- These systems are witnessing increased government interest on account of improved fuel tracking, positively impacting taxation.
- Rapid adoption of cloud-based solutions is observed as a recent trend gaining traction in overall fuel management systems market.
- Cloud-based systems are recently introduced in the market and expected to hold highest market share during the forecast period from 2018 to 2026.
Fuel management systems are designed to effectively manage and control utilization of fuel among transportation and construction industries. Fluctuating fuel prices and increasing penetration of fossil fuel vehicles worldwide are expected to set high demand for fuel management systems over the following years. Depleting world oil reserves and strict environmental norms for reducing fuel consumption together introduce huge need for effective fuel management. Fuel management systems are highly demanded from the companies involved in transportation, construction and energy plants to provide accuracy, accountability and security for their fluid assets.
Fuel management systems can tackle notable issues by eliminating conventional error prone manual entries and unauthorized fuel usage. These systems are witnessing increased government interest on account of improved fuel tracking, positively impacting taxation. These systems also eliminate misallocation & theft of the fuel and improves driver’s accountability through effective management of fuel expenses. All these benefits offered by fuel management systems increases its adoption across several industry verticals. Rapid adoption of cloud-based solutions is observed as a recent trend gaining traction in overall fuel management systems market. This increases the market potential for automated fuel management systems on a large scale.
Fuel management systems market is segmented, on the basis of type into card-based, on-site, automated, mobile and total fuel management systems. Cloud-based systems are recently introduced in the market and expected to hold highest market share during the forecast period from 2018 to 2026. Other fuel management systems such as on-site and card based systems includes separate entities such as RFID cards and identification PIN among others. These additional entities introduce a risk of security attacks, thus increases the preference for highly secure and advanced cloud-based fuel management system.
From a geographical standpoint, Asia Pacific is expected to continue its dominance in global market for fuel management systems. Technological advancements coupled with increasing transportation and construction industries are some of the prominent factors influencing market growth in Asia Pacific region. Europe holds the 2nd largest market share for fuel management systems. Government measures such as green car initiative and research initiatives directed to enhance transport services coupled with improving fuel regulations are some of the factors influencing fuel management systems market growth in this region.
Major drivers of fuel management systems market:
- Growing transportation and construction industries
- Need for effective fuel management
- Emergence of technologically advanced solutions
Major challenges of fuel management systems market:
- High initial cost
- Threat of cyber attacks
The global fuel management systems market is segmented on the following basis:
- Card-based Fuel Management Systems
- On-site Fuel Management Systems
- Total Fuel Management Systems
- Automated Fuel Management Systems (Cloud-based)
- Mobile Fuel Management Systems
- Road Transportation
- Air Transportation
- Others (Construction, Power Plants etc.)
- Hardware (RFID Cards, Fuel Cards, Controllers etc.)
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Middle East & Africa (MEA)
- North America
Key players identified in fuel management systems market include but are not limited to:
Omnitracs, LLC, E-Drive Technology Ltd., Veeder-Root Company, Inc., SCI Distribution, LLC, Fluid Management Technology Pty. Ltd., SmartFlow Technologies Ltd., Emerson Electric Co., Guduza System Technologies (Pty) Ltd., Trimble, Inc., Telenav, Inc. and Fleetmatics Group PLC among others.