Global Fuel Management Systems (FMS) Market Register a Lackluster 4.3% CAGR and to Become Worth US$9.95 bn by 2025
A latest research report titled as “Fuel
Management Systems (FMS) Market
- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 -
2025” has been
recently added to the vast portfolio of Market Research Reports
Search Engine (MRRSE) online research offerings.
This report is a professional and in-depth analysis on the present state and
future prospect for the global market. It provides valuable information to the
industry insiders, potential entrants or investors. It includes an exhaustive
enquiry with the reliability of logic and the comprehensiveness of contents.
There are many factors
serving to drive the global fuel management systems market. The need to check
fuel pilferage and bring transparency in fuel consumption are some of them.
This is because fuel accounts for most of the operating cost in transportation.
An
effective fuel management system (FMS) helps to tackle challenges posed by
higher or fluctuating prices of oil used as fuel and also difficulties cropping
from stringent regulations pertaining to environment by effective management of
fuel. It does so by monitoring, controlling, and reporting fuel consumption.
This unique perceived benefit has driven up the demand for fuel management
system (FMS).
A report by Market Research Reports Search Engine (MRRSE) projects the global market for to register a lackluster 4.3% CAGR during the period between 2017 and 2025 to become worth US$9.95 bn by 2025 from US$6.85 bn in 2016.
A report by Market Research Reports Search Engine (MRRSE) projects the global market for to register a lackluster 4.3% CAGR during the period between 2017 and 2025 to become worth US$9.95 bn by 2025 from US$6.85 bn in 2016.
Railways Primarily Drive Demand in Market
Depending upon
end-use, the market can be divided into railway, road, marine, and aircraft. Of
them, the segment of marine transportation accounts for most of the demand in
the market. Railways are least polluting mode of transport and it is one of the
biggest reasons for growth in this sector. Besides, emergence of
technologically advanced fuel management systems for locomotives is also
providing a boost to the market.
The different types of
processing deployed in the market are measuring, monitoring, and controlling,
among others. Measuring, for example, includes bunker delivery note (BDN) which
is the amount of fuel bunkered, tank sounding, which is a system for
measurement of the amount of fuel inside the tank, and fuel flow meters, which
measures fuel supplied to engines, generators, and boilers. Controlling FMS
systems are specific, automated devices/equipment installed in the fleet, which
maintain desired specifications at all times of their operations. Controlling
helps tackle the rising cost of fuel, as it reports and controls the fuel
consumption and increases the operational efficiency.
Based on application,
the global fuel management system (FMS) market can be segmented into fuel
consumption, efficiency level, fleet management, viscosity control, and others.
From a geographical
standpoint, Asia Pacific dominates the global fuel management systems (FMS)
market with maximum share. The region is also expected to outpace all others in
terms of growth rate by registering a CAGR of 4.6% in the forecast period and
thereby grow its dominant share to 41.8% by 2025. This is because of the rapid
industrialization and urbanization leading to considerable investment in
navigation automation, fuel management systems, dynamic positioning of vessels,
ballast water management, fuel consumption meters, and density and viscosity
meters.
Europe trails Asia
Pacific in terms of market share in the global fuel management systems (FMS)
market. Since most countries in Europe are connected well with railways and
roadways, demand for new fuel management systems and upgrade of existing
systems is expected to be high. The market in North America is a mature one and
is predicted to see lacklustre growth as the region mostly complies with the
new regulations and standards for environment protection. Two important
developments benefitting the market in the region is cross fleet
standardization for bigger units that carry commodities, cargo, and oil and gas
products and fuel theft detection, which is rampant in the region.
Omnitracs, LLC,
E-Drive Technology, The Veeder-Root Company, ESI Total Fuel Management, SCI
Distribution, LLC, Fluid Management Technology Pty Ltd., SmartFlow
Technologies, Emerson, Guduza System Technologies, Fleetmatics Group PLC,
Telenav, Inc., TomTom International BV, and Trimble Inc. are to name a few key
players in the global fuel management systems (FMS) market.
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