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Gas Station Equipment Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Gas Station Equipment Market Share
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According to The Business Research Company's, The gas station equipment market size has grown strongly in recent years. It will grow from $6.32 billion in 2023 to $6.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to improve ventilation systems in service areas, government regulations, rising fuel demand, investments in infrastructure development, and rural electrification projects.
The gas station equipment market size is expected to see strong growth in the next few years. It will grow to $8.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to expansion of hydrogen fueling stations, introduction of multi-fuel Dispensers, enhance safety features, expansion of convenience stores, and introduction of eco-friendly equipment. Major trends in the forecast period include shift to electric vehicles charging stations, renewable energy integration, automated fueling systems, contactless payment systems, and smart tank monitoring systems.
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Market Drivers and Trends:
The expansion from the travel and tourism industry is expected to propel the growth of the gas station equipment market going forward. The travel and tourism industry encompasses all activities and services related to the movement of people from one location to another for leisure, business, or other purposes. The expansion of the travel and tourism industry is primarily due to improved global air travel accessibility, growing consumer demand for travel experiences, and supportive government policies. Gas station equipment supports the travel and tourism industry by providing reliable fuel supplies, enhancing customer convenience, ensuring safety, and offering additional services, facilitating smooth and efficient travel experiences for tourists. For instance, in December 2023, according to the Australian Bureau of Statistics, an Australian-based government administration, in 2022-2023, domestic tourism spending surged by $34.9 billion, reaching $124.9 billion, while international tourism saw an increase of $17.7 billion, reaching $23.6 billion in chain volume terms. Therefore, the expansion of the travel and tourism industry is driving the growth of the gas station equipment market.
Major companies operating in the gas station equipment market are developing innovative products with advanced technologies, such as artificial intelligence of things (AIoT), to enhance operational efficiency, improve customer experience, and optimize fuel management systems. Artificial Intelligence of Things (AIoT) enhances gas station equipment by enabling predictive maintenance, optimizing fuel management, improving, and providing data analytics for informed decision-making. For instance, in May 2024, Beijing Sanki Petroleum Technology Co. Ltd, a China-based manufacturing company, unveiled its Skyline AIoT fuel dispenser series at UNITI Expo 2024. The Skyline AIoT series comprises AIoT fuel dispensers with integrated cloud services, advanced connectivity, and versatile payment capabilities. The new Skyline fuel dispenser's main features include vending + fueling combo functionality. It has an Ultra-bright 43-inch industrial-grade touch screen, with AIoT integrated cloud service and AI cloud management capabilities
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Major Key Players of the Market:
Dover Corporation, Gilbarco Inc., Franklin Fueling Systems LLC, MADIC Group, Censtar Science & Technology Corp. Ltd, Scheidt & Bachmann GmbH, Beijing Sanki Petroleum Technology Co. Ltd., Mepsan A.S., Husky Corporation, Syntech Systems Inc., Piusi S.p.A., Bennett Pump Company, Krampitz Tanksystem GmbH, TECALEMIT Inc., Catlow Inc., Tatsuno Corporation, Blue1 Energy Equipment, Lumen Instruments, Zhejiang Datian Machine Co. Ltd., ELAFLEX HIBY GmbH & Co., Peltek India, Shenzhen Kaisai Electric Motor Co. Ltd., Lanfeng Technology Inc., Sanki Technology Co. Ltd., NEOTEC
Gas Station Equipment Market 2024 Key Insights:
• The gas station equipment market size is expected to see strong growth in the next few years. It will grow to $8.63 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Impact of Travel and Tourism Industry on Gas Station Equipment Market
• Advancements In Fuel Management Systems With Cloud Technology
• Asia-Pacific was the largest region in the gas station equipment market in 2023
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