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Fuel Management Systems Market Size
Fuel Management Systems Market is expected to rapidly grow from 2024 to 2032, driven by increasing energy consumption and transport infrastructure advancements. According to The World Counts data, global energy usage annually hits 580 million terajoules, approximately 13,865 million tons of oil equivalents (mtoe), highlighting the rising fuel demand led by population growth and economic expansion. This surge mandates efficient fuel management to meet demand sustainably across sectors like transportation, manufacturing, and construction, minimizing waste and environmental impact.
Fuel Management Systems Market Trends
A rising digitalization trend is being observed with increasing adoption of digital technologies such as IoT, cloud computing, and mobile applications. These technologies enable real-time monitoring, remote access, and data-driven decision-making, leading to enhanced efficiency and operational visibility. For instance, as per UN data, the EFMS-2 is a fuel tracking system deployed in peacekeeping missions to monitor fuel transfer between equipment. The system requirements encompass Location Setup, Scanner Setup, Equipment and Personnel barcode setup, and User access setup. Additionally, Approver and Requester roles are established for user-requested changes to EFMS2 data. With IoT devices embedded with sensors, businesses can monitor fuel levels and usage patterns in real-time, while cloud computing facilitates remote access to fuel data and centralized data storage. This incorporation of digital technologies for efficient monitoring will shape the fuel management systems industry outlook in the coming years.
Fuel Management Systems Market Analysis
Card-based fuel management systems segment is on account of the record notable traction through 2032, as they use RFID or magnetic stripe cards for secure and accurate fuel transactions, offering convenience and control. By assigning unique fuel cards, businesses can monitor usage, track patterns, and prevent unauthorized access, enhancing security and accountability, particularly valuable for fleet operators and transportation firms.
Oil & gas end-use segment will generate significant revenues for the market till 2032, as oil refineries, drilling sites, and storage facilities require robust fuel monitoring solutions to ensure operational efficiency, safety, and compliance with industry regulations. Fuel management systems enable real-time monitoring of fuel levels, detection of leaks or discrepancies, and management of fuel inventory, contributing to streamlined operations and cost optimization in the oil & gas sector.
Asia Pacific fuel management systems is set to gain traction till 2032, propelled by rapid industrialization, infrastructure development, and urbanization. The burgeoning transportation, logistics, and construction industries in countries such as China, India, and Southeast Asian nations present lucrative opportunities for market players in the region. Moreover, government initiatives promoting fuel efficiency, environmental sustainability, and regulatory compliance further propel the adoption of fuel management systems in the region.
Fuel Management Systems Market Share
Eminent participants operating in fuel management systems industry include Roadtrack, Dover, Triscan Group, Franklin Fueling Systems, HID Global (Assa Abloy), Omnitracs (Solera Holdings), PIUSI, Asset Works (Volaris Group Inc), Gilbarco Veeder-Root ( Vontier, Fortive, Danaher Corporation), Fluid Management Technology, Banlaw, OPW Fuel Management Systems, Multiforce Systems, and Emerson among others. These vendors are leaving no stone unturned to secure a prominent position in the marketplace.
Fuel Management Systems Industry News
In 2022, Dover Fueling Solutions announced partnership with Bottomline to deliver a fuel management system. The alliance would offer customers with one aggregated fuel management solution that can save retailers up to 5% to 10% costs through automated operations.