Press release
Global Fuel Dispenser Market Size To Grow At A CAGR Of 5.9% In The Forecast Period Of 2022-2027
The key highlights of the report include
Market Overview 2017-2027
• Forecast CAGR (2022-2027): 5.9%
The increasing demand for fuels, accelerated by the thriving automotive industry is driving the market growth for fuel dispensers. The growing sale of passenger and commercial vehicles is guiding the market dynamics.
Meanwhile, the rapid transition from traditional fuels to alternative fuels, in order to reduce carbon emissions, is propelling the demand for compressed natural gas and biofuels. This increase in demand for alternative fuels is in turn escalating the development of fuel dispensers.
The growing expansion of the transportation industry is further supporting the fuel dispenser market. The increasing number of buses and other public transportation vehicles across the emerging economies are accelerating need for easily accessible fuel dispensers. In addition, rising pollution levels are further increasing popularity of CNG or biofuel vehicles for public transportation.
Over the forecast period, the anticipated increase in investments by major fuel producing companies to increase the penetration of hydrogen fuel, are expected to expand the market opportunities.
Fuel Dispenser Industry Definition and Major Segments
A fuel dispenser, also known as a gas pump, is a machine which is installed in fuel stations and used to put various types of fuels, such as gasoline and diesel, among others, into a vehicle. The major components which make up a fuel dispensing system include storage tank, pipeline, and dispenser.
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Based on fuel type, the market can be segmented into:
• Petroleum Fuels
• Compressed Fuels
• Biofuels
• Others
On the basis of dispenser system, the market has been classified into:
• Submersible System
• Suction System
By flow meter, the market has been divided into:
• Mechanical
• Electronics
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Fuel Dispenser Market Trends
The key trends in the global fuel dispenser market include the technological advancements in fuel stations. The increasing penetration of internet of things (IoT) and artificial intelligence in fuel dispensers is reducing the load on humans which is in turn decreasing the cost of station operations. In addition, the favourable digitalisation initiatives by various governments are likely to encourage technologies such as data analytics across the stations. The emergence of smart electronic devices such as mobiles and tablets are leading to the development of fuel applications engaging customers.
In terms of areas, Asia Pacific holds a significant share in the fuel dispenser market, driven by the strong hold of the automotive industry in developing countries like India and China. Favourable policies by governments in the region, such as the Digital India initiative, are further expanding the market opportunities. The high population in the region which is propelling the demand for fuel, is also leading to increased pollution which is leading to a transition towards alternative fuels. This transition is likely to boost-up the development process of fuel dispensers in the coming years.
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Key Market Players
The major players in the fuel dispenser market report are
• Bennett Pump Company
• Censtar Science & Technology Corp., Ltd.
• Dover Corporation
• Fortive Corporation
• Korea EnE Co., Ltd.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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