Fuel Management System Market Size, Share & Trends Estimation Report By Offering(Hardware,Software,Services),By Industry(Mining and Construction,Military & Defense,Oil & Gas),By Application(Fuel Storage Monitoring,Access Control and Fuel Dispensing)(), By Region, And Segment Forecasts, 2023 - 2030
The Fuel Management System Market size was valued at USD 556.45 Million in 2022 and is projected to reach USD 906.60 Million by 2030, growing at a CAGR of 6.29% from 2023 to 2030.
Fuel Management System Market Overview:
A fuel management system is a group of hardware and software tools that any company that does business by rail, road, sea, or air uses to control, monitor, and keep track of how much fuel and stock is used. This system makes it possible to keep fuel stores safe, manage them, and let people in and out. It also keeps track of delivery and usage. It is usually used by trains, planes, and other vehicles that need gasoline to run. Fuel management systems give you a lot of information about how you use fuel, so you can use it efficiently and in line with rules. There are several different ways to get fuel into a gasoline engine.
A car's gasoline engine has a gas tank, fuel lines, a fuel pump, a fuel filter, an air cleaner, a carburetor, and an intake manifold. These parts make up the basic fuel supply system. Inside the gas tank, there is a part called a fuel pump. In many new cars, the pump is built into the gas tank. If you have an older car, the fuel pump may be between the engine and the gas tank. It could also be hooked up to the engine itself. The job of the fuel pump is to get fuel into the engine. If the pump is in the gas tank, it probably gets its power from the car's battery.
If the pump is on the outside, it will be moved by the engine. What the gas tank is for should be pretty clear. When you fill up your car with gas, it goes right into the fuel tank. Here is where your gasoline is kept before it is pumped to the chamber where the engine burns. It could also have the gas pump and technology to stop pollution. For the engine to work well and keep running smoothly, it needs clean gasoline. Most of the time, the fuel filter is put in either before or after the fuel pump. As the fuel is pumped from the tank, the filter stops any tiny particles and pollutants from getting into the engine.
Less fuel is wasted.
In industries like mining, transportation, and oil and gas, where fleets are an important part of operations, fuel costs are a big deal. Most fleets spend about 40% of their total operating costs on fuel, so if they lose fuel, they can lose a lot of money. On average, fuel theft and loss make up less than 3% of a company's total fuel budget. Fuel theft is on the rise because the price of oil is high and because refined fuel is easy to sell or use for personal businesses. Fuel management systems can help a lot to stop fuel theft because they let people keep track of how much fuel they use from the time they buy it and store it until the time they use it.
Improvement in efficiency and productivity
Organizations that manage their own fuel tanks and fleets can improve the efficiency of their operations in many ways with the help of fuel management systems. For example, installing automated fuel management systems can help record and report information about how much fuel is used. This gets rid of human mistakes, which makes it possible to make reliable reports every day, week, month, or year. You need these reports in order to make good business decisions. Also, because fuel management systems can automate tasks like data entry and fueling, employees can spend less time on fueling and more time on other things. Fuel management systems help businesses rely less on outside contractors and gain more control over their operations.
Reduction in chances of fueling errors
Manual fueling is prone to mistakes because it is done by people. Even the most experienced workers can sometimes put the wrong fuel in the tanks (for instance, dispensing diesel into a petrol vehicle tank). Not only do these mistakes cause equipment to break down, but they can also cause commercial fuel suppliers or fleet managers to lose a lot of money. Using fuel management systems gets rid of the chance of making these kinds of mistakes, since the systems automatically figure out what kind of fuel each vehicle needs based on its ID.
Launch of technologically advanced products
In recent years, a number of technologically advanced and innovative products and solutions have been introduced to the fuel management system market. These products and solutions are meant to make fuel management easier. For example, Veeder-Root (US) released The PLUS VIEW in 2017 as a new app for Android and iOS (Apple) phones and tablets. This app connects to the company's automatic tank gauges (TLS-450PLUS, TLS4i, TLS4c, and TLS-450) so that users can quickly get information about inventory, compliance, and alarms.
Growth opportunities in emerging countries in APAC
The market for fuel management systems is growing quickly in APAC, especially in emerging economies. Companies in this area that manage fleets or fuel storage tanks are very worried about the rising number of fuel thefts. Fuel management systems help people keep track of how much fuel they use. This makes it harder for people to steal fuel. This is likely to make more people in APAC want fuel management systems.
Fuel Management System Market Segmentation Analysis
The market is split into Hardware, Software, and Services based on what they offer. The Software segment has a lot of market shares because it has a lot of uses on the Internet. A Fuel Management System (FMS) is a group of hardware and software solutions that work together to secure, control, and monitor fuel reserves while also keeping track of supply and consumption. The DMP Magnetostrictive Flex Probe, a new fuel management product from Dover Fueling Solutions, has been released. Dover Fueling Solutions is a leading global provider of advanced customer-focused technologies, services, and solutions for the fuel and convenience retail industries.
