Fuel Management System Market Size, Growth & Forecasts to 2028

Fuel Management System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware and Software), Function (Delivery and Storage), and End-User (Mining, Construction and Ports, Transportation and Logistics, Oil and Gas, and Others)

Publication Month: Nov 2021 | Report Code: TIPRE00003172 | No. of Pages: No. of Pages139 | Category: Technology, Media and Telecommunications | Status: Published

The fuel management system market is expected to grow from US$ 1,084.64 million in 2021 to US$ 2,089.56 million by 2028; it is estimated to grow at a CAGR of 9.82% from 2021 to 2028.

A fuel management system is a technology-based solution that tracks and controls fuel use while providing real-time visibility into all elements of the fleet. The increasing use of telematics software and technology, including radio-frequency identification and programmable logic controllers, to enable fleet operators to target the whole fleet management lifecycle is the major reason driving the expansion of the fuel management system market.

The expansion of the fuel management system market is driven by the increased need for better fuel management to improve productivity and efficiency across various industry sectors. Furthermore, the rapid growth of e-commerce platforms to provide the best consumer experience has driven the supply and logistics industries to embrace sophisticated IoT technologies. Ford Commercial Solutions announced Ford TelematicsTM in June 2020, a web-based software platform and subscription service that includes GPS tracking and geofencing, and fuel monitor consumption.


Strategic Insights

Report CoverageDetails
Market Size Value inUS$ 1,084.64 million in 2021
Market Size Value byUS$ 2,089.56 million by 2028
Growth rateCAGR of 9.82% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages139
No. of Tables71
No. of Charts & Figures79
Historical data availableYes
Segments coveredComponent, Function, and End-User
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Fuel management systems are used to keep track of and regulate the volume of fuel used by a fleet. They precisely measure and track gasoline stockpiles, as well as how fuel is supplied. This data is then saved on systems and reported to the management through online portals. As a result, numerous industry vertical stakeholders benefit from enhanced fuel economy and reduced fuel waste. It aids in tracking vehicle maintenance and driver routes data, which may be used to make cost-effective decisions such as creating more efficient driving routes and encouraging better driving behavior, both of which enhance fuel efficiency. These systems can also gather data on drivers filling up their vehicles, build fleet lists, generate reports, manage stocks, keep track of transactions storage, and maintain data tables. Based on these responses, organizations are making data-driven decisions to enhance business operations. Taking advantage of this, several firms have entered the market and are now providing end-to-end solutions for various industrial verticals.

Impact of COVID-19 Pandemic on Fuel Management System Market

North America is known for having the highest rate of advanced technology adoption due to favorable government policies that foster innovation and enhance infrastructural abilities. As a result, every factor affecting the region's industrial performance obstructs its economic development. The US has become the world's worst-affected country due to the COVID-19 outbreak, causing governments to impose various limitations on industrial, commercial, and public activities in the country to contain the disease's spread. Despite the stoppage of activity in a number of industries, the closure of major manufacturing units, and people’s reluctance about joining the work floors, governments of several countries in North America have maintained their spending levels. Hence, the COVID-19 pandemic had a minimal impact on the fuel management system market.

Lucrative Regions for Fuel Management System Market

 

Lucrative Regions for Fuel Management System Market

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Market Insight

Increasing Cases of Fuel Theft

Theft of fuel is a major problem in the industry. Due to the global increase in gasoline prices, possible damages and losses in terms of theft and other malpractices have been observed over the period. Hence, standard processes and effective solutions such as anti-siphoning smart devices and fuel monitoring software need to be implemented to combat gasoline theft. To meet this need, various companies have developed automatic fuel monitoring systems to close the gap. For instance, Aeris partnered with Omnicomm to provide fuel monitoring systems in India in February 2020. The strategic partnership targets fuel theft in various businesses, including construction and locomotives. These platform releases are critical for firms such as the food and pharmaceutical sectors, working relentlessly to avoid inconsistencies. Similarly, Fuel Me launched a cloud-based fuel purchase and roadside help app for commercial transportation and construction industries by offering various roadside assistance services, including the complete fuel procurement process. These advances are necessary for the industry to improve safety, visibility, and sustainability, which, in turn, fuel the growth of the fuel management system market.

Component Segment Insights

Based on component, the fuel management system market is segmented into hardware, software, and controllers. Delphi Technologies, a propulsion technology solution and service provider, introduced a new aftermarket fuel management program in Europe in June 2020. Innovative aftermarket solutions for managing fuel modules, pumps, and other fuel module design, such as electronic and hydro-mechanical diagnostic tools, are part of the new fuel management program. In March 2021, Shell Fleet Solutions UK announced a new fuel card management software for UK limited company owners to manage fuel operational difficulties.

Fuel Management System Market, by Component (% Share)

Fuel Management System Market, by Component (% Share)

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Function Segment Insights

Based on function, the fuel management system market is bifurcated into delivery and storage. Fuel distribution from production plants to gas stations has long been a challenge. Maintaining proper pressure and a high level of safety are important conditions for transportation. As a result, the demand for a dependable fuel distribution system has always been greater. In reference to this, a number of companies have indicated interest in the possibilities. FuelSwift, for instance, is a customizable solution from Peerbits that offers up a slew of fuel business opportunities for both gasoline delivery aggregators and fuel station owners. Fuel Swift also has a fuel meter that can be synced with the app. This fuel meter keeps track of the total volume of gasoline used. As a result, solutions like these have made fuel delivery more convenient and secure.

