A few major players operating in the fuel management system market are Dover (US), Franklin Fueling Systems (US),

North America is expected to hold the largest share of the fuel management system market in 2018. The US currently accounts for the largest share of the fuel management system market in North America, followed by Canada and Mexico.

APAC is expected to account for the second largest share of the fuel management system market throughout the forecast period. China, Japan, Australia, and India are the key countries contributing to the growth of fuel management system market in APAC.
Access control and fuel dispensing applications to hold larger share of fuel management system market in 2018

By application, access control and fuel dispensing leads the fuel management system market. High demand for fuel management systems from the transportation and logistics, mining and construction, and oil & gas industries is one of the major factors driving the growth of the market for access control and fuel dispensing applications.

Market for mining and construction industry to grow at high CAGR during forecast period

The fuel management system market for the mining and construction industry is expected to witness the high growth during the forecast period. North America and APAC are the two major regions generating high demand for fuel management systems for mining and construction activities.

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The fuel management system market is expected to be valued at USD 515.9 million in 2018 and is likely to reach USD 707.4 million by 2023, at a CAGR of 6.52% during the forecast period. Growing demand for fuel management systems from the transportation and logistics industry is one of the major factors driving the growth of the market. Moreover, increasing demand for fuel management systems from APAC and launch of technologically advanced products by fuel management systems manufacturers worldwide are expected to considerably boost the growth of the market in the coming years.

In this report, the fuel management system market has been segmented by offering, application, industry, and geography. Among all offerings, hardware is expected to hold the largest share of the market throughout the forecast period. This can be attributed to the high costs of hardware components compared with software and services in the fuel management system market.

Among the two major applications of fuel management systems, access control and fuel dispensing applications accounted for a larger share of the overall market. The ability of fuel management systems to reduce loss or misuse of fuel and eliminate chances of fueling errors is one of the major factors leading to the rise in demand for fuel management systems for these applications.

The fuel management system market for the mining and construction industry is expected to witness a significant growth during the forecast period. Increasing demand for fuel management systems for use in mining and construction activities in APAC is one of the key factors accelerating the growth of the market for this industry.

North America accounted for the largest share of the overall fuel management system market in 2017, and the market in this region is expected to witness a significant growth during the forecast period. High adoption of fuel management systems in the US has led to the dominant position (in terms of share) of North America.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
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MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

This release was published on openPR.