Fuel Dispenser Market Size

Global Fuel Dispenser Market Overview

The fuel dispenser market industry is projected to grow from USD 2,479.5 Million in 2024 to USD 3,888.4 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 5.8% during the forecast period (2024 - 2032). The fuel dispenser market size was valued at USD 2,372.8 Million in 2023. 

Increasing awareness of biofuels among the general population boosts the market growth. To promote the use of hydrogen and compressed natural gas-fueled vehicles, governments in both developed and developing economies are implementing favorable policies and offering subsidies are the key market drivers enhancing market growth.

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Fuel Dispenser Market Trends

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  Automotive industry is experiencing a rise in the use of cost-effective alternative fuels to boost the market growth

  
  

For cost-effectiveness, fuel efficiency, and emission control, alternative fuels are increasingly used in the automotive industry, leading to their growth. Compared to the volatility of petroleum product prices, CNG and LPG vehicles are growing rapidly in developing countries due to their lower costs. Furthermore, vehicles powered by CNG and LPG are considered green alternatives to petroleum-operated vehicles. For the fifth consecutive year, automakers in the U.S. sold more than 17 million vehicles, according to Bloomberg data 2020. New vehicle sales were predicted to reach 16.7 million to 16.9 million units in 2019. Accordingly, reaching estimated sales targets is expected to boost the automotive industry's growth trajectory, leading to further demand for these dispensers.

Improved thermal efficiency of internal combustion engines reduces emissions while at the same time mitigating poor efficiency of single-fuel vehicles. Dual-fuel vehicles can operate interchangeably with natural gas and diesel fuel. Because petroleum products are depleting, people are turning to alternative technologies such as electric and hybrid vehicles. This will drive the market growth of dual-fuel and hybrid vehicles.

In order to boost market growth, technologically advanced fuel dispensers are required. Advanced fuel dispensers enable more vehicles to be pumped at once. The device includes a scanner, customer identification keypad, video screen, barcode, and magnetic card terminal to provide more precise and reliable metering and refuelling. Moreover, key players are increasingly developing more sophisticated products to improve customer experience, such as customizable fuel dispensers. Hence, technologically advanced dispensers are expected to enhance the fuel dispenser market CAGR ly in recent years.

However, developing electronic embedded dispensing systems, for example, is another growth-inducing factor. It is also becoming increasingly common for manufacturers to provide smart retail management solutions to consumers through the incorporation of artificial intelligence (AI), machine learning (ML), cloud computing, and IoT-based platforms are other factors driving the growth of the fuel dispenser market revenue.

Fuel Dispenser Market Segment Insights

Fuel Dispenser Type Insights

The fuel dispenser market segmentation, based on type, includes submersible and suction. The submersible fuel dispenser segment held the majority share in 2021, contributing to around ~65-67% of the fuel dispenser market revenue. A submersible system segment would be driven by low maintenance, installation, and service costs due to its single-pressure outlet connecting the dispensing units in the refilling station. These factors would drive a submersible system segment in the near future.

Fuel Dispenser Application Insights

The fuel dispenser market segmentation, based on application, includes petrol, diesel, biofuel, and others. The petrol segment dominated the fuel dispenser market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Since industrial and commercial energy demand is growing, petrol and gasoline are primarily used due to their wide application in mechanical engines, power generators, mobile drives, locomotives, construction equipment, automobiles, and many other industrial applications. Hence, rising applications of petrol for fuel dispenser positively impacts the market growth. Diesel is predicted to hold the second-largest market share.

Figure 2: Fuel Dispenser Market, by Application, 2023 & 2030 (USD Million)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

Increasing environmental concerns and high volatility in oil prices are expected to boost the biofuel segment's market share. In addition to providing high auto-ignition temperatures, low operational costs and less lubrication, CNG is also safer than petrol and diesel, and it is environmentally friendly at the same time.

Fuel Dispenser Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The Asia-Pacific fuel dispenser market accounted for USD xx billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The government of China, India, and other developing economies are focused on reducing the harmful effects of vehicle emissions on the environment and increasing the price of gasoline, which will help to increase the demand for natural gas vehicles. By 2025, Volkswagen aims to sell 1 million CNG vehicles and expand the number of CNG filling stations from 900 to 2,000 in Europe, for example. Volkswagen has committed to fueling CNG vehicles with CNG by 2025.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: FUEL DISPENSER MARKET SHARE BY REGION 2021 (%)

