Fuel Management System Market by Offering (Hardware, Software, and Services), Application (Fuel Storage Monitoring, and Access Control & Fuel Dispensing), Industry (Transportation & Logistics, and Oil & Gas), and Geography - Global Forecast to 2023
The fuel management system market was valued at USD 486.7 million in 2017 and is estimated to reach USD 707.4 million by 2023, at a CAGR of 6.52% during the forecast period. The base year considered for this study is 2017, and the forecast period considered is between 2018 and 2023.
The Objectives of the Study are as follows:
- To describe and forecast the fuel management system market, in terms of value, by offering, application, and vertical
- To forecast the market, in terms of value, for various segments with respect to 4 main regions - North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To describe major factors (drivers, opportunities, and challenges) influencing the growth of the fuel management system market and submarkets
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the market
- To identify key players operating in the fuel management system market and comprehensively analyze their market rankings and core competencies2
- To analyze strategic developments such as product launches, acquisitions, expansions, and contracts in the fuel management system market
The research methodology used to estimate and forecast the fuel management system market begins with obtaining data on key vendor revenues through secondary research. Some of the secondary sources used in this research study include various journals and databases, such as IEEE journals, fuel management journals, Factiva, Hoovers, and OneSource. Moreover, vendor offerings have been taken into consideration to determine market segmentation. The bottom-up procedure has been employed to arrive at the overall size of the market from revenues of key players in the market. After arriving at the overall market size, the total fuel management system market has been split into several segments and subsegments, which have been verified through primary research by conducting extensive interviews with officials such as CEOs, VPs, directors, and executives. The market breakdown and data triangulation procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The breakdown of the profiles of primaries has been depicted in the following figure.
To know about the assumptions considered for the study, download the pdf brochure
The fuel management system ecosystem comprises fuel management system and component vendors. Dover (US), Franklin Fueling Systems (US), Gilbarco Veeder-Root (US), Triscan Group (UK), PIUSI (Italy), Banlaw (Australia), and Fluid Management Technology (Australia) are some of the major vendors that sell these products and solutions to end users as per their requirements. End users include players from various industries, including mining and construction, military & defense, oil & gas, and transportation and logistics among others.
Product Launches, 2015–2017
|
Date |
Company |
Description |
|
August 2017 |
Gilbarco Veeder-Root |
Veeder-Root releases The PLUS VIEW, a new mobile application for Android- and iOS- (Apple) based phones and tablets. This application connects to TLS-450PLUS, TLS4i, TLS4c, and TLS-450 automatic tank gauges to provide quick access to inventory, compliance, and alarm information. |
|
October 2016 |
Dover |
OPW develops its stand-alone Petro Vend 100 Fuel Control System (PV100) to support up to 1,000 cards, ChipKey activation, and dual card operations. The enhanced PV100 provides fuel site operators the ability to scale up from 50 to 250 or 1,000 users and from two to four fueling positions. |
Agreements and Contracts, 2015–2018
|
Date |
Company |
Description |
|
March 2018 |
Gilbarco Veeder-Root |
Veeder-Root (US) and Gilbarco Veeder-Root (US) receives a contract from National Joint Powers Alliance (NJPA, US) to provide fleet management and related technology solutions. |
|
April 2017 |
Triscan Group |
FORS (Fleet Operator Recognition Scheme) announces that Triscan Systems has become an FORS associate. As an FORS associate, Triscan Systems will be providing exclusive offers and discounts to FORS members. |
Expansions and Acquisitions, 2015–2017
|
Date |
Company |
Description |
|
December 2017 |
Dover |
Dover Fueling Solutions (DFS) announces the opening of its manufacturing plant in Navi Mumbai, India. The new facility spans 90,000 square feet and has the capacity to produce 20,000 fuel dispensers per year. |
|
December 2016 |
Dover |
Dover completes the acquisition of Wayne Fueling Systems Ltd. (US), a global provider of fuel dispensing, payment, systems, and aftermarket services for retail and commercial fuel stations. |
Source: Press Releases
Target Audience
- Fuel management system manufacturers
- Fuel management system traders/suppliers
- Raw material suppliers and distributors
- Research organizations and consulting companies
- Associations, organizations, forums, and alliances related to fuel management
- Government bodies such as regulatory authorities and policy-makers
- Venture capitalists, private equity firms, and start-up companies
“The study answers several questions for the target audience, primarily which market segments to focus on in the next 2–5 years for prioritizing efforts and investments.”
