Fuel Management System Market Size, Share, Opportunities, And Trends By System Type (Tank Monitoring System, Pump Monitoring System, Others), By Function (Delivery, Storage, Dispensing), By Industry Vertical (Transportation, Building & Construction, Others), And By Geography - Forecasts From 2023 To 2028

The fuel management system market is anticipated to grow at a steady pace during the forecast period.

Market Overview:

Fuel management systems are generally used to regulate, monitor, and maintain fuel use and storage in a wide variety of enterprises throughout the world that use transportation as a form of commercial trade, such as air, rail, road, and water. Fuel management systems are used in the building and transportation industries to regulate proper fuel usage and precisely measure fuel consumption. The market is being driven by the increase in the number of industrial verticals that use transportation for commercial transactions. The market is being driven by elements that are contributing to expanding growth, like increased energy demand and erratic global fuel prices. In 2020, the energy used for transportation in the US accounted for around 26% of all energy use in the country (Source: US Department of Energy). The demand for precise monitoring and control of fuel usage with cost-effective solutions is driving the growth of the market for fuel management systems.

Growth factors:

• Increased fuel consumption in the global market

The global market is currently in a phase of growth. In 2020, UK domestic consumption grew by 2.3%, with gas usage increasing by 2% (Source: Energy Consumption in the UK (ECUK), 1970 to 2021). This is brought on by a decrease in oil and gas waste thanks to adequate increases in inventory storage, an increase in the number of gas stations, and a worldwide expansion of the vehicle industry. To lower transportation costs and inflation rates, transportation of goods and equipment is primarily dependent on transportation systems with effective and efficient fuel usage. The monitoring and management of fuel consumption are necessary for cost-effective operation and to improve the efficiency of the fuel system due to the significant expansion in the world's overall energy consumption and the volatility of fuel prices. These elements have undoubtedly increased the market potential for fuel management systems globally.

• Increased global production

Following a decline in 2020, the combined output of fossil fuels in the United States including coal, natural gas, and crude oil increased by 2% in 2021 to reach 77.14 quadrillion British thermal units (Source: US Department of Energy). The importance of systems that support efficient fuel usage for lowering transportation costs is increasing due to the rise in fuel production levels in these regions. As a reasonably developed market for fuel management systems, the US is expected to experience expansion, driven by the rising necessity for businesses to comply with numerous environmental protection legislation and standards. Also, the existing rail and road connectivity network in Europe offers a large growth opportunity for fuel management systems. Significant investments are also being made in technology that increases operational efficiency, such as fuel management systems, as a result of the rapid urbanization and industrialization taking place in Asian economies, particularly in India and China.

• Introduction of technology in fuel delivery management systems

The energy sector has been put under extreme stress over the last three years. Through the use of technology to link teams and departments with clients, gasoline delivery firms have become a crucial element of their operations. More people than ever are using tank monitors, cloud solutions, and digital marketing techniques. Fuel delivery businesses have embraced modern technologies despite worries about how the global economy may affect their sector. Technology is seen by forward-thinking businesses as a crucial investment that will boost productivity and reduce costs. Despite the uncertainty of the future, fuel delivery firms are nonetheless interested in it. Respondents are interested in learning how the industry will continue to change and how technology will contribute to that expansion.

Key Developments:

• September 2022: The PRIME Suite of Fuel Management Solutions now includes the Gasboy Site PRIME and Truck PRIME, according to Gasboy, the market leader in fleet fueling technology solutions. All fuel site activities, such as authorizations, transactions, and inventories, are tracked and recorded by Site PRIME, which also offers simple driver authorization techniques like contactless tag readers, proprietary card swipes, wireless gateways for FuelPoint, and Wi-Fi for the brand-new Fuel & Drive mobile applications.
• March 2022: The Triscan Group, the biggest producer and supplier of fuel management systems in the UK, has grown by acquiring FUELlink Systems Ltd. For more than 10 years, FUELlink has been a dependable source of fuel management solutions, earning a solid reputation for excellence, dependability, and first-rate customer service. By integrating FUELlink into the Triscan Group, the company can continue to provide top-notch customer service and dependable support through its network of engineers.
• February 2020: The United Nations Mission for the Referendum in Western Sahara (MINURSO) adopted a new scanning solution for its military and civilian workers in 2020 to replace its outdated Electronic Fuel Management System (eFMS-2). At least 16 political and peacekeeping operations employ the eFMS-2. Since these missions account for over 80% of the UN's total fuel usage ($500 million in fuel supply contracts), the organization decided to use technology to increase cost-effectiveness and environmental impact.

Covid-19 Impact:

The market for fuel management systems has been significantly impacted by the COVID-19 epidemic. New projects have been put on hold all across the world, which has slowed the market's expansion. Due to workers staying home, supply networks around the world have been interrupted, which has made it difficult for industries to integrate new fuel management systems. The supply and production chains are halted; therefore, the impact of COVID-19 is only transitory. Supply chains, manufacturing, and demand for such products are projected to steadily rise as the situation improves. The current situation is likely to create chances for businesses to consider how to increase production, enhance current products, and conduct technological development.

Fuel Management System Market Scope:

Segmentation

• By system type
  • Tank Monitoring System
  • Pump Monitoring System
  • Others
• By function
  • Delivery
  • Storage
  • Dispensing
• By industry vertical
  • Transportation
  • Building & Construction
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others