The Fuel Management System (FMS) market has been witnessing significant trends and shifts in recent years, reflecting the evolving landscape of the global fuel industry. As organizations increasingly recognize the importance of efficient fuel usage and cost optimization, the demand for advanced fuel management solutions has surged. One major change is that more companies are using cloud systems for managing fuel. This lets them get real information and reports from anywhere without being there in person. Moving to cloud services makes operations clearer and easier. This helps businesses make good choices about fuel use and spending costs related to it.
Also, the use of technology called telematics has become a big thing in the Fuel Management System market. Telematics gives a complete way by mixing GPS tracking, checking how the car is working and fuel watch. This connection not only makes fuel use better, but also helps to manage all vehicles smarter. People who own or run vehicles are now using these combined setups more and more. They check how well their cars work, watch fuel use closely, do regular maintenance to stop potential problems before they happen. This saves money in the long-term on operating costs for them overall.
A major change is the focus on lasting and caring for nature in the area of managing fuel. As the world pays attention to lowering pollution and helping nature, companies want solutions for dealing with fuel that support environmentally friendly habits. This has resulted in creating fuel control systems. These not just keep an eye on how much fuel is being used, but also watch emissions and help use different fuels besides the usual ones. As caring for the environment becomes a big part of doing business, companies are moving towards fuel management systems that help meet environmental targets.
Also, the growth of Internet things (IoT) has spread into the Fuel Management System market. It gives better links and information sharing options. Fuel management systems that use the Internet of Things (IoT) can easily talk to gas equipment, sensors and computer programs. This link lets us see how much fuel is left, sync data instantly and guess trends. Putting the Internet of Things (IoT) into practice makes fuel information more precise. It also helps make decisions before problems happen, cutting down wasted time and making everything work better overall.
Moreover, obeying laws has become a big factor that is shaping trends in the Fuel Management System market. Governments and rules groups all over the world are making strong laws to watch how fuel is used. Systems that control fuel use are very important. They help businesses stick to these rules by offering true reporting and watching abilities. This has made people use Fuel Management Systems more. They are now used by different businesses like transport, moving things around and building stuff where following rules about fuel is very important.
Report Attribute/Metric | Details |
---|---|
Market Opportunities | Introduction of Technologically Advanced Products |
Market Dynamics | Rise in Overall Energy ConsumptionNeed for Reduction In Fuel Loss & Fuelling Disruptions And Enhancement Of Productivity |
Fuel Management System Market Size was valued at USD 1,140.5 million in 2022. The Fuel Management System Market industry is projected to grow from USD 1,242.0 million in 2023 to USD 2,066.9 million by 2030, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2024 - 2030). The primary force behind the growth of the Fuel Management System market worldwide is Rise in Overall Energy Consumption and Need for Reduction In Fuel Loss & Fuelling Disruptions And Enhancement Of Productivity. There has been a sharp increase in energy consumption globally, owing to the improving infrastructure.
There is an ever-growing demand for fuel management systems that provide navigation and positioning, vehicle tracking, real-time fuel management, fuel theft prevention, wastage detection, drain location, and more. Moreover, the increasing adoption of electric vehicles is also anticipated to drive the fuel management systems market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The global energy landscape is undergoing significant changes, driven by the unabated increase in energy consumption needs. With growing populations, expanding economies, urbanization and technological advancements, the demand for energy across various sectors has increased. This increasing needs of energy consumption in various industries have emphasized the importance of efficient management of fuel resources. Fuel management systems offer comprehensive solutions for monitoring, controlling and optimizing fuel consumption in industries, transport, power generation and other energy-intensive sectors. In industries and manufacturing where energy consumption is high, fuel management systems enable accurate monitoring of fuel stocks, consumption patterns and operational efficiency. They help identify areas of fuel waste, improve fuel efficiency and reduce operating costs. In transport and logistics, the need for efficient fuel management is essential. Fuel management systems provide real-time data on fuel consumption, vehicle performance and driver behavior. This information enables fleet managers to optimize routes, reduce fuel consumption and improve overall operational efficiency.