Report Scope
Fuel Management System Market Segmentation:
In this report, the fuel management system market has been segmented into the following categories.
Fuel Management System Market, by Offering
- Hardware
- Software
- Services
Fuel Management System Market, by Application
- Fuel Storage Monitoring
- Access Control and Fuel Dispensing
Fuel Management System Market, by Industry
- Mining and Construction
- Military & Defense
- Oil & Gas
- Transportation and Logistics
- Others
Fuel Management System Market, by Geography
- North America (US, Canada, and Mexico)
- Europe (UK, Germany, France, Russia, Italy, and Rest of Europe)
- APAC (China, Japan, Australia, India, and Rest of APAC)
- RoW (South America, and the Middle East and Africa)
Available Customizations
With the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Company Information:
Detailed analysis and profiling of additional market players (up to 5)
The fuel management system market is expected to be valued at USD 515.9 million in 2018 and is likely to reach USD 707.4 million by 2023, at a CAGR of 6.52% during the forecast period. Growing demand for fuel management systems from the transportation and logistics industry is one of the major factors driving the growth of the market. Moreover, increasing demand for fuel management systems from APAC and launch of technologically advanced products by fuel management systems manufacturers worldwide are expected to considerably boost the growth of the market in the coming years.
In this report, the fuel management system market has been segmented by offering, application, industry, and geography. Among all offerings, hardware is expected to hold the largest share of the market throughout the forecast period. This can be attributed to the high costs of hardware components compared with software and services in the fuel management system market.
Among the two major applications of fuel management systems, access control and fuel dispensing applications accounted for a larger share of the overall market. The ability of fuel management systems to reduce loss or misuse of fuel and eliminate chances of fueling errors is one of the major factors leading to the rise in demand for fuel management systems for these applications.
The fuel management system market for the mining and construction industry is expected to witness a significant growth during the forecast period. Increasing demand for fuel management systems for use in mining and construction activities in APAC is one of the key factors accelerating the growth of the market for this industry.
North America accounted for the largest share of the overall fuel management system market in 2017, and the market in this region is expected to witness a significant growth during the forecast period. High adoption of fuel management systems in the US has led to the dominant position (in terms of share) of North America.
High initial investments involved in the procurement and installation of fuel management systems pose a major challenge for the players in the fuel management system market. Key companies operating in this market include Gilbarco Veeder-Root (US), Dover (US), Franklin Fueling Systems (US), PIUSI (Italy), Triscan Group (UK), HID Global (US), Multiforce Systems (US), Road Track (Mexico), Banlaw (Australia), and Fluid Management Technology (Australia).
Drivers
Reduction in loss of fuel
Fuel accounts for significant costs in industries, such as mining, transportation, and oil & gas, in which fleet is an important part of operations. Generally, fuel accounts for nearly 40% of total operating costs of most fleets, and loss of fuel can lead to heavy monetary losses. For average fueling operations, fuel theft/loss accounts for ~3% of the total fuel budget of any company. Incidents of fuel theft are increasing due to high price of oil and also because refined fuel can be easily sold or can be used for personal businesses. Fuel management systems can be of great help, in terms of curbing fuel theft, as these allow users to keep track of their fuel consumption, right from purchasing and storing to dispensing.
Improvement in efficiency and productivity
Fuel management systems help organizations that maintain their own fuel tanks and fleets in improving efficiency of their operations in multiple ways. For instance, installing automated fuel management systems can aid in automatic recording and reporting of data related to fuel consumption. This leads to elimination of human errors, resulting in generation of reliable reports on a daily, weekly, monthly, or yearly basis. These reports are required for making effective business decisions. In addition, as fuel management systems can automate tasks such as data entry and fueling, staff can spend less time on fueling activities and more on other activities. Fuel management systems help organizations reduce their dependency on third-party contractors and gain more control upon their operations.