End-User Segment Insights

Based on the end-user, the global fuel management system market is segmented into mining, construction and ports, transportation and logistics, oil and gas, and others. The transportation sector makes substantial use of fleet and fuel management technologies, particularly to enhance fuel economy. For decades, the transportation business has functioned in secrecy, resulting in a variety of operational inefficiencies and malpractices. The use of software for truck or vehicle fuel management systems provided much-needed transparency to the overall transportation management system. Furthermore, automation has been a key selling point for fuel management software on the market. In addition, the introduction of fifth generation telematics-based fuel management systems allow fleet managers to continually analyze fuel consumption patterns and make targeted efficiency improvements, resulting in the market expansion.

The market players focus on new product innovations and developments by integrating advanced technologies and features to compete with the competitors. In July 2021, Franklin Fuel System’s EVO 550 or EVO 5000 has been upgraded to the most recent advancement in Automatic Tank Gauging. The kits include everything the client needs, including a new control module processor that allows the ATG to reboot in seconds after firmware updates.

Fuel Management System Market – by Component

  • Hardware
  • Software

Fuel Management System Market – by Function

  • Delivery
  • Storage

Fuel Management System Market – by End- User

  • Mining
  • Construction and Ports
  • Transportation and Logistics
  • Oil and Gas
  • Others

Fuel Management System Market – by Region

  • North America
    • Mexico
    • Rest of North America
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Switzerland
    • Romania
    • Rest of Europe
  • Asia Pacific (APAC)
    • India
    • Rest of APAC
  • Middle East & Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America (SAM)
    • Brazil
    • Rest of SAM

Fuel Management System Market – Company Profiles

  • Chevin Fleet Solutions
  • Franklin Fueling Systems                 
  • Gilbarco Inc.          
  • Multiforce Systems Corporation                  
  • Navig8     
  • Piusi S.p.A.             
  • OPW Fuel Management Systems               
  • Orpak Systems Ltd.           
  • Banlaw   
  • Syntech Systems, Inc.

Frequently Asked Questions

Fuel management systems are used to keep track of and regulate the volume of fuel used by a fleet. They precisely measure and track gasoline stockpiles, as well as how fuel is supplied. This data is then saved on systems and reported to the management through online portals. As a result, numerous industry vertical stakeholders benefit from enhanced fuel economy and reduced fuel waste. It aids in tracking vehicle maintenance and driver routes data, which may be used to make cost-effective decisions such as creating more efficient driving routes and encouraging better driving behavior, both of which enhance fuel efficiency. These systems can also gather data on drivers filling up their vehicles, build fleet lists, generate reports, manage stocks, keep track of transactions storage, and maintain data tables. Based on these responses, organizations are making data-driven decisions to enhance business operations, thereby bolstering the growth of the Fuel Management Systems market.
In fuel management systems, introducing cutting-edge technologies, such as the Internet of Things (IoT) and artificial intelligence (AI), will enhance demand and develop possibilities. The continued research and development efforts are assisting in developing sophisticated fuel management systems that benefit end users. Artificial intelligence can aid in properly measuring and tracking fuel stocks through an automated tank monitoring system. As a result, the fuel management system market is expected to be driven by the effective use of AI solutions to control the supply–demand gap and ensure the lowest fuel prices and environmental impact across the globe during the forecast period, thereby boosting the demand for Fuel Management Systems.
Based on function, the Fuel Management System Market is segmented as into delivery and storage. The Fuel Management System market was dominated by the delivery segment in 2020.
North America dominated the fuel management system market in 2020 with a share of 36.61% and is expected to continue its dominance by accounting for 32.90% share by 2028. Europe is the second-largest contributor to the global fuel management system market in 2020, followed by APAC.
The major companies in Fuel Management System market are The Triscan Group, OPW Fuel Management Systems, Franklin Fueling Systems, Technotrade, Piusi S.p.a., Guduza System Technologies, Royal Dutch Shell, Petroliam Nasional Berhad, Wayne Fueling Systems LLC, Banlaw, and Orpak Systems Ltd.
The major end users in Fuel Management System includes mining, construction and ports, transportation and logistics, oil and gas, and others. In terms of market share, the market was dominated by the transportation and logistics segment in 2020.

The List of Companies - Fuel Management System Market

  1. Chevin Fleet Solutions
  2. Franklin Fueling Systems                 
  3. Gilbarco Inc.          
  4. Multiforce Systems Corporation                  
  5. Navig8     
  6. Piusi S.p.A.             
  7. OPW Fuel Management Systems               
  8. Orpak Systems Ltd.           
  9. Banlaw   
  10. Syntech Systems, Inc.
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global fuel management system market
  • Highlights key business priorities in order to assist companies to realign their business strategies
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  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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