Fuel Management Systems (FMS) Market to Record an Exponential CAGR by 2025
Some
of the prominent participants in the global fuel management systems
(FMS) market are 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.
Read
Report Overview @
A
report by Transparency Market Research finds that the market will
expand at a tepid pace in the years to come. The report forecasts the
market 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.
Depending
upon application, the global fuel management systems market can be
segmented into fuel consumption, efficiency level, fleet management,
viscosity control, etc. Depending upon geography, again, the global
fuel management systems market (FMS) can be divided into North
America, Latin America, Europe, Asia Pacific, and the Middle East and
Africa.
Asia
Pacific currently leads the market on the back of soaring energy
consumption in nations of South Korea, India, Indonesia, and China
which are seeing rapid industrialization and urbanization. This has
led to the proliferation of trucks, railway locomotives, and buses,
which in turn has driven up demand in the market. Railways are least
polluting mode of transport and it is one of the biggest reasons for
growth in this sector and technological advancements like the
advanced fuel management systems for locomotives.
Need
for Effective Usage of Fuel Drives Market
At
the forefront of driving growth in the global fuel management systems
market is the urgency to check fuel pilferage and bring transparency
in fuel consumption. This is because fuel accounts for most of the
operating cost in transportation. “Higher or fluctuating prices of
fuel oil and stringent regulations pertaining to environment have
necessitated efficient management of fuel. Thus, monitoring,
controlling, and reporting of fuel consumption is of key importance
along with the management of fleet in order to control the total
operating cost of a vessel,” explains the lead analyst of the TMR
report.
Railways
and waterways are relatively inexpensive modes for transport of
goods, cargo, and passenger. Operational cost is about 45% less as
compared to roadways and about 70% less than air transportation. By
waterways, a large bulk can be transported in one go. Demand for
merchant vessels is thus high for movement and transportation of
goods, cargo, and oil and gas. All these coupled with the increasing
regional, national, and international trades is fuelling the global
fuel management systems (FMS) market.
Request
to view Sample Report:
Emergence
of Technologically Advanced Solutions Drive Demand
A
noticeable trend in the market is the push towards online fuel
management and emergence of technologically advanced solutions that
have benefitted demand. “Digitalization is expected to be a big
driver of change in the commercial vehicle fleet market. Telematics
systems in commercial vehicles will become standard in the global
markets. IT and software solutions will closely integrate
transporters into the systems of the industry value chain. Connected
devices allow dynamic route optimization and ensure better capacity
utilization. Systems for monitoring an individual’s driving style
and wear on components save fuel, protect materials, and increases
transportation fleet’s useful life,” adds the lead analyst of the
report.
About
Us
Transparency
Market Research (TMR) is a global market intelligence company
providing business information reports and services. The company’s
exclusive blend of quantitative forecasting and trend analysis
provides forward-looking insight for thousands of decision makers.
TMR’s experienced team of analysts, researchers, and consultants
use proprietary data sources and various tools and techniques to
gather and analyze information.
TMR’s
data repository is continuously updated and revised by a team of
research experts so that it always reflects the latest trends and
information. With extensive research and analysis capabilities,
Transparency Market Research employs rigorous primary and secondary
research techniques to develop distinctive data sets and research
material for business reports.
Contact
Transparency
Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States
Tel:
+1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: http://www.transparencymarketresearch.com
Comments
Post a Comment