Source Secondary Research, Primary Research, MRFR Database and Analyst Review

North America's fuel dispenser market accounts for the second-largest market share. The market growth is attributed to the increase in new vehicle sales, forecasted to reach 16.7 million to 17.1 million vehicles in the United States by 2025, with the growth of CNG stations contributing as well. The CNG filling station near the Port of Savannah in Georgia will be constructed and maintained by 2021 under a joint venture agreement between Chesapeake Utilities Corporation and Atlanta Gas Light (AGL). Further, the U.S. fuel dispenser market held the largest market share, and the Canadian fuel dispenser market was the fastest-growing market in the North American region

The Europe fuel dispenser market is expected to grow at the fastest CAGR from 2022 to 2030. Natural gas is considered the cleanest fuel in Europe, so many vehicles use it. There are 868 CNG stations in Germany, Italy, the Netherlands, Russia, and Ukraine, with 176, 235, and 207 CNG stations, respectively. By 2030, the European Union plans to reduce carbon emissions by 30% using natural gas vehicles. Therefore, USD 179.17 million is being invested in developing CNG stations. Moreover, the German fuel dispenser market held the largest market share, and the UK fuel dispenser market was the fastest-growing market in the Asia-Pacific region

Fuel Dispenser Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the fuel dispenser market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key fuel dispenser market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the fuel dispenser industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies manufacturers adopt in the fuel dispenser industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The fuel dispenser industry has provided medicine with some of the most significant benefits in recent years. The fuel dispenser market major player such as Gilbarco Inc. (US), Dover Fueling Solutions (US), Tatsuno Corporation (Japan), and others are working on expanding the fuel dispenser market demand by investing in research and development activities.

The Gilbarco Inc. company designs and manufactures petroleum retail management systems. Among the products offered by the company are fuel dispensers, point-of-sale systems, tank gauges, payment systems, digital merchandising products, food service ordering and monitoring systems, intelligent device management systems and software, and fleet management systems. In June 2019, an agreement was signed between Gilbarco Veeder-Root and Midco Limited. Midco Limited designs and manufactures fuel dispensers and other equipment related to fuel stations.

Also, a subsidiary of Dover Corporation, As well as ClearView, Fairbanks, OPW Fuel Management Systems, ProGauge, Tokheim, and Wayne Fueling Systems, Dover Fueling Solutions ("DFS") offers advanced fuel dispensing equipment, electronic payment systems, automatic tank gauges, and wet stock management systems to customers throughout the world. In addition to its headquarters in Austin, Texas, DFS has facilities in Brazil, China, India, Italy, Poland, the UK, and the US, where it manufactures and develops technology. In April 2021, for the provision of Shell's site automation with Tokheim Fuel POS, Dover Fuelling Solution (DFS) won a contract. It involves demonstrating the Tokheim Fuel POS point-of-sale system with an easy touchscreen interface that can communicate with dispensers, payments, CCTV, electric vehicle charging, and others.

Key Companies in the Fuel Dispenser market include

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  Gilbarco Inc. (US)

  
  


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  Dover Fueling Solutions (US)

  
  


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  Tatsuno Corporation (Japan)

  
  


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  Bennett Pump Company (US)

  
  


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  Scheidt & Bachmann Tubs d.o.o. (Croatia)

  
  


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  NEOTEC (Greece)

  
  


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  LanFeng Co. Ltd (China)

  
  


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  Piusi SpA (Italy)

  
  


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  Beijing Sanki Petroleum Technology Co. Ltd (China)

  
  


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  Censtar Science & Technology Corp. Ltd (China)

  
  


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  Tominaga Mfg. Co. (Japan)

  
  


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  Korea EnE Co. Ltd (Seoul)

  
  


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  Zhejiang Datian Machine Co. Ltd (China), among others

  
  

Fuel Dispenser Industry Developments

February 2021 With Pyramid Computer GmBH, Scheidt & Bachmann GmBH offers self-checkout solutions at retail fuel sites. This includes the installation of modern kiosks and the improvement of the customer experience by reducing waiting times.

November 2020 The Bennett Pacific dispensers are equipped with EMV-compatible chip cards and NFC technology, which allows Harmons to develop a custom solution for transferring sales information.

Fuel Dispenser Market Segmentation

Fuel Dispenser Product Outlook

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  General Fuel Dispenser

  
  


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  Self-Service Fuel Dispenser

  
  

Fuel Dispenser Type Outlook

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  Submersible

  
  


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  Suction

  
  

Fuel Dispenser Application Outlook

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  Petrol

  
  


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  Diesel

  
  


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  Biofuel

  
  


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  Others

  
  

Fuel Dispenser Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America