With the growing need for energy consumption, problems arise with the efficient management of fuel resources. Fluctuating fuel prices, supply chain complexity and regulatory compliance requirements present challenges for organizations trying to optimize fuel consumption. In addition, the need to reduce carbon emissions and mitigate environmental impacts requires advanced fuel management strategies. However, these challenges create opportunities for innovation and growth in the fuel management systems market. Companies are developing advanced technologies and solutions to address these challenges, including fuel monitoring sensors, data analytics platforms and integrated fuel management software. These systems enable real-time monitoring, accurate fuel tracking and predictive analytics for optimal fuel use. In addition, the integration of fuel management systems with telematics and Internet of Things (IoT) technologies offers better visibility and control over fuel-related operations. Automation features such as remote fuel monitoring and automatic fuel ordering streamline processes and improve operational efficiency.
Growing energy consumption needs require efficient fuel management systems to optimize fuel consumption, reduce costs and meet environmental goals. The fuel management systems market is witnessing significant growth, driven by the demand for end-to-end fuel monitoring, control and optimization solutions across industries and transportation sectors.
Based on type, the global fuel management systems market is segmented into permanent fuel stations, fuel storage terminals, mobile fuel stations, and payment digitalization (fuel cards and fuel management software). The payment digitalization segment dominated the Fuel Management System Market with a value of USD 234.67 million in 2022; with an expected CAGR of 9.0 % during the forecast period. Fuel storage terminals are midstream in the transportation fuel supply chain and are responsible for storing and distributing fuels to end users. A fuel card is utilized for the fuel payment at the fuel station. It is also utilized to pay vehicle maintenance and other related expenses. Rise in demand for fuel cards due to benefits offered including comprehensive & convenient reporting to the corporate fleets and providing real-time updates to fleet managers/owners & enabling them to track all business-related spendings of their fleet. Fuel cards also offer additional benefits to fleet owners by capturing low-level data and providing detailed reports, including mileage of vehicles, the gallons or liters of fuel filled, and the need for vehicle servicing compared to vanilla purchase cards. A mobile fuel station is a small transportable facility used to refuel vehicles. These portable fuel stations can be moved to any desired location and consume less space, and are less expensive than conventional fuel stations.
February 2022: Chevin launches FleetWave Lite software to simplify fleet management.
September 2021: Dover fueling solutions (dfs) launched its dfs fusion automation server version 3. This model builds on the success of its predecessor but runs on more advanced technology used in many other new dfs products and solutions, such as the dfs anthem ux user experience platform and dfs edge, which is readily enabled for digital transformation for the retail fueling industry through dfs' new connected solutions platform, dfs dx.
Based on fuel type, the global fuel management systems market is segmented into gasoline, diesel, liquefied petroleum gas (LPG), compressed natural gas (CNG), hydrogen vehicles, and others (biodiesel/electric vehicles (EV)). The gasoline segment dominated the Fuel Management System Market with a value of USD 353.78 million in 2022; with an expected CAGR of 9.70% during the forecast period. Gasoline, often known as petrol, is a clear, flammable liquid generated from petroleum primarily used in most spark- ignited internal combustion engines. The rising demand for gasoline across countries, such as the US, India, and China, is anticipated to drive the segment growth. An increase in demand for high-performance, fuel-efficient, and low-emission vehicles is expected to drive the adoption of hydrogen vehicles. In addition, benefits associated with hydrogen vehicles such as zero-emission power, robust reliability, improved efficiency, scalability, and lower operational costs are further propelling the segment growth.
April 2021: Dover fueling solutions ("dfs") launched dx wet stock next-generation fuel management solution, is a part of the dfs dx.
Based on offering, the global fuel management systems (FMS) market is segmented into hardware, software, and services. The hardware segment dominated the Fuel Management System Market with a value of USD 563.12 million in 2022; with expected CAGR of 8.50% during the forecast period. The hardware component of fuel management systems uses telematics systems for sending real-time vehicle information through telecommunication devices. Fuel management systems' benefits include improving fuel efficiency, data accuracy, reducing fleet fuel theft, automating error reports, and ensuring compliance driving the market growth.
March 2021: Dover Fueling Solutions Introduces Petro Vend 300E EMV-Compliant Island Payment Terminal which is the industry's first EMV-compliant island payment terminal for fleets in the United States, offering secure, accurate, and consistent fuel tracking for unattended fueling operations 24 hours a day, 7 days a week.