The market is split into Fuel Storage Monitoring, Access Control, and Fuel Dispensing based on how it is used. The Fuel Storage Monitoring segment has a big share of the market because it has benefits like stopping fuel theft and making sure everyone uses the same amount of fuel. An underground storage tank (UST) monitoring system is a leak detection system that checks the fuel level in an underground or aboveground storage tank over time to see if it is leaking. It will also show the amount of fuel in the tank, how much fuel is in the tank, and the temperature. It will also measure the amount of water in the tank and give high and low fuel level alarms. Many systems can keep an eye on tanks and lines with two walls, as well as pipes that are under pressure and remote communication. UST monitoring systems are also called fuel management systems, automatic tank gauges, and leak detection systems.
Based on Industry, the market is divided into Mining and Construction, Military and Defense, Oil and Gas, Transportation and Logistics, and Others. Oil & Gas has a lot of market shares because it's important to keep an eye on dangerous gases to keep accidents from happening at work. All over the mine, fuel management systems are used to keep track of fuel delivery, inventory, and use. They are made to measure and keep track of the mine's fueling infrastructure, from storage facilities to how much gas is used in the mine's vehicles. Fuel management looks at how the Defense Department's actions as a big customer of the oil industry and a big user of its products fit into the government's larger defence policy.
During the Forecast period, North America is anticipated to be the largest market by region.
North America is expected to have the largest share of the fuel management system market from 2023 to 2030. This is because fuel management systems are widely used in the U.S., which has caused the region's share to grow quickly. Asia-Pacific, on the other hand, is expected to grow in a good way because a lot of moving goods and equipment depends on a good transportation system that uses fuel well.
In the country section of the report on the fuel management system market, you can also find individual market-affecting factors and changes in regulations that affect the market's current and future trends. Some of the most important data points used to predict the market situation for each country are consumption volumes, production sites and volumes, import-export analysis, price trend analysis, cost of raw materials, and upstream and downstream value chain analysis. Also taken into account are the presence and availability of global brands, as well as the problems they face because of strong or weak competition from local and domestic brands, the effect of domestic tariffs, and trade routes.
|Units||Value (USD Billion)
|Growth Rate||CAGR of 6.29% from 2023 to 2030|
|Reasons to Purchase this Report||
The competitive landscape of the fuel management system market shows information about each competitor. Details like company overview, financials, revenue, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and depth, and application dominance are all included. The information above is only about what the companies are focusing on in terms of the Fuel management system market.
Some of the biggest companies in the fuel management system market are Gilbarco Inc., Dover Corporation, Franklin Fueling Systems, Piusi S.p.A., Triscan Group Limited., HID Global Corporation, Multiforce Systems Corporation, roadandtrack, Banlaw, fmtweb, Triscan Group Limited, Guduza System Technologies, Esi Total Fuel Management, Assetworks LLC, smartflowsheet, World Fuel Services Corporation, Technotrade Associates , Romteck, and Site Service Engineering among others.
- In August 2022, Dover Fueling Solutions ("DFS"), a part of Dover (NYSE: DOV) and a leading global provider of advanced customer-focused technologies, services, and solutions in the fuel and convenience retail industry, announced today that it will work with Bottomline, a Dutch provider of software, planning, and transportation services in the oil and gas sector, to offer a complete, end-to-end fuel management solution.
- In March 2022, The Triscan Group, which makes and sells the most fuel management systems in the UK, has grown even more with the purchase of FUELlink Systems Ltd. FUELlink has been a trusted provider of fuel management solutions for over 10 years, with a strong reputation for quality, dependability, and excellent customer service.
- December 2022, HID, which is a global leader in trusted identity solutions, announced today that it has bought Janam Technologies, which is a leading maker of handheld mobile computers and readers. The purchase makes HID more visible and important as a provider of solutions for issuing smart credentials and reading them.
The Global Fuel Management System Market has been segmented into:
- Mining and Construction
- Military & Defense
- Oil & Gas
- Transportation and Logistics
- Fuel Storage Monitoring
- Access Control and Fuel Dispensing
- Gilbarco Inc.
- Dover Corporation
- Franklin Fueling Systems
- Piusi S.p.A.
- Triscan Group Limited.
- HID Global Corporation
- Multiforce Systems Corporation
- Triscan Group Limited
- Guduza System Technologies
- Esi Total Fuel Management
- Assetworks LLC
- World Fuel Services Corporation
- Technotrade Associates
Reasons to Purchase this Report:
- Qualitative and quantitative analysis of the market based on segmentation involving both economic and non-economic factors;
- Provision of market value (USD Billion) data for each segment and sub-segment;
- Indicates the region and segment that is expected to witness the fastest growth and to dominate the market;
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the market's dominance by region;
- Analysis by product/service type
- Competitive landscape that includes the market ranking of the top competitors, as well as new service/product launches, collaborations, business expansions, and acquisitions of companies featured during the previous five years
- Extensive company profiles with business overview, company insights, product benchmarking, and SWOT analysis for the leading market players
- The current and future market outlook of the industry in light of recent developments (which include growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions)
- Includes an in-depth analysis of the market from multiple perspectives using Porter's five forces analysis Provides market insight across the Value Chain
- Market dynamics situation, as well as development potential for the market in the coming years
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