Reduction in chances of fueling errors
Manual fueling is prone to human errors; even the most experienced employees can at times commit mistakes of dispensing wrong fuel in tanks (for instance, dispensing diesel into a petrol vehicle tank). These mistakes not only lead to equipment downtime, but can also incur huge losses for the parties (either commercial fuel suppliers or fleet managers) involved. Using fuel management systems eliminates the chances of such errors as these systems through vehicle IDs automatically identify the types of fuel that need to be fueled in different vehicles.
Opportunities
Launch of technologically advanced products
In the recent years, the fuel management system market has witnessed launches of several technologically advanced and innovative products and solutions designed to make the process of fuel management easier. For instance, in 2017, Veeder-Root (US) released The PLUS VIEW, a new mobile application for Android- and iOS- (Apple) based phones and tablets. This application connects to the company’s automatic tank gauges (TLS-450PLUS, TLS4i, TLS4c, and TLS-450) to provide quick access to inventory, compliance, and alarm information.
Growth opportunities in emerging countries in APAC
The fuel management system market is witnessing significant growth in APAC, especially in emerging countries. Increasing incidents of fuel theft is a major concern for companies in this region that manage fleet or fuel storage tanks. Fuel management systems help users keep track of their fuel consumption, thereby curbing fuel theft. This factor is expected to boost the demand for fuel management systems in APAC.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
Table of Contents
1 Introduction (Page No. - 14)
1.1 Study Objectives
1.2 Definition
1.3 Study Scope
1.3.1 Markets Covered
1.3.2 Geographic Scope
1.3.3 Years Considered for Study
1.4 Currency
1.5 Limitations
1.6 Stakeholders
2 Research Methodology (Page No. - 17)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown and Data Triangulation
2.4 Assumptions
3 Executive Summary (Page No. - 26)
4 Premium Insights (Page No. - 30)
4.1 Attractive Growth Opportunities in Market
4.2 Market, By Application
4.3 Market in North America, By Country and Industry
4.4 Market, By Offering
4.5 Market, By Country (2018)
5 Market Dynamics (Page No. - 33)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Reduction in Loss of Fuel
5.2.1.2 Improvement in Efficiency and Productivity
5.2.1.3 Reduction in Chances of Fueling Errors
5.2.2 Opportunities
5.2.2.1 Launch of Technologically Advanced Products
5.2.2.2 Growth Opportunities in Emerging Countries in APAC
5.2.3 Challenges
5.2.3.1 High Initial Investments
5.2.3.2 Interoperability With Existing Systems and Software
5.3 Value Chain Analysis
6 Market, By Offering (Page No. - 37)
6.1 Introduction
6.2 Hardware
6.2.1 Automatic Tank Gauge Systems
6.2.2 Fuel Control Systems
6.2.3 Identification Devices
6.2.3.1 Tags
6.2.3.2 Keys
6.2.3.3 Other Identification Devices
6.3 Software
6.4 Services
7 Market, By Application (Page No. - 42)
7.1 Introduction
7.2 Fuel Storage Monitoring
7.3 Access Control and Fuel Dispensing
8 Market, By Industry (Page No. - 48)
8.1 Introduction
8.2 Mining and Construction
8.3 Military & Defense
8.4 Oil & Gas
8.5 Transportation and Logistics
8.6 Others
9 Geographic Analysis (Page No. - 58)
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 Russia
9.3.3 UK
9.3.4 France
9.3.5 Italy
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Australia
9.4.5 Rest of APAC
9.5 Rest of the World
9.5.1 South America
9.5.2 Middle East and Africa
10 Competitive Landscape (Page No. - 86)
10.1 Overview
10.2 Market Ranking Analysis
10.3 Competitive Situations and Trends
10.3.1 Product Launches
10.3.2 Agreements and Contracts
10.3.3 Expansions and Acquisitions
11 Company Profiles (Page No. - 90)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)*
11.1 Key Players
11.1.1 Gilbarco Veeder-Root
11.1.2 Dover
11.1.3 Franklin Fueling Systems
11.1.4 Piusi
11.1.5 Triscan Group
11.1.6 Hid Global
11.1.7 Multiforce Systems
11.1.8 Road Track
11.1.9 Banlaw
11.1.10 Fluid Management Technology
11.2 Other Companies
11.2.1 Timeplan Fuel Solutions
11.2.2 Sentinel Fuel Products
11.2.3 Guduza System Technologies
11.2.4 Esi Total Fuel Management
11.2.5 Assetworks
11.2.6 Smartflow Technologies
11.2.7 World Fuel Services
11.2.8 Technotrade
11.2.9 Romteck
11.2.10 Newlea Fuel Systems
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View Might Not Be Captured in Case of Unlisted Companies.
