Fuel Management System Market Size, Trends and Growth Analysis by 2027

The global market for fuel management systems is projected to expand significantly, increasing from US$ 1,084.64 million in 2021 to US$ 2,089.56 million by 2028. This growth represents a compound annual growth rate (CAGR) of 9.82% from 2021 through 2028.

Innovative technologies, particularly the Internet of Things (IoT) and artificial intelligence (AI), are set to play a crucial role in driving demand and creating new opportunities within fuel management systems. Ongoing research and development initiatives are paving the way for advanced fuel management solutions that provide significant advantages to end users. AI, for instance, can enhance the accuracy of fuel stock measurements and tracking through automated tank monitoring systems. Consequently, the market for fuel management systems is anticipated to benefit from the strategic application of AI technologies, which will help manage the supply-demand balance effectively, ensuring competitive fuel pricing and minimizing environmental impacts globally during the forecast period.

Moreover, telematics systems offer functionalities that extend beyond mere vehicle tracking, contributing positively to fuel management. These systems not only monitor vehicle movements and predict fuel consumption but also provide insights into fuel efficiency metrics for individual drivers, specific vehicles, segments of the fleet, or the entire fleet. Such data can be instrumental in identifying trends and highlighting areas for potential efficiency improvements. Additionally, monitoring fuel purchases ensures that drivers are refueling only as necessary, preventing excessive purchases during non-peak hours, overfilling tanks, or refueling outside designated zones.

The COVID-19 pandemic had a notable impact on the growth trajectory of the global fuel management system market in 2020, leading to a decline in revenue and growth for companies within this sector due to disruptions in supply and demand across the value chain. This resulted in a year-on-year decrease in growth rates during that year. However, with the rapid rollout of vaccinations, the implementation of COVID-19 safety measures, and the easing of restrictions, production capabilities across various industries are expected to improve, positively influencing the fuel management system market. This recovery is anticipated to stabilize the growth of the fuel management system market throughout the forecast period.

Several prominent companies are active in the fuel management system market, including Chevin Fleet Solutions, OPW Fuel Management Systems, Franklin Fueling Systems, Gilbarco Inc., Piusi S.p.a., Multiforce Systems Corporation, Navig8, Orpak Systems Ltd., Banlaw, and Syntech Systems, Inc.. The report also includes secondary research on additional companies that hold a significant share of the market.

The overall size of the fuel management system market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data relevant to the market. This approach also aims to provide a comprehensive overview and forecast of the fuel management system market across all segments and regions. Furthermore, numerous primary interviews have been conducted with industry stakeholders and experts to validate the findings and gain deeper analytical insights into the subject matter. Participants in this process include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the fuel management system sector.