Fuel management systems help manage and monitor the flow of fuel. These systems are a combination of hardware and software products that allows security, access, and control of fuel stores, as well as enables the monitoring of fuel delivery and consumption. Transportation and logistics, mining and construction, and oil & gas are the major industries in which fuel management systems are used. The fuel management system market is expected to be valued at USD 707.4 million by 2023, growing at a CAGR of 6.52% between 2018 and 2023. Growing demand for fuel management systems from emerging countries in APAC is one of the major factors fueling the growth of the fuel management system market.
The major players in the fuel management system market have primarily adopted the strategy of product launches to strengthen their product portfolios and expand the reach of their offerings to new clients. For instance, in 2016, OPW (US) developed its stand-alone Petro Vend 100 Fuel Control System (PV100) to support up to 1,000 cards, ChipKey activation, and dual card operations. Besides product launches, acquisitions, agreements, and contracts are other key strategies adopted by companies to grow in the fuel management system market.
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Gilbarco Veeder-Root (US) and Dover (US) are among the major players in the fuel management system market. Gilbarco Veeder-Root provides various products and solutions for companies operating in the fuel industry. It offers fuel dispensers, tank gauges, fleet management systems and software, foodservice ordering and monitoring systems, and payment systems. The company also provides services such as installation and project management, site equipment and alarm monitoring, and managed maintenance. It has a broad portfolio of fuel management systems and is further trying to enhance its product portfolios by introducing new products. For instance, in 2017, the company released 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. In addition to an extensive product portfolio, the company also has a strong brand image and customer base, and a wide geographic reach. These factors have helped Gilbarco Veeder-Root in receiving several contracts and agreements to provide its fuel management solutions, as well as in attaining a prominent position in the fuel management system market.
Dover is a well-known and trusted company in the fuel management system market and has significant experience in the fluid-handling solutions industry. OPW (US), Dover’s subsidiary, has an experience of 125 years in the fluid-handling solutions industry. The company has a strong fuel management systems portfolio consisting of over 20 products. For further enhancing its product portfolio and strengthening its position in the fuel management system market, the company has acquired various companies in the past few years. In 2016, Dover completed 4 acquisitions, including the acquisition of Wayne Fueling Systems Ltd. (US), Tokheim ProGauge (UK), Fairbanks Environmental Ltd. (UK), and the dispenser and system businesses of Tokheim (UK).
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
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