Fuel Management System Market Size Analyzed to Grow at a CAGR of 9.7% During the Forecast Period 2021-2026

October 28 22:22 2021
Fuel Management System Market Size Analyzed to Grow at a CAGR of 9.7% During the Forecast Period 2021-2026
Fuel Management System Market
Rising Demand for Effective Fuel Management in Reference to Developing Productivity and Efficiency Across Various Industry Sectors Is Driving the Growth of the Fuel Management System Market.

Fuel Management System Market size is analyzed to grow at a CAGR of 9.7% during the forecast period 2021-2026 to reach $0.802 billion by 2026. Fuel management system is a technology-based tool, designed to monitor and control fuel consumption and provides real-time visibility of all aspects within the fleet. The growing adoption of Telematics software as well as hardware, such as Radio-frequency identification and programmable logic controller to enable fleet operators to aim overall fleet management lifecycle are some of the significant factors for the growth of the Fuel Management System Industry. The emergence of digitalization, and data-driven business models that are used to maintain consumption of fuel and stock across any industry verticals, require transport such as road, rail, water and air, for business operation are projected as opportunities for growth. Moreover, the rapid advancement of automotive and transportation industries are estimated to escalate the growth of the Fuel Management System Market.

Fuel Management System market Segment Analysis – By Offering:

By Offering segment, the Fuel Management System market is segmented into Hardware, Software and Service. The software segment is analyzed to register the highest share in Fuel Management System market, and grow at a CAGR of 21.7% during the forecast period due to the significant emergence digitalization across logistics services and rising demand for monitoring solution from varied end-users, such as construction equipment, logistics and transportation and locomotive sectors to address the fuel theft situation. In June 2020, Delphi Technologies, a pioneer in propulsion technologies, solution and service provider, launched new aftermarket fuel management program in Europe. The new fuel management program includes innovative aftermarket solutions to manage fuel modules, pumps and other fuel module design, like electronic and hydro-mechanical diagnostic tools. As the demand for convenient and smart business operations are rising, in March 2021, Shell Fleet Solutions UK launched a new fuel card management app for UK limited company owners to manage fuel operational challenges. The Shell Fleet App is available on both Android and iOS platforms to monitor driver fuel card spending, and thereby, enhance cash flow and vehicle fuel cost. Thus, all these factors are deliberately driving the growth of the Fuel Management System market.

Fuel Management System market Segment Analysis – By End Users

By End Users, the Fuel Management System market is segmented into Mining & Construction, Military & Defense, Oil & Gas, Utility, Transportation & Logistics and Others. Logistics and Transportation is analyzed to register the largest share of the Fuel Management System market in 2020, and projected to grow at CAGR of 19.7% in the forecast period 2021-2027. Due to the accelerating trade activities across the globe along with the rapid surge of E-commerce sectors to better facilitate the flow of goods. Furthermore, the emergence of cloud-based technologies for tailored logistics and transportation solutions, such as automatic identification and data capture, to move seamlessly across various destinations. In November 2020, a provider of vessel performance optimization solutions for the shipping industry, GreenSteam launched GreenSteam Capture, a new mobile app which is designed to provide automatic log and upload fuel consumption data and also, offer accurate fuel consumption reports. Therefore, technological innovations and other connected networks feasibility for better efficient vessel performance are contributing to the growth of the Fuel Management System market.

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Fuel Management System market Segment Analysis – By Geography

North America dominated the Fuel Management System Market in 2020 with a share of 43%, followed by Europe owing to the highly competitive logistics and transportation industry coupled with the set of strict regulations by government for fuel usage optimization and emission standards, designed for automotive and transport industries. Moreover, businesses across these regions are under tremendous pressure due to the rising fuel expenditure and present fossil fuel regulation. In October 2020, Fuel card provider fuelGenie launched a new mobile app, which facilitates drivers and vendors to save money on business fuel, as the app allows drivers to locate low cost supermarket petrol stations across the UK easily, and also provides useful information for each forecourt. Moreover, in order to get business efficiency, Fleet operators and managers are always looking for adopting advanced telematics to focus on the automatic identification and data capture. In June 2020, Ford launched Telematics Platform and Mobile App to maximize fleet’s performance and better management of vehicles. Therefore, the significant adoption of energy solutions to manage the gap between supply and demand, and ensure minimum fuel costs and environmental impact in these regions are estimated to drive the Fuel Management System Market.

