Fuel Dispenser Market To Gain Momentum Sharply In The Prevailing COVID -19 Crisis
A closer look at the economic turmoil of Fuel Dispenser Market, with a focus on the recent COVID-19 pandemic disruptions.
In its research report, Market Research Future (MRFR), asserts that the global Covid-19 Analysis on Fuel Dispenser market 2020 is expected to grow exponentially, securing a substantial market valuation of USD 2.6 Billion by 2025 and a healthy 5.40% CAGR over the review period.
Drivers and Restraints
Given the rapid adoption of natural gas vehicles and the increased consumption of petroleum products in emerging economies, the global Covid-19 Analysis on Fuel Dispenser market is growing. Nevertheless, demand growth can be hindered by the can number of fuel stations and growing electric vehicle sales. Increasing understanding of the adverse environmental effects of vehicle pollution and increasing fuel prices are driving demand for natural gas vehicles (NGVs) as they minimize carbon monoxide pollution by more than 80 percent compared to fuel-powered vehicles. The increased usage of NGVs is therefore expected to boost demand for fuel dispensers over the forecast period. All the same, vehicle production and sales are growing around the globe. The number of fuel stations, however, has been steeply declining. This can be due to lower profit margins, higher real estate costs, increasing electric vehicle sales, and the launch of new mobile fuel distribution systems. In addition, the use of fuel dispensers is restricted to cars and NGVs powered by gasoline. Consequently, rising electric vehicle sales are projected to reduce the market for fuel dispensers during the forecast period.
The global Covid-19 Analysis on Fuel Dispenser market has been analyzed based on the application, type, product, and region.
The global Covid-19 Analysis on Fuel Dispenser market, based on the product, has been bifurcated into general fuel dispenser and self-service fuel dispenser. Among these, the global market was dominated by the general fuel dispenser segment in 2018, and is anticipated to lead over the forecast period.
On the basis of type, the market has been bifurcated into submersible and suction. Among these products, the submersible segment has assessed as the largest market share, followed by suction.
On the basis of application, the global Covid-19 Analysis on Fuel Dispenser market has been divided into biofuel, diesel, petrol, and others. In 2018, the petrol segment led the market and estimated to be dominant during the forecast period.
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The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
On the global Covid-19 Analysis on Fuel Dispenser market, Asia-Pacific is expected to experience significant growth. Urbanization has led to increased demand for passenger vehicles in the Asia-Pacific region. The booming automotive industry in Japan, China, and India is the principal driver of growth in the region's Covid-19 Analysis on Fuel Dispenser market. China is the primary fuel dispensing market in Asia-Pacific. In the automotive and transportation industries, demand for fuel dispensers is growing. In the last five years, the automotive and transportation industries have seen tremendous growth, with new vehicle registrations growing. The Covid-19 Analysis on Fuel Dispenser market in China is fuelled due to the presence of significant players including Censter Science & Technology Corp., Ltd and Zhejiang Datian Machine Co., Ltd, among others.
The Middle East & Africa and Latin America form the rest of the world. The entry of new players in this area, as well as the expansion of existing players' distribution networks, results in the increased installation of fuel dispenser kiosks. In the Middle East & Africa, growing investments by major oil & gas companies such as Schlumberger and Shell in the downstream oil & gas industry in the area have produced opportunities for manufacturers of fuel dispensers.
The key market players operating in the global market as identified by MRFR are Gilbarco Inc. (US), Korea EnE Co., Ltd (Seoul), Tatsuno Corporation (Japan), Dover Fueling Solutions (US), and Scheidt & Bachmann Tubs d.o.o. (Croatia), Bennett Pump Company (US), LanFeng Co., Ltd (China), NEOTEC (Greece), Piusi SpA (Italy), Censtar Science & Technology Corp., Ltd (China), Beijing Sanki Petroleum Technology Co., Ltd (China), Tominaga Mfg Co. (Japan), and Zhejiang Datian Machine Co., Ltd (China).