Fuel Dispenser Market 2019 World Analysis and Forecast to 2023
Posted by Rishikesh Kurane on June 7th, 2019
The intensification of automobile usage globally has increased the demand for fuel. Thus, the need for optimum fuel dispensing solutions is boosting the market for fuel dispensers. The global fuel dispenser market is projected to record a 5.52% CAGR throughout the forecast period from 2018 to 2023. Meanwhile, the market is projected to gross returns worth USD 2,407.2 million in the forecast period. Increasing vehicular travel is also creating an impetus for the expansion of the fuel dispensers’ market. The swift adoption of natural gas vehicles and the growing consumption of petroleum products in emerging economies is anticipated to motivate the market for fuel dispenser.
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The growth in demand for NGVs combined with increasing government initiatives is controlling the major automotive OEMs to boost their focus on NGV design and manufacturing. Many countries have also started adopting initiatives to grow the implementation of green transportation possibilities such as NGVs. The rise in demand for fuel dispensers is reinforced by the damaging effects of vehicle emissions on the environment, and increasing prices of gasoline are driving the demand for natural gas vehicles (NGVs). The surging sales of vehicles in developing economies such as India is motivating the expansion of the fuel dispenser market in the coming years. The upsurge in demand for petroleum-based products is anticipated to rise steadily in the forecast period which will create positive opportunities for growth for fuel dispensers globally. Additionally, direct and indirect government stimulus such as pioneering policies and trade liberalization programs in various regions is forecasted to stimulate the demand in the fuel dispenser market in the forecast period. The equipping of fuel dispensers with EMV is expected to provide the global fuel dispenser market with lucrative development prospects in the forecast period.
The market is anticipated to be limited by the sharp decline in the number of fuel stations which is attributed to the growing real estate prices, reducing profit margins, intensifying sales of electric vehicles, and the opening of new mobile fuel delivery systems. Similarly, government initiatives that promote the adoption of eco-friendly vehicles such as electric vehicles are also anticipated to restrict the fuel dispenser market in the forecast period.
The segmentation of the fuel dispenser market globally is carried out on the basis of product, type, application, and region. Based on type, the fuel dispenser market is segmented into submersible and suction. The submersible segment is projected to exhibit a CAGR of 6.29% in the period of the forecast from 2018 to 2023. The segmentation of the fuel dispenser market on the basis of product includes general fuel dispensers and self-service fuel dispensers. The general fuel dispenser market is projected to head the segment at a CAGR of 7.08% in the forecast period. The regions considered in the fuel dispenser market globally are Europe, North America, Asia Pacific, and Rest of the World. On the basis of application, the fuel dispenser market globally is segmented into petrol, diesel, biofuel, and others. The diesel segment is projected to display the fastest CAGR of 5.78% in the forecast period.
The regional analysis of the fuel dispensers market globally consists of regions such as Europe, North America, Asia Pacific, and Rest of the World. The North American region was attributed with the primary market share of 52.41% in 2017, and a market worth of USD 918.4 million, and is projected to advance at a CAGR of 5.57% through the forecast period. The North American region is anticipated to be the principal market for fuel dispensers during the forecast period owing to the surge in the level of disposable income and a rising passenger vehicle fleet in the region. Also, the demand for fuel dispensers is estimated to rise in the North American region as the foremost manufacturers are enhancing their market stake in the region. The European region was the subsequent regional market in 2017, and was evaluated at USD 369.5 million in 2017; though it is anticipated to observe a CAGR of 5.61% in the forecast period. The European region is likely to be at an advantage due to the speedily growing demand for fuel dispensers in the automotive industry countries such as France, Germany and the UK which are expected to lift the market’s progress throughout the forecast period. Though, the Asia Pacific region is estimated to observe a top CAGR of 5.79% in the period of the forecast. The key factor for this growth can be accredited to the urbanization taking place in the Asia Pacific region which has led to an augmented demand for passenger vehicles recently. The thriving automotive industry in nations such as Japan, China, and India are considered as the chief drivers for the growth of the fuel dispenser market in the Asia Pacific region.
Some of the notable contenders operating in the fuel dispenser market are Beijing Sanki Petroleum Technology Co, Ltd (China), Dover Fueling Solutions (US), Tatsuno Corporation (Japan), Bennett Pump Company (US), NEOTEC (Greece), Scheidt & Bachmann Tubs d.o.o. (Croatia), Censtar Science & Technology Corp., Ltd (China), LanFeng Co., Ltd (China), Piusi SpA (Italy), Gilbarco Inc. (US), Tominaga Mfg Co. (Japan), Korea EnE Co., Ltd (Seoul), and Zhejiang Datian Machine Co Ltd (China).
Elevated competition, swift changes in technology, and unified solutions by industry participants are the crucial factors that are impacting the market progress. The competition between vendors is based on product quality, cost, and reliability. The competition in the market is also offering cost-effective and greater technology to thrive in the competitive market atmosphere. However, the competitive outlook in the market is expected to deepen further owing to the growing number of partnerships and collaborations in the fuel dispensers’ market.
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About the AuthorRishikesh Kurane
Joined: May 4th, 2018
Articles Posted: 1,128
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