12 Appendix (Page No. - 114)
12.1 Insights of Industry Experts
12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
12.4 Available Customizations
12.5 Related Reports
12.6 Author Details
List of Tables (66 Tables)
Table 1 Fuel Management System Market, By Offering, 2015–2023 (USD Million)
Table 2 Market, By Application, 2015–2023 (USD Million)
Table 3 Market for Fuel Storage Monitoring Applications, By Industry, 2015–2023 (USD Million)
Table 4 Market for Fuel Storage Monitoring Applications, By Region, 2015–2023 (USD Million)
Table 5 Market for Access Control and Fuel Dispensing Applications, By Industry, 2015–2023 (USD Million)
Table 6 Market for Access Control and Fuel Dispensing Applications, By Region, 2015–2023 (USD Million)
Table 7 Market, By Industry, 2015–2023 (USD Million)
Table 8 Market for Mining and Construction Industry, By Application, 2015–2023 (USD Million)
Table 9 Market for Mining and Construction Industry, By Region, 2015–2023 (USD Million)
Table 10 Market for Military & Defense Industry, By Application, 2015–2023 (USD Million)
Table 11 Market for Military & Defense Industry, By Region, 2015–2023 (USD Million)
Table 12 Market for Oil & Gas Industry, By Application, 2015–2023 (USD Million)
Table 13 Market for Oil & Gas Industry, By Region, 2015–2023 (USD Million)
Table 14 Market for Transportation and Logistics Industry, By Application, 2015–2023 (USD Million)
Table 15 Market for Transportation and Logistics Industry, By Region, 2015–2023 (USD Million)
Table 16 Market for Other Industries, By Application, 2015–2023 (USD Million)
Table 17 Market for Other Industries, By Region, 2015–2023 (USD Million)
Table 18 Market, By Region, 2015–2023 (USD Million)
Table 19 Market in North America, By Country, 2015–2023 (USD Million)
Table 20 Market in North America, By Application, 2015–2023 (USD Million)
Table 21 Market in North America, By Industry, 2015–2023 (USD Million)
Table 22 Market in US, By Application, 2015–2023 (USD Million)
Table 23 Market in US, By Industry, 2015–2023 (USD Million)
Table 24 Market in Canada, By Application, 2015–2023 (USD Million)
Table 25 Market in Canada, By Industry, 2015–2023 (USD Million)
Table 26 Market in Mexico, By Application, 2015–2023 (USD Million)
Table 27 Market in Mexico, By Industry, 2015–2023 (USD Million)
Table 28 Market in Europe, By Country, 2015–2023 (USD Million)
Table 29 Market in Europe, By Application, 2015–2023 (USD Million)
Table 30 Market in Europe, By Industry, 2015–2023 (USD Million)
Table 31 Market in Germany, By Application, 2015–2023 (USD Million)
Table 32 Market in Germany, By Industry, 2015–2023 (USD Million)
Table 33 Market in Russia, By Application, 2015–2023 (USD Million)
Table 34 Market in Russia, By Industry, 2015–2023 (USD Million)
Table 35 Market in UK, By Application, 2015–2023 (USD Million)
Table 36 Market in UK, By Industry, 2015–2023 (USD Million)
Table 37 Market in France, By Application, 2015–2023 (USD Million)
Table 38 Market in France, By Industry, 2015–2023 (USD Million)
Table 39 Market in Italy, By Application, 2015–2023 (USD Million)
Table 40 Market in Italy, By Industry, 2015–2023 (USD Million)
Table 41 Market in Rest of Europe, By Application, 2015–2023 (USD Million)
Table 42 Market in Rest of Europe, By Industry, 2015–2023 (USD Million)
Table 43 Market in APAC, By Country, 2015–2023 (USD Million)
Table 44 Market in APAC, By Application, 2015–2023 (USD Million)
Table 45 Market in APAC, By Industry, 2015–2023 (USD Million)
Table 46 Market in China, By Application, 2015–2023 (USD Million)
Table 47 Market in China, By Industry, 2015–2023 (USD Million)