Based on application, the global fuel management systems market is segmented into fuel retail automation solutions, fuel storage monitoring/wet stock monitoring, convenience store/adjacent retail management solution, digital payment enablers/security, head office applications, loyalty management applications, and secondary fuel supply chain distribution management systems. The fuel retail automation solutions segment dominated the Fuel Management System Market with a value of USD 95.64 million in 2022; with an expected CAGR of 9.30% during the forecast period. Rising demand for easier and convenient traveling coupled with more seamless & homogeneous payment for customers and their mobility chain activities is aiding the market growth. Availability of an easy combination of various payment methods with loyalty management features and established cooperations with oil companies, car manufacturers, public transport companies, energy providers, and car park operators is driving the payment process to the next level and paving the way for the transition of fuel stations to mobility hubs. This transition is positively contributing to the market growth. In addition, rapid developments in the transport infrastructure, rising adoption of fuel management systems across emerging markets such as India and China, and a surge in overall energy consumption have further aggravated the growth of the fuel management system market.
November 2020: Dover fueling solutions has launched the maglink lx 4 consoles. The new maglink lx tank gauge console replaces the previous model and includes several notable modifications and enhancements, including cutting-edge touch and swipe technology.
Based on end use, the global fuel management systems market is segmented into logistics & transportation and oil & gas. The logistics & transportation segment dominated the Fuel Management System Market with a value of USD 747.52 million in 2022; with an expected CAGR of 8.70% during the forecast period. Effective fuel management is critical in freight management for optimizing logistics transportation costs. Proper automation and control systems must be in place to monitor fuel usage & issues, identify parameters contributing to reduced fuel efficiencies, and suggest insights for optimizing them. The growing need for energy management, fluctuating fuel prices, rising usage of fossil-fuel-based vehicles, and the increasing need to reduce wastage of oil & gas resources are focusing attention on efficient monitoring and control of fuel consumption and effective inventory management, which, in turn, leads to a surge in demand for fuel management systems. In addition, the fuel management systems market is growing due to substantial advancements in transportation infrastructure and the escalating demand from the mining, logistics, and construction sectors.
July 2020: Dover Fueling solutions launches ground-breaking DFS anthem UX user experience platform. Consumers will be introduced to a new sort of fueling experience thanks to the anthem UX platform. It's the first of its type, allowing customers to customize their experience while simultaneously giving retailers the tools and data they need to enhance each customer encounter through targeted advertising and incentives, as well as integrating loyalty apps.
Region-wise Fuel Management System Market has been divided into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America held the largest market share of 30.84% in 2022 due to the rising fuel consumption due to increased transportation of goods and equipment, a growing need to curb inflation rates, and rigorous environmental regulations. The National Highway Traffic Safety Administration (NHTSA) and the US Environmental Protection Agency (US EPA) have extended greenhouse gas emissions regulations for commercial vehicles until 2030, requiring manufacturers to develop and market efficiency- improving alternatives. These factors have compelled manufacturers and fleets to enhance over-the-road tractor-trailer efficiency, leading to the demand for efficient fuel management systems across the region.
The Asia-Pacific fuel management systems market is anticipated to grow due to increased investments in fuel consumption meters automating navigation, and rising industrialization & urbanization. In addition, significant growth in the demand for fuel monitoring and controlling systems for restricting unauthorized access to fuel and the high implications of oil taxes boosts the region's market. The rising incidences of excess fuel consumption and increasing CO2 emissions are aiding the adoption of fuel management systems in Europe. According to the data published by Eurocontrol in December 2020, flights in Europe are using on average between 8.6% and 11.2% more fuel than the most fuel-efficient flights, which, in turn, is driving the demand for effective fuel management systems to curb fuel losses
July 2020: Piusi launched FMS B. Smart, a Fuel Management System-focused online portal. B. SMART is a versatile, clear, and simple system that is completely managed on the cloud using a specialised app.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Fuel Management System Market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Fuel Management System Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Fuel Management System industry to benefit clients and expand the Fuel Management System market sector is to manufacture locally to reduce operating costs. The market for Fuel Management System is recognized as being extremely competitive and fragmented. The market for Fuel Management System offers considerable potential opportunities for domestic and unorganised companies. Some of the key players operating in the Fuel Management System Market are Technotrade LLC, Gilbarco Inc., Triscan Group Limited, Piusi SPA, Dover Corporation, Assa Abloy AB, Multiforce Systems, Fluid Management Technology, Franklin Fueling Systems, Banlaw, Chevin Fleet Solutions, Smartflow Technologies, Sokolis Group, Syntech Systems and Fleetx. To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.
