Fuel management system is used to monitor or control the loading, storing and dispensing of fuel in the vehicles or machines, which helps to reduce the consumption of oil and gas for performing various operations cost effectively.
Fuel management system can be used by various fields such as mining construction, military and defense, oil/gas, transporting and logistics and others for managing and controlling the fuel. Fuel monitoring can be done through using computer systems that regularly monitors the fuel requirement, consumption or tracking of vehicles.
Major controlling function of fuel management system are: (capturing auto ID inputs, identification of machine, unique code on chips, monitoring vehicle mileage, helps controlling the pump automatically, controls of different fluids from single track controller and helps in checking of accurate temperature). Fuel management system helps in controlling error in dispensing of fluid from fuel tank to vehicles, thus providing information on leakages of the pipe. Additionally, it can help to store oil and gas in a stock for future need.
Fuel management system have track ID GPS code installed at every vehicle that helps to track the vehicle and helps to regulatory monitor on the system screen.
The global fuel management system market is expected to reach around USD 783 million from USD 516 million and grow at a CAGR of 6.8%.till the period of 2018-2027.Increased transportation services by industries that uses oil and gas for operating various operation demands for fuel monitoring and controlling system and is anticipating for the positive growth of market in forecast period.
On the basis of regional platform, global fuel management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.North America is expected to hold the largest share in market of fuel management system during the forecast period i.e. 2018-2027.
Asia Pacific is panned to observe substantial growth in fuel management system owing to increased demand for fuel in transportation and logistics departments. Additionally, Asia Pacific is attributed to be followed by North America in terms of fuel monitoring and controlling system backed by high implication of fuel taxes in countries such as China and India.
Europe is expected to drive demand and positively impact the growth of fuel management system market over the forecast period owing to increase in demand for conservation of energy by infrastructure and automotive users.Middle East and Africa region is also expected to showcase the more modest growth in fuel management system market on the account of high oil price, which increases overall operation cost. CLICK TO DOWNLOAD SAMPLE REPORT
Our-in depth analysis of the global offshore rig market includes the following segments:
On the basis of regional analysis, global fuel management system market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region is expected to exhibit the vibrant growth rate of fuel management system market backed by increasing defense and military equipment’s.
Europe is also slated for positive growth of fuel management system market on the heels of increasing fleets in transportation sector across the region.
Within Asia Pacific region countries such as Australia, China and India is also expected to showcase the modest growth in fuel management system market backed by increasing mining and construction activities across the region.
Global fuel management system Market is further classified on the basis of region as follows:
According to the article of “world bank data” UK accounts for USD 120 billion in logistics industry is employing 8% personals and India is accounting for 22 million jobs with USD 160 billion industry in logistics.
New innovative technology of installing GPS chips and tracking the vehicle location and mode of fuel is reducing the chances of error while filling the fuels, which is driving the growth of market.
Government implication for high tax of oil and gas, which has increased the cost of operations for various industry and transports is in-turn supporting fuel monitoring and controlling system market.
Fuel cost is around 40% of total operational cost and by adopting fuel management system fuel theft and fuel loss is minimized which is driving the growth of market.
One of the challenging factors that hampers the growth of fuel management system industry is high initial cost for installing complete setups.
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