According to a new report published by Allied Market Research titled, “Fuel dispenser Market by Fuel Type, Dispenser System, and Flow Meter: Opportunity Analysis and Industry Forecast, 2020–2027,”. The global fuel dispenser market size was valued at $2.4 billion in 2019, and is projected to reach $3.3 billion by 2027, growing at a CAGR of 5.7% from 2020 to 2027.
Increase in demand for petroleum and CNG products from developing economies and rapid growth of dual fuel or hybrid vehicles drive the growth of the global fuel dispenser market. On the other hand, increase in awareness and stringent government regulations toward vehicle emissions, surge in demand for electric vehicles, and reducing number of fuel stations impede the growth to some extent. However, technological advancements and R&D toward highly efficient fuel dispenser systems are expected to create multiple opportunities in the coming years.
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Based on region, Asia-Pacific generated the highest share in 2019, garnering more than two-fifths of the global fuel dispenser market, and is anticipated to retain its dominance by 2027. The same region would also showcase the fastest CAGR of 5.9% from 2020 to 2027.The other provinces analyzed through the market report include North America, Europe and LAMEA.
Depending on fuel type, the petroleum fuels segment held the highest market share of around 51.3% in 2019, and is expected to maintain its dominance during the forecast period. This is attributed to rise in demand for petroleum fuels such as petrol, diesel, and kerosene from the automotive and transportation industry. In addition, rise in transportation activities, owing to the emerging tourism sector from various economies across the globe is expected to propel demand for petroleum fuels, which, in turn, is projected to drive the fuel dispenser market growth from 2020 to 2027.
On the basis of dispenser system, the submersible dispenser system segment held the largest market share of 76.8% and growth rate of 5.7%, in terms of revenue in 2019, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for submersible fuel dispenser systems, owing to its advantages such as fast fueling, active air elimination, safety & ease of maintenance, simple servicing, and reliability. In addition, initial maintenance and service costs of submersible systems is lower as compared to other systems, which is expected to propel growth of the fuel dispenser market during the forecast period.
On the basis of flow meter, the electronics segment held the largest share, in terms of revenue, and is expected to grow at a CAGR of 5.8%. This is attributed to rise in demand for electronic fuel dispensers, owing to their high accuracy, reliability, and performance as compared to mechanical fuel dispensers. In addition, technological advancements in fuel dispenser technologies such as online payment, printing, digital measurement, and automated fuel dispensing systems are projected to drive growth of the electronics fuel dispenser market during forecast period.
The global fuel dispenser market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include Bennett Pump Company, Korea EnE Co., Ltd., Censtar Science & Technology Corp. Ltd, Beijing SANKI Petroleum Technology Co., Ltd, Scheidt & Bachmann GmbH, Dover Corporation, Zhejiang Lanfeng Machine Co., Ltd, Tatsuno Corporation, Fortive Corporation, and Tominaga Mfg. Company.
Key Findings Of The Study
• In 2019, the petroleum fuel segment accounted for majority of the market share, and is expected to maintain its lead throughout the forecast period.
• In 2019, the submersible dispenser system segment accounted for around 76.8% share in the global fuel dispenser market, and is expected to maintain its dominance throughout the forecast period.
• In 2019, the electronics segment accounted for 84.7%, and is anticipated to grow at a rate of 5.8%, in terms of revenue, increasing its share in the global market.
• Petroleum fuels is the fastest-growing fuel type segment in the Asia-Pacific fuel dispenser market, expected to grow at a CAGR of 5.9% during 2020–2027.
• Asia-Pacific is expected to grow at the fastest rate, registering a CAGR of 5.9%, throughout the forecast period.
• In 2019, Asia-Pacific dominated the global fuel dispenser market with more than 45.7% of the share, in terms of revenue.
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