Technotrade LLC is a global supplier of measurement and control solutions for the fuel industry. The company offers a range of products and services to help customers effectively manage their fuel operations. Technotrade LLC specializes in providing innovative solutions for fuel management, tank level monitoring and flow measurement. The company's goal is to help customers optimize their fuel operations, improve efficiency and reduce costs. With a focus on advanced technology and reliable products, Technotrade LLC serves a wide range of industries, including oil and gas, transportation, logistics and more. Technotrade offers comprehensive fuel management systems that enable accurate monitoring, control and optimization of fuel consumption. These systems provide real-time data on fuel stocks, consumption patterns and operational efficiency. Technotrade LLC is committed to understanding customer needs and providing customized solutions to meet their specific requirements. The company works closely with clients to provide personalized support, technical expertise and reliable after-sales services. By fostering long-term partnerships with customers, Technotrade aims to be their trusted fuel management solution provider.
Franklin Fueling Systems is a global leader in providing complete fueling systems and solutions for the retail petroleum industry. Franklin Fueling Systems is dedicated to developing innovative and reliable solutions for fuel systems, underground storage tanks and related equipment. The company's products and services are designed to improve fuel efficiency, safety and environmental compliance. With a strong commitment to quality and customer satisfaction, Franklin Fueling Systems has become a trusted name in the industry. Fuel System Components: Franklin Fueling Systems offers a wide variety of fuel system components, including submersible pumps, fuel management systems, dispensers and monitoring equipment. These components are designed to meet industry standards to ensure reliable and efficient refueling operations. Franklin Fueling Systems places a strong emphasis on customer satisfaction and strives to understand the unique needs and challenges of its customers. The company works closely with fuel retailers, distributors and assembly companies to provide customized solutions that meet their specific requirements. Franklin Fueling Systems strives to build long-term relationships by providing high quality products, exceptional service and technical expertise.
In 2022, Dover Fueling Solutions ("DFS"), a part of Dover (NYSE: DOV), which is a leading global provider of advanced customer-focused technologies, services, and solutions in the fuel and convenience retail industry, today announced that it has entered into an agreement with Bottomline, a Dutch provider of software, planning, and transportation services in the oil and gas sector to offer an integrated end-to-end fuel management solution.
The Triscan Group gathers the world's most UK-made fuel systems for sale; moreover, there is FUELlink Systems Ltd., which joined them in March 2022. Being reputable within the market for over ten years as a leader in providing fuel management solutions to its customers, FUELlink has its name known because of quality, trustworthiness and great customer satisfaction levels.
In April 2022, UniGuard, through its GPS Tracking System supplier, came up with a new design for this professional GPS fuel monitoring system.
Gasboy added two more products to PRIME Suite of Fuel Management Solutions – Gasboy Site PRIME and Truck PRIME during 2022. Despite being tailored to suit smaller form factor fleet operations while still maintaining rich features set characteristic for PRIME Product Suite, Site PRIME by Gasboy remains the latest innovative fuel management system from this producer.
Shell plc introduced a business-to-business (B2B) fleet offerings suite designed specifically for the Indian market in 2020. This is intended to minimize operating costs incurred by those operating fleets and using Shell products and services, focusing on the Shell Fuel card, Telematics Services and Fleet Prepaid program.
Dover fueling solutions (dfs) has launched dfs fusion automation server version 3 in September 2021. This builds on the success of its predecessor but is now powered using newer technologies that are part of numerous other new DFS offerings like the DFS Anthem UX user experience platform, and DFS Edge is already set up for digital transformation through one of our new connected solutions platforms known as dfs dx.
North America
Europe
Asia-Pacific
Middle East & Africa
South America
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)