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Global Fuel Management Systems (FMS) Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 19.5 Bn by 2028, Likely to Grow with the CAGR of 4.3% During the Forecast Period.
Globalization trends in the transportation industry is expected to contribute to the fuel management system market. Various factors such as cargo movements, unification in the quality of fuel, technological advancements in fuel management techniques, standardization of cost per ship are expected to boost the growth of the market. Stringent environmental norms have pushed transportation industry to employ more refined fuel that has further boosted the demand for fuel management systems market.
Unstable fuel prices and high penetration of fossil fuel vehicles across the globe are expected to boost the global fuel management systems market. Stringent environmental norms and depleting oil reserves are expected to boost demand for fuel management systems market. Fuel management systems are highly adopted from the organizations involved in construction, transportation and energy plants to provide security, accountability for their fluid assets. These factors contribute to the growth of the market and make this segment attractive. Due to rise in overall global energy consumption and unstable fuel prices, there has been a high demand witnessed for technologically advanced fuel management systems.
By End Use, Railways Segment Is Expected To Dominate Fuel Management Systems Market
Railways segment accounted for a major share of xx% in 2019 and is expected to remain dominant during the forecast period. Depending upon end-use, market is segmented into road, marine, railways, and aircraft. Rise of technologically advanced fuel management systems for locomotives are expected to boost the growth of the market. Railways department in various countries is opting for online fuel management system to bring transparency in fuel consumption and check pilferage. Various end users are shifting from manual monitoring of fuel and expenditure to automated systems. Real time information about its inspection, inventory of fuel, fuel tank calibration, and its receipt would facilitate better decisions resulting in saving expenditure.
Market In Asia Pacific Is Expected To Witness Rapid Pace
Asia Pacific accounted for a share of xx% in 2019 and is expected to witness growth of xx% during forecast period owing urbanization and industrialization in various countries in Asia Pacific. High investments in various equipment and systems such as viscosity and density meter, fuel consumption meters are expected to boost the growth of the market. Important developments such as fuel theft detection, cross fleet standardization in the regions are expected to boost the growth of the market. Emerging economies such as India and China are also expected to have an increased market share in the years to come.
In addition to this, Europe is expected to dominate the market owing to new stringent regulations and standards for environment protection. Most countries in Europe are connected well with railways and roadways and this is expected to boost demand for fuel management systems and upgrade of existing systems is expected to be high.
The Veeder-Root Company, SCI Distribution, LLC, SmartFlow Technologies, Omnitracs, LLC, The Veeder-Root Company, E-Drive Technology, Guduza System Technologies, TomTom International BV, Trimble Inc., and ESI Total Fuel Management, Fluid Management Technology Pty Ltd. are key players in the global fuel management systems market.
Fuel Management Systems (FMS) Market Segmentation
Fuel Management Systems (FMS) Market Segmentation by Process
Fuel Management Systems (FMS) Market Segmentation by Application
- Fuel Consumption
- Efficiency Level
- Fleet Management
- Viscosity Control
Fuel Management Systems (FMS) Market Segmentation by End User
- Road Transportation
- Rail Transportation
Fuel Management Systems (FMS) Market By Region
- North America
- Latin America
- Middle East & Africa
- Asia Pacific