The global demand for Fuel Dispenser market in terms of revenue was estimated to be USD 2.14 Billion in and is expected to reach USD 3.66 Billion by 2027, growing at a CAGR of 5.5% from 2021 to 2027. The global Fuel Dispenser market is expected to grow at a significant growth rate due to the number of driving factors. ncreasing Number of National and International Activities are anticipated to drive growth Fuel Dispenser Market.
Fuel dispensers ensure easy access to diverse kinds of fuels. They are installed at different locations for fuel pumping into storage tanks, vehicles, or portable containers. They ensure the pumping of a precise amount of fuel in the tank. The fuel dispenser construction and design depend on various factors such as size of the facility, fuel type, grade, and others. It also helps to deliver required amount of fuel and simultaneously calculates the price of fuel. The fuel dispensers consist of several components such as nozzle, meter, sensor, and others.
Increasing Adoption of Dual Fuel or Multi-Fuel Vehicles are the Major Factors Drive the Growth of Global Fuel Dispenser Market
The major factors driving the growth of fuel dispenser market is the rising adoption of Dual Fuel or Multi-Fuel Vehicles which in turn created the demand for Fuel Dispensers. Furthermore, technological advancements in fuel dispensers led to the introduction of technologically progressive fuel dispensers and expected to augment the market growth. Advanced fuel dispensers also helps in attending more vehicles at a time for pumping fuel. It includes a scanner, customer identification keypad, video screen, barcoding, and magnetic card terminal to offer additional dependable and precise metering and refueling. In addition, key players are progressively coming up with improved and advanced products such as customizable dispensers of fuel to improve customer experience. Hence, technologically advanced dispensers are set to drive market growth during the projected time frame.
However, the rising prices of petroleum derived fuel and rising inclination towards natural gas along with the increasing demand for electric vehicles are expected to hamper the market growth. On the other hand, introduction of new products to the market along with innovative technology as well as rising demand for biofuel is expected to create ample opportunities in the fuel dispenser market over the forecast period.
Asia Pacific is expected to Dominate the Global Fuel Dispenser Market
Asia Pacific is expected to develop at a significant rate owing to the increase in automotive industry in the region. This development is attributed to the growing request for natural gas vehicles (NGVs) in this region. Also, emerging economies, such as India and China are focused on the environment to prevent the harmful effects of vehicle emissions. This would also support the demand for fuel dispensers in this province.
North America, on the other hand, is set to continue in the second position in terms of revenue assisted by the rising sale of new vehicles. Also, the increasing number of CNG stations would initiate the demand for fuel dispensers in this region in the upcoming future. Lastly, the European Union is planning to invest around USD 179.17 million to progress new CNG stations in the region.
The COVID-19 pandemic led to several ups and downs in the global economy which has affected all the industries all around the globe. The spread of covid-19 led to government-imposed lockdown and stringent laws to prevent the spread of coronavirus which has affected the import and exports activities on a global level. This has also affected the supply and demand for fuel from other countries which is expected to negatively affect the fuel dispenser market.
This market is segmented based on product, type and application. On the basis of product, it is split into General fuel dispenser and self-service fuel dispenser. Based on type it is classified into Submersible and Suction, whereas based on application it is separated into Petrol, Diesel and Biofuel.
