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Robotic Refueling System Global Market Estimated to Surge at a CAGR of 52.1% to Reach $2.20 Billion By 2028 | ABB Ltd., Neste Oyj, Fanuc Corporation, KUKA AG, Stäubli Ltd.
Robotic Refueling System Global Market
The robotic refueling system market size is expected to see exponential growth in the next few years. It will grow to $2.20 billion in 2028 at a compound annual growth rate (CAGR) of 52.1%. The growth in the forecast period can be attributed to rise in the production of oil and gas, rising need for enhanced security, increasing demand for minimum-cost operations in mining, rising adoption of autonomous haulage trucks, rapid surge in globalization and industrialization. Major trends in the forecast period include adoption of autonomous technology, product innovations, increasing number of strategic collaborations, technological advancements, incorporation of innovations and modifications in existing products by robotic manufacturers.
Market Overview -
Robotic refueling systems refer to automated systems that refuel vehicles or machinery without human interaction, primarily used in industries where efficiency, safety, and precision are critical. This system comprises robotic arms equipped with specialized tools, sensors, and software algorithms to precisely locate and connect fuel nozzles to vehicles or machinery for proper fueling procedures.
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Impact Of Oil And Gas Production Growth On The Robotic Refueling System Market
The increase in oil and gas production is expected to propel the growth of the robotic refueling system market going forward. Oil and gas refer to hydrocarbons, naturally occurring substances in rocks in the earth's crust. The increase in oil and gas production is driven by technological innovation, market forces, geopolitical dynamics, and regulatory frameworks that shape the global energy landscape. Robotic refueling systems help minimize downtime by streamlining the refueling process, ultimately enhancing overall productivity in oil and gas production. For instance, according to the Energy Information Administration (EIA), a principal agency of the U.S. Federal Statistical System, in 2023, crude oil production in the United States was an average of 12.4 million barrels per day (b/d) and is forecast to increase to 12.8 million b/d in 2024. Therefore, the rise in oil and gas production is driving the growth of the robotic refueling system market.
Competitive Landscape -
Major companies operating in the robotic refueling system market are The Boeing Company, Airbus S.A.S, ABB Ltd., Neste Oyj, Fanuc Corporation, KUKA AG, Stäubli Ltd., Plug Power Inc., Scott Technology Ltd., Shaw Development LLC, Husky Corporation, Balyo SA, Imenco AS, Gazpromneft-Aero, Orbit Fab Inc., Aerobotix Inc., Tatsuno Corporation, Stratom Inc., Rotec Engineering B.V., Mine Energy Solutions Pty Ltd., Fuelmatics AB, Autofuel AB, Green Fueling Inc., Wilder Systems Inc, Simon Group Holding
Innovative Solutions In The Robotic Refueling System Market
Major companies operating in the robotic refueling system market are focused on developing autonomous refueling systems such as RAPID to better serve customers with advanced features. RAPID is an autonomous refueling system that enables vehicles or aircraft to refuel without human intervention. For instance, in August 2022, Stratom Inc., a US-based manufacturer of autonomous robotic systems, launched RAPID, an autonomous system for refueling, recharging, and liquid transfer in challenging environments. RAPID is designed for both autonomous and human-operated scenarios. It enables remote operation from a safe distance and eliminates the need for vehicle operators to exit their vehicles during refueling, enhancing efficiency and safety.
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Key Segments -
The robotic refueling system market covered in this report is segmented -
1) By Component: Hardware, Software
2) By Fuel Pumped: Gasoline, Natural Gas, Petrochemicals, Other Fuels Pumped
3) By Payload-Carrying Capacity: Up To 50 Kg, 50.01-100.00 Kg, 100.01-150.00 Kg
4) By End User: Automotive, Aerospace, Construction, Marine And Shipping, Mining, Military And Defense, Oil And Gas, Warehouse And Logistics, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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