Software Segment has the Largest Share of Component in the Middle East & Africa Fuel Management System Market during 2021–2028
According to our latest study on “Middle East & Africa Fuel Management System Market Forecast to 2028 – COVID-19 Impact and Analysis – by Component, Function, and End User,” the market is projected to reach US$ 198.5 million by 2028 from US$ 121.5 million in 2021; it is expected to grow at a CAGR of 7.3% from 2021 to 2028. The report highlights trends prevailing in the market, and the drivers and restraints pertaining to the market growth. The growth of this market is estimated to grow owing to key driving factors such as the expansion of the Middle East & Africa fuel management system market is driven by the increased need for better fuel management to improve productivity and efficiency across various industry sectors. Furthermore, the rapid growth of e-commerce platforms to provide the best consumer experience has driven the supply and logistics industries to embrace sophisticated IoT technologies.
Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait are the main MEA countries that are facing the effects of COVID-19 pandemic. The majority of operations in the region have been suspended due to an increase in the number of cases in the region. In order to deal with the pandemic, countries have been compelled to redirect funds to improve their healthcare infrastructure. However, the demand of new fuel management will continue to grow, as Middle East is hub of several oil manufactures. As a result, the COVID-19 pandemic is somehow, but not limiting the demand development of fuel management system in the Middle East and Africa.
Based on component, the Middle East & Africa fuel management system market is bifurcated into hardware, software, and controller. In 2021, the software segment accounted for the largest share and is expected to grow at the highest CAGR during the forecast period. The increasing use of telematics software and technology, including radio-frequency identification and programmable logic controllers, to enable fleet operators to target the whole fleet management lifecycle is the major reason driving the expansion of the Middle East & Africa fuel management system market.
Gilbarco Inc., Navig8, Piusi S.p.A., and Orpak Systems Ltd. are among the leading companies in Middle East & Africa fuel management system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The market for Middle East & Africa fuel management system market is segmented into component, function, and end user. Based on component, the Middle East & Africa fuel management system market is segmented into hardware, software, and controller. Based on function, the Middle East & Africa fuel management system market is sub-segmentedsub segmented into delivery and storage. Based on end user, the Middle East & Africa fuel management system market is categorized into mining, construction and ports, transportation & logistics, oil & gas, and others. Geographically, the Middle East & Africa fuel management system market is segmented into Middle East & Africa (UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa).
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