The global fuel management systems market is heavily influenced by the augmenting need for keeping fuel pilferage in check and bringing transparency in the consumption of fuel. With the increasing awareness among people regarding the efficiency of fuel management systems in tackling challenges created by the continuously increasing and fluctuating prices of oil utilized as fuel and also the difficulties cropping up from the implementation strict regulations, taking the environment into consideration, fuel management systems are finding new and extensive application in the transportation and the automotive industries, which is reflecting greatly on this market.
According to Transparency Market Research, the global Market for Fuel Management Systems was worth US$6.85 bn in 2016. Progressing at a CAGR of 4.30% between 2017 and 2025, the market is expected to report an opportunity of US$9.95 bn by the end of 2025.
In this blog post, researchers at TMR are answering some of the important queries about the global fuel management market:
What are the key factors behind the growth of the global fuel management systems market?
The frequent fluctuation in the fuel prices, coupled with the increasing number of strict regulations pertaining to the usage of fuel oil, in order to curb environmental pollution, has necessitated an effective management of fuel, leading to an increased need to monitor, control, and report fuel consumption, as well as manage the fleet to control the overall operational cost of a vessel. The rising awareness about the high efficiency of fuel management systems has surfaced as the main factor behind the rise of this market across the world. Going forwards, the advent of technologically advanced solutions and the shift towards online fuel management are expected to support this market significantly in the years to come.
Which of the geographical segments is likely to lead this market?
In terms of the geography, Asia Pacific has been leading the global market for fuel management systems with a significant share. Registering a CAGR of 4.60% between 2017 and 2025, this regional market is projected to continue its leading streak with a share of nearly 42% in the overall market by 2025.
The prominent industrialization and the increasing trend of urbanization, resulting in considerable investment in dynamic positioning of vessels, navigation automation, ballast water management, fuel management systems, density and viscosity meters, and fuel consumption meters are projected to propel the Asia Pacific market for fuel management systems.
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How other regional markets are going to perform in near future?
Europe and North America are anticipated to report a significant rise in their valuation over the next few years among other regional markets for fuel management systems across the world. The presence of a well-established transportation infrastructure, where most of the countries are well connected with roadways and railways, is the main factor, which is aid the Europe market for fuel management systems.
The North America market is expected to benefits from the introduction of cross fleet standardization for larger units that carry cargo, commodities, and gas and oil products and the emergence of fuel theft detection systems in the years to come.