Key Highlights of Fuel Dispenser Market
- The global fuel dispenser market is expected to exhibit growth on similar lines. The market stood at US$2.01 bn. It is expected to progress at a notable CAGR of 2.80% to touch US$2.57 bn by 2027 end.
- The growth shouldn’t be surprising to many as rising urbanization across the world, and growth of CNG vehicles apart from large hordes of petrol, and diesel vehicles are witnessing an expansion in new regions. The growing affluence in new regions like Asia Pacific, and Middle East & Africa will drive more growth during 2018-2026 period. Moreover, technological advancements in fuel dispenser technology are expected to drive more lucrative prospects in the near future.
Key Drivers of Global Fuel Dispenser Market
- While demand for oil in conventional economy continues to rise, the electric vehicles future is likely to take sometime after 2040. IEA estimates predict that the by 2040, 50% of cars will be electric. This will include most urban buses, and, the aviation and shipping sector also continue to accelerate move towards biofuels. Today the aviation and shipping sector consumes over 2 million oil barrels of biofuels. Among this worrying trend about long-term, the petrochemical promise a much brighter future for the fuel dispenser market. According to IEA estimates, the demand for oil as a feedstock will double to 3 mb per day by 2040. This trend takes into account rising rate of plastics which is a challenge for the growth.
- Furthermore, low-carbon hydrogen is witnessing a major surge in interest as it promises more versatility in applications. These include heating, transport, or conversion to electricity. The hydrogen similar to conventional fuels can also be dispensed using traditional dispenser within 3-5 minutes to vehicles. The current challenge in the production of low-carbon hydrogen is its production costs, which stands at USD$12-25 per million British thermal units (MBTu). On the other hand, the cost for natural gas stands at $3-10/MBTu. However, the applications of low-carbon hydrogen can be hard to ignore. It promises a sustainable renewable-based electricity by providing a long term storage option, and dispatchable units. IEA predicts that scenario with scaling up of hydrogen in future, and infrastructure used for natural gas transportation will drive down costs to open new venues for growth
Asia Pacific Countries to Lead Global Fuel Dispenser Market
- Asia Pacific the global fuel dispenser market in 2018 due to growing demand for car & light commercial vehicle across the region. The infrastructural developments along with increasing urbanization, are also some of the key drivers behind the rise of the market for fuel dispensers in this region.
Major Developments in Global Fuel Dispenser Market
- In April 2019, Dover Fueling Solutions (“DFS”), a part of Dover Corporation introduced Tokheim Quantium™ 510M fuel dispenser series. This model offers an excellent cost option and ensures that customers have a much wider choice when it comes to modernizing their forecourts
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Competition Landscape of Global Fuel Dispenser Market
- Some of the leading players in the global fuel dispenser market are
- Zhejiang Lanfeng Machine Co. Ltd.
- Wayne Fueling Systems LLC
- Tominaga Mfg. Co.
- Tokheim Group S.A.S
- Tatsuno Corp.
- Scheidt & Bachmann GmbH
- Piusi S.p.A.
- Korea EnE Co. Ltd.
- Gilbarco Inc.
- Bennett Pump Co.
- Beijing Sanki Petroleum Technology Co. Ltd.
- Market players adopt various strategies such as mergers & acquisitions, investments in new petrol pump, and technological innovations in order to boost their share in the global fuel dispenser market