Fuel Management System Market Drivers

Rising Demand for effective fuel management

The rising demand for effective fuel management in reference to developing productivity and efficiency across various industry sectors is driving the growth of the Fuel Management System Market. Moreover, the exponential surge of e-commerce platforms to denote optimum customer experience has influenced the supply and logistics sectors to adopt advanced IoT solutions. In June 2020, Ford Commercial Solutions launched Ford TelematicsTM, a web-based software platform and subscription service that provides various applications, such as GPS tracking and geofencing, along with fuel monitor usage. As the transport and logistics industry is involved entirely into maintenance, control and monitoring the fuel storage and consumption, the importance of effective fuel management accelerates the growth of the market. In September 2019, ONE°15 Marina launched ONE°15Fuel Management System (FMS) mobile app that offers swift fuel payments, thereby, these constant innovations, such as electromechanical counters, and launches are contributing significantly to the growth of the Fuel Management System Market size.

Rising concern to control fuel theft

Due to the escalating rise of fuel price globally, potential damages and subsequent losses are recorded in terms of theft and other malpractices. Thus, standard mechanisms and effective measures are imperative to apply such as anti-siphoning smart devices and fuel monitoring applications to prevent fuel theft. In February 2020, Aeris collaborated with Omnicomm and launched fuel monitoring solutions in India. The strategic collaboration addresses several fuel pilferage across industries such as construction, locomotives and many more. To prevent such discrepancies, these platform launches are highly crucial for the companies like food and pharmaceuticals sectors that are performing tirelessly to deliver products in time irrespective of the Covid 19 pandemic across the global. In February 2021, Fuel Me launched Cloud-Based Fuel purchasing and roadside Assistance App for commercial transportation and construction industries, which offers several roadside assistance services, including the entire fuel procurement process. Therefore, to enhance safety, visibility and sustainability, these advancements are indispensable for the industry, which further drive the growth of the Fuel Management System Market.

Fuel Management System Market Challenges

Lack of expertise to manage vehicle telematics software

For successful implementation of vehicle telematics software, it is important for the user to practice properly. In many cases, fleet managers are not aware of the various related software or hardware, like Radio-frequency identification and programmable logic controller to seek fleet management lifecycle, as a result, lack of expertise to manage responsible technology hinders the growth of the Fuel Management System industry outlook.

Market Landscape

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Fuel Management System Market. The key players in the market include The Triscan Group, OPW Fuel Management Systems, Franklin Fueling Systems, Technotrade, Piusi S.p.a., Guduza System Technologies, Royal Dutch Shell, Petroliam Nasional Berhad, Wayne Fueling Systems LLC, Banlaw, Orpak Systems Ltd. and many more.

Partnerships/Product Launches/Contracts

In February 2020, Shell launched B2B Fleet Solutions portfolio in India, which provides specially-formulated fuels applications, telematics and payment programs in terms of better control over operations and complete protection against fraudulent activities.

In June 2019, PETRONAS launched Malaysia’s first mobile app for fuel payment for convenient retail and faster fuelling experience.

Key Takeaways

North America dominated the Fuel Management System Market in 2020 with a share of 43%, followed by Europe owing to the highly competitive logistics and transportation industry coupled up with the set of strict regulations by government for fuel usage optimization and emission standards.

The rising demand for effective fuel management in reference to developing productivity and efficiency across various industry sectors is driving the growth of the Fuel Management System Market.

The Logistics and Transportation is analyzed to register the largest share of the Fuel Management System market in 2020, and projected to grow at CAGR of 19.7% in the forecast period 2021-2026. The growth can be attributed to the accelerating trade activities across the globe along with the rapid surge of E-commerce sectors to better facilitate the flow of goods.

Related Reports:

A. Transportation Management System Market

https://www.industryarc.com/Research/Transportation-Management-System-Market-Research-500516

B. Fleet Management Software Market

https://www.industryarc.com/Report/16198/fleet-management-software-market.html

For more Electronics Market reports, please click here

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