Increase in demand for petroleum and CNG products from developing economies and rapid growth of dual fuel or hybrid vehicles drive the growth of the global fuel dispenser market. Based on fuel type, the petroleum fuels segment held the major share in 2019. Based on region, on the other hand, the market across Asia-Pacific would remain lucrative by 2027.
Portland, OR, March 11, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fuel dispenser market was estimated at $2.4 billion in 2019 and is expected to hit $3.3 billion by 2027, registering a CAGR of 5.7% from 2020 to 2027. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends.
Increase in demand for petroleum and CNG products from developing economies and rapid growth of dual fuel or hybrid vehicles drive the growth of the global fuel dispenser market. On the other hand, increase in awareness and stringent government regulations toward vehicle emissions, surge in demand for electric vehicles, and reducing number of fuel stations impede the growth to some extent. However, technological advancements and R&D toward highly efficient fuel dispenser systems are expected to create multiple opportunities in the coming years.
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Covid-19 scenario-
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The temporary ban on transportation and the import & export activities, during the first phase of the lockdown, led to disrupted supply chain. The demand for fuel also experienced a sharp decline. These factors impacted the global fuel dispenser market negatively.
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However, the government bodies in several countries are now coming out easy on the restrictions for commercial benefits and it’s anticipated that the industry would recuperate soon in terms of revenue.
The global fuel dispenser market is analyzed across fuel type, dispenser system, flow meter, and region. Based on fuel type, the petroleum fuels segment contributed to more than half of the total market revenue in 2019, and is anticipated to lead the trail by 2027. The biofuels segment, on the other hand, would manifest the fastest CAGR of 6.2% from 2020 to 2027.
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Based on dispenser system, the submersible system accounted for more than three-fourths of the total market share in 2019, and is projected to rule the roost by the end of 2027. The same segment would also register the fastest CAGR of 5.7% during the forecast period.
Based on region, Asia-Pacific generated the highest share in 2019, garnering more than two-fifths of the global market, and is anticipated to retain its dominance by 2027. The same region would also showcase the fastest CAGR of 5.9% from 2020 to 2027.The other provinces analyzed through the market report include North America, Europe and LAMEA.
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The key market players analyzed in the global fuel dispenser market report include Bennett Pump Company, Scheidt & Bachmann GmbH, and Dover Corporation. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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