Fuel Dispenser Market is valued at USD 2.63 Billion in 2021 and expected to reach USD 3.8 Billion by 2028 with a CAGR of 5.4% over the forecast period.
Fuel dispensers ensure easy access to diverse kinds of fuels. They are installed at different locations for fuel pumping into storage tanks, vehicles, or portable containers. They ensure the pumping of a precise amount of fuel in the tank.
The fuel dispenser construction and design depend on various factors such as size of the facility, fuel type, grade, and others. It also helps to deliver required amount of fuel and simultaneously calculates the price of fuel. The fuel dispensers consist of several components such as nozzle, meter, sensor, and others.
Some of the key players for global fuel dispenser market are
The global dispenser system market was dominated by the submersible segment, due to its advantages such as fast fueling, active air elimination, safety & ease of maintenance, simple servicing, and reliability. Furthermore, the lower initial maintenance and service costs associated with submersible systems compared to other systems is expected to drive market growth over the forecast period.
The biofuel segment is expected to register the highest growth. This is attributed to the increasing awareness regarding the use of biofuels in order to reduce carbon emissions from the transportation sector. In addition, support from governments of various countries in the form of subsidies and tax incentives for the production and usage of biofuels is projected to further drive the segment growth.
The electronics segment held the largest market share of the fuel dispenser market, due to the increasing demand for electronic fuel dispensers. These are favored for their high accuracy, reliability, and performance, compared to mechanical fuel dispensers. Moreover, technological developments such as online payment, printing, digital measurement, and automated fuel dispensing systems are likely to drive the growth of the electronics fuel dispenser market in the forecast period.
Asia Pacific is expected to develop at a significant rate owing to the increase in automotive industry in the region. This development is attributed to the growing request for natural gas vehicles (NGVs) in this region. Also, emerging economies, such as India and China are focused on the environment to prevent the harmful effects of vehicle emissions. This would also support the demand for fuel dispensers in this province.
North America, on the other hand, is set to continue in the second position in terms of revenue assisted by the rising sale of new vehicles. Also, the increasing number of CNG stations would initiate the demand for fuel dispensers in this region in the upcoming future. Lastly, the European Union is planning to invest around USD 179.17 million to progress new CNG stations in the region.
The COVID-19 pandemic led to several ups and downs in the global economy which has affected all the industries all around the globe. The spread of covid-19 led to government-imposed lockdown and stringent laws to prevent the spread of coronavirus which has affected the import and exports activities on a global level. This has also affected the supply and demand for fuel from other countries which is expected to negatively affect the fuel dispenser market.
The major factors driving the growth of fuel dispenser market is the rising adoption of dual fuel or multi-fuel vehicles which in turn created the demand for fuel dispensers. Furthermore, technological advancements in fuel dispensers led to the introduction of technologically progressive fuel dispensers and expected to augment the market growth.
Advanced fuel dispensers also help in attending more vehicles at a time for pumping fuel. It includes a scanner, customer identification keypad, video screen, barcoding, and magnetic card terminal to offer additional dependable and precise metering and refueling. In addition, key players are progressively coming up with improved and advanced products such as customizable dispensers of fuel to improve customer experience. Hence, technologically advanced dispensers are set to drive market growth during the projected time frame.
However, the rising prices of petroleum derived fuel and rising inclination towards natural gas along with the increasing demand for electric vehicles are expected to hamper the market growth. On the other hand, introduction of new products to the market along with innovative technology as well as rising demand for biofuel is expected to create ample opportunities in the fuel dispenser market over the forecast period.
Furthermore, the adoption of automated and smart technologies, such as automated tank gauging systems and smart pumps, is likely to reduce the need for manual intervention and consequently, improve the efficiency of fuel dispensers. Additionally, the surge in the demand for automated fuel dispensers is expected to drive the adoption of cloud platforms, embedded electronic dispensing systems, and many more digital technologies, to enable a seamless consumer experience.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 2.63 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 3.8 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Gilbarco Inc., Dover Fueling Solutions, Tatsuno Corporation, & Bachmann Tubs d.o.o., Korea EnE Co., Ltd, and Zhejiang Datian Machine Co., Ltd, NEOTEC, LanFeng Co., Ltd, Piusi SpA, Beijing Sanki Petroleum Technology Co., Ltd, Censtar Science & Technology Corp., Ltd, Tominaga Mfg Co, Bennett Pump Company, Dover Corporation, Fortive Corporation, Scheidt & Bachmann GmbH, Tominaga Mfg, others.|
|Segments Covered||By Type, By Application, By Product|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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