Fuel Management System Market Size, Growth, and Share 2031
The fuel management System market size is projected to reach US$ 2.52 billion by 2031 from US$ 1.21 billion in 2023. The market is expected to register a CAGR of 9.8% during 2023–2031. Increasing demand for monitoring and controlling fuel consumption and increasing cases of fuel theft are likely to remain key trends in the market.
Fuel Management System Market Analysis
The demand for fuel management systems market is anticipated to grow with the increasing need for better fuel management to improve productivity and efficiency across several industries. Moreover, the rapid growth of e-commerce platforms to offer better customer experience has driven the supply and logistics industries to enhance IoT industries.
Fuel Management System Market Overview
A fuel management system is a type of software and hardware technology used to monitor, control, and optimize fuel consumption in various applications, such as in the transportation, construction, and energy industries. In vehicles, fuel management systems can help to ensure that fuel is being used efficiently by monitoring fuel consumption, engine performance, and other factors. This can help to reduce fuel costs, increase operational efficiency, and lower emissions.
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Fuel Management System Market: Strategic Insights
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
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Fuel Management System Market: Strategic Insights
| 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 |
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Fuel Management System Market Drivers and Opportunities
Growing Demand for Monitoring and Controlling Fuel Consumption to Favor Market
The growing demand for monitoring and controlling fuel consumption is driving the fuel management systems market, as there are several benefits to monitoring fuel consumption. Benefits such as cost savings, identifying inefficiencies, reducing emissions, etc. Additionally, the demand for real-time fuel consumption monitoring is also increasing. It enables businesses to identify and address fuel waste as it happens rather than after the fact. This can help businesses reduce fuel consumption and costs in real time, which can have a significant impact on their bottom line. Considering the several benefits of monitoring and controlling fuel consumption, the fuel management system is in demand.
Technological advancement in fuel management systems.
The technological advancement in fuel management systems holds several opportunities. Technological advancements such as IoT integration, predictive analytics, machine learning algorithms, blockchain for transparency, energy-efficient vehicles, etc. These advancements can help several industries, including logistics and transportation, manufacturing and supply chain, agriculture, construction, fleet management and services, etc. Thus, technological advancement in various industries increases the demand for fuel management systems.
Fuel Management System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the fuel management system market analysis are component, function, and end-user.
- Based on component, the fuel management system market is divided into hardware and software. The software segment is anticipated to hold a significant market share in the forecast period.
- Based on function, the fuel management system market is divided into delivery and storage. The delivery segment is anticipated to hold a significant market share in the forecast period.
- By end user, the market is segmented into mining, construction and ports, transportation and logistics, oil and gas, and others. The mining segment is anticipated to hold a significant market share in the forecast period.
Fuel Management System Market Share Analysis by Geography
The geographic scope of the fuel management system market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the fuel management system market. High technology adoption trends in various industries in the North American region have fuelled the growth of the fuel management system market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American fuel management system market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has many fuel management system market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the fuel management system market.
Fuel Management System Market Report Scope
Fuel Management System Market News and Recent Developments
The fuel management system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the fuel management system market are listed below:
- Kongsberg Digital and Royston partnered to deliver an electronic fuel management system. The partnership will enable ship owners to optimize fuel consumption, enhance transparency, and promote decarbonization of vessel operations by combining Kongsberg Digital's Vessel Insight with Enginei – Royston's Electronic Fuel Management System. (Source: Royston, Press Company Website, February 2024)
- Airbus became a strategic partner with DG Fuels, LLC (“DGF”), an emerging leader in sustainable aviation fuel (SAF). DGF’s fuel production system is based entirely on cellulosic waste products, such as wood waste from the logging industry, and renewable energy sources, such as wind and solar power. (Source: Airbus Company Website, September 2023)
Fuel Management System Market Report Coverage and Deliverables
The “Fuel Management System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Fuel management system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Fuel management system market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Fuel Management System market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the fuel management system market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Function, and End-User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Austria, Brazil, Canada, France, Germany, India, Italy, Mexico, Romania, Saudi Arabia, South Africa, Spain, Switzerland, United Arab Emirates, United States
Frequently Asked Questions
The expected CAGR of the fuel management system market is 9.6%.
The global fuel management system market is expected to reach US$ 2.52 billion by 2031.
The use of real-time monitoring is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global fuel management system market are Chevin Fleet Solutions, Franklin Electric, Gilbarco Inc., Multiforce Systems Corporation., Navig8, Piusi S.p.A., OPW Fuel Management Systems Corporate, Orpak Systems Ltd., Banlaw, Syntech Systems, Inc., etc.
Increasing demand for monitoring and controlling fuel consumption and increasing cases of fuel theft are some of the factors driving the fuel management system market.
North America is anticipated to dominate the fuel management system market in 2023.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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