier. For instance, Veeder-Root
(US) and Gilbarco Veeder-Root (US) received a contract from National Joint
Powers Alliance (NJPA, US) to provide fleet management and related technology
solutions a new app for android called “Plus View” in 2017 for Android and iOS (Apple) devices
and tablets. Users can quickly get inventory, compliance, and alarm data using
this application due to its connections to the company's automatic tank gauges
(TLS-450PLUS, TLS4i, TLS4c, and TLS-450).
Also, an
effective fuel management system is required for maintaining less harmful
environmental effects in the transportation and industrial sectors. In addition,
a smart fuel management system will grow more popular as a result of the rising
awareness of fuel management system in developing countries like China and
India. This increase in spending on cutting-edge technology is also estimated due
to which the market is expected to register a high CAGR in the forecast period
of 2024 - 2028.
Additionally,
due to its advantages, such as preventing fuel theft and regulating fuel usage,
fuel storage is mostly used in the market. To detect leaks, underground storage
tank (UST) monitoring systems continuously check the fuel levels in underground
or aboveground storage tanks. Additionally, it will provide measures of the
water level and volume, the fuel level, temperature, and the high and low fuel
level warnings. Many systems can keep an eye on double-walled tanks, lines, pressurized
pipes, and remote communication. UST monitoring systems are also referred to as
automatic tank gauges, fuel management systems, and leak detection systems.
Transportation
& Logistics Powerful Fleet Operational Use
The
military and defense, oil and gas, transportation, and logistics, as well as
other industries are some of the most important consumers of fuel management
systems. Due to the extensive use of fleet operations, the transportation and
logistics industry is expected to have the greatest demand for fuel management
systems in the coming years. Moreover, market expansion is also accelerating
due to the rising demand for fuel management systems in
the Asia-Pacific mining and construction industries to monitor fuel
inventory, track fuel transfers, and produce reports for ease of sustainability.
Lack of
Technological Infrastructure
Some
difficult aspects limiting market expansion such as the high prices and
complexity of installing fuel management systems and the lack of technological infrastructure
to put up extensive bases of monitoring systems. Other significant issues
preventing the integration of fuel management controllers with cloud systems
and cloud-based servers include cyber danger and data theft.
Growing Trend
of Fuel Cards
In the
automotive and transportation industries, fuel costs account for around 20% of
the Total Cost of Ownership (TCO). Fuel cards, which can reduce fuel costs
via a few percentage points, are becoming more popular, resulting in boosting
market expansion. The expansion and financial success of fleet management
companies in regions like Europe are also being fueled by the rising demand for
full-service leasing and related fleet management.
Additionally,
fuel transactions are often tracked by card-based fuel management systems using
the driver's PIN and the filling credit card. The data can then be directly
downloaded, and reports based on fuel use by drivers can be produced. Also, on-site
fuel-management systems may make use of bulk fuel tanks or fleet refueling
services. Fuel is monitored as it is injected into cars, and storage levels
on-site can be controlled. Hence, due to the growing trend of using fuel cards,
the global fuel management systems market is expected to grow further in the
forecast period.
Growing
Usage of Fuel Management in Car Battery’s
The
fundamental fuel supply system for a car's petrol engine consists of a fuel
tank, fuel lines, fuel pump, fuel filter, air cleaner, carburetor, and intake
manifold. The petrol tank contains a component called a fuel pump. The pump is
frequently integrated inside the tank of modern vehicles. A fuel pump may be
found between the engine and the petrol tank if the vehicle is older. It could
additionally have a direct connection to the engine. Injecting fuel is one of
the main applications of a fuel pump. Moreover, rising demand of fuel pump in
cars battery are also the applications of fuel management system.
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Recent
Developments
· Dover Fueling Solutions ("DFS"), a division of
Dover and a premier international supplier of cutting-edge customer-focused
technologies, services, and solutions for the fuel and convenience retail
industry, declared that it will collaborate with Bottomline, a Dutch supplier
of software, planning, and transportation services for the oil and gas
industry, to provide a comprehensive, end-to-end fuel management solution
starting in August 2022.
· In March 2022, Triscan Group Limited signed a contract
with FUELlink Systems Ltd. Fuel management systems in the UK have grown even
more with a solid reputation for quality, dependability, and top-notch customer
service, after this acquisition.
· On December 2022, Janam Technologies, an established
manufacturer of handheld mobile computers and readers, was purchased by HID, a
global leader in trusted identification solutions. According to this
acquisition, HID will be increasingly well-known and significant as a provider
of smart credential issuance and reading solutions.
· In India, Pune Continental AG unveiled a brand-new
facility in April 2022. For both passenger cars and commercial vehicles, the
Greenfield plant produces a range of drivetrain solutions, including engine
management systems, sensors, and actuators for fuel and exhaust management. For
this factory, the business has invested about USD 0.024 billion.
Market
Segmentation
The global
Fuel Management Systems Market is divided into type, application, end user, process, offering and
region. Based on type, the market is divided into card-based, on-site, and
total fuel management. Based on application, the market is divided into fuel
consumption, efficiency level, fleet management and viscosity control. Based on
end user, the market is divided into road transportation, railway
transportation, aircraft, marine. Based on process, the market is divided into
measuring, monitoring, reporting and others. Based on offering, the market is
divided into hardware, software, and services. Based on region, the market is
divided into North America, Asia-Pacific, Europe, South America, and Middle
East & Africa.
Market
Players
Major market players in the global fuel
management systems market are Dover Fueling Solutions, Triscan Group Limited,
Piusi S.p.A., Franklin Fueling Systems, HID Global, Guduza System Technologies,
Banlaw, ESI Total Fuel Management, Sokolis Group and Orpak Systems Ltd.
|
Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic Data
|
2018 –
2022
|
|
Estimated
Year
|
2023
|
|
Forecast Period
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2024
– 2028
|
|
Quantitative
Units
|
Revenue
in USD Million, and CAGR for 2018-2022 and 2024-2028
|
|
Report coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments
covered
|
Type
Application
End
User
Process
Offering
Region
|
|
Regional scope
|
North
America, Asia-Pacific, Europe, South America, Middle East & Africa
|
|
Country
scope
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United
States, Canada, Mexico, China, Indian, Japan, South Korea, Indonesia, Germany,
United Kingdom, France, Russia, Spain, Brazil, Argentina, Saudi Arabia, South
Africa, UAE, Egypt, Israel
|
|
Key companies profiled
|
Dover
Fueling Solutions, Triscan Group Limited, Piusi S.p.A., Franklin Fueling
Systems, HID Global, Guduza System Technologies, Banlaw, ESI Total Fuel
Management, Sokolis Group and Orpak Systems Ltd.
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|
Customization
scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail
customized purchase options to meet your exact research needs. Explore purchase options
|
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Delivery
Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, the global fuel management systems market
has been segmented into following categories, in addition to the industry
trends which have also been detailed below:
- Fuel Management
Systems Market, By Type:
- Card-Based
- On-Site
- Total Fuel
Management
- Fuel Management
Systems Market, By Application:
- Fuel
Consumption
- Efficiency
Level
- Fleet
Management