Table 48 Market in Japan, By Application, 2015–2023 (USD Million)
Table 49 Market in Japan, By Industry, 2015–2023 (USD Million)
Table 50 Market in India, By Application, 2015–2023 (USD Million)
Table 51 Market in India, By Industry, 2015–2023 (USD Million)
Table 52 Market in Australia, By Application, 2015–2023 (USD Million)
Table 53 Market in Australia, By Industry, 2015–2023 (USD Million)
Table 54 Market in Rest of APAC, By Application, 2015–2023 (USD Million)
Table 55 Market in Rest of APAC, By Vertical, 2015–2023 (USD Million)
Table 56 Market in RoW, By Region, 2015–2023 (USD Million)
Table 57 Market in RoW, By Application, 2015–2023 (USD Million)
Table 58 Market in RoW, By Industry, 2015–2023 (USD Million)
Table 59 Market in South America, By Application, 2015–2023 (USD Million)
Table 60 Market in South America, By Industry, 2015–2023 (USD Million)
Table 61 Market in Middle East and Africa, By Application, 2015–2023 (USD Million)
Table 62 Market in Middle East and Africa, By Industry, 2015–2023 (USD Million)
Table 63 Market Ranking of Key Players in Market, 2017
Table 64 Product Launches, 2015–2017
Table 65 Agreements and Contracts, 2015–2018
Table 66 Expansions and Acquisitions, 2015–2017
List of Figures (32 Figures)
Figure 1 Fuel Management System Market Segmentation
Figure 2 Process Flow: Market Size Estimation
Figure 3 Market: Research Design
Figure 4 Market: Bottom-Up Approach
Figure 5 Market: Top-Down Approach
Figure 6 Data Triangulation
Figure 7 Fuel Management System Market (2015–2023)
Figure 8 Market, By Application (2018 vs 2023): Access Control and Fuel Dispensing Applications to Hold Larger Market Size Throughout Forecast Period
Figure 9 Market for Software to Grow at Highest CAGR During Forecast Period
Figure 10 Transportation and Logistics Industry to Hold Largest Size of market Throughout Forecast Period
Figure 11 North America Accounted for Largest Share of market in 2017
Figure 12 Increasing Adoption of Fuel Management Systems in APAC Driving Market Growth
Figure 13 Market for Access Control and Fuel Dispensing Applications to Grow at Higher CAGR During Forecast Period
Figure 14 Transportation and Logistics Industry to Hold Largest Share of market in North America in 2023
Figure 15 Market for Software to Grow at Highest CAGR Between 2018 and 2023
Figure 16 US to Hold Largest Share of market in 2018
Figure 17 Ability of Fuel Management Systems to Reduce Fuel Loss to Boost Adoption of These Systems
Figure 18 Value Chain Analysis: Major Value Addition During System Manufacturing/System Integrating Stage
Figure 19 Market, By Offering
Figure 20 Hardware to Account for Largest Size of market Throughout Forecast Period
Figure 21 Market, By Application
Figure 22 Access Control and Fuel Dispensing Applications to Dominate market During Forecast Period
Figure 23 Transportation and Logistics Industry to Hold Largest Size of market for Access Control and Fuel Dispensing Application By 2023
Figure 24 Market, By Industry
Figure 25 Transportation and Logistics Industry to Hold Largest Size of market in 2018
Figure 26 Market for Military and Defense Industry in APAC to Grow at Highest CAGR During Forecast Period
Figure 27 North America to Hold Largest Size of market for Transportation and Logistics Industry Throughout Forecast Period
Figure 28 Geographic Snapshot (2018–2023): Market in India to Witness Highest Growth During Forecast Period
Figure 29 Snapshot of Market in North America
Figure 30 Snapshot of Market in Europe
Figure 31 Snapshot of Market in Asia Pacific
Figure 32 Dover: Company Snapshot
Growth opportunities and latent adjacency in Fuel Management System Market