Fuel Management System Market estimated to be worth 707.4 million USD by 2023

(IT-NEWSWIRE.COM, November 25, 2021 ) According to the new market research report "Fuel Management System Market by Offering (Hardware, Software, and Services), Application (Fuel Storage Monitoring, and Access Control & Fuel Dispensing), Industry (Transportation & Logistics, and Oil & Gas), and Geography - Global Forecast to 2023", the fuel management system market is expected to grow from USD 515.9 million in 2018 to USD 707.4 million by 2023, at a CAGR of 6.52% between 2018 and 2023. The growth of this market can be attributed to the high demand for fuel management systems from the transportation and logistics industry for fuel storage monitoring, and access control and fuel dispensing applications.

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Access control and fuel dispensing applications to hold larger share of fuel management system market in 2018

By application, access control and fuel dispensing leads the fuel management system market. High demand for fuel management systems from the transportation and logistics, mining and construction, and oil & gas industries is one of the major factors driving the growth of the market for access control and fuel dispensing applications.

Market for mining and construction industry to grow at high CAGR during forecast period

The fuel management system market for the mining and construction industry is expected to witness the high growth during the forecast period. North America and APAC are the two major regions generating high demand for fuel management systems for mining and construction activities.

North America expected to hold largest share of fuel management system market in 2018

North America is expected to hold the largest share of the fuel management system market in 2018. The US currently accounts for the largest share of the fuel management system market in North America, followed by Canada and Mexico.

APAC is expected to account for the second largest share of the fuel management system market throughout the forecast period. China, Japan, Australia, and India are the key countries contributing to the growth of fuel management system market in APAC.

A few major players operating in the fuel management system market are Dover (US), Franklin Fueling Systems (US), Gilbarco Veeder-Root (US), HID Global (US), Multiforce Systems (US), ESI Total Fuel Management (US), Road Track (Mexico), Triscan Group (UK), PIUSI (Italy), Banlaw (Australia), Fluid Management Technology (Australia), Guduza System Technologies (South Africa), and Technotrade (Ukraine).

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Fuel Management System Market estimated to be worth 707.4 million USD by 2023