LONDON--(EON: Enhanced Online News)--Technavio market research analysts forecast the global fuel dispenser market to grow at a CAGR of over 5% during the forecast period, according to their latest report.
“Manufacturers are introducing many advanced fuel dispensers in the market, which are replacing old fuel dispensers. New fuel dispensers have an interactive video screen, scanner, customer identification keypad, bar coding, and magnetic card terminal”
The market study covers the present scenario and growth prospects of the global fuel dispenser market for 2017-2021. The report also lists submersible fuel dispensers and suction fuel dispensers as the two main types of fuel dispensers of which the submersible segment accounted for over 78% of the market in 2016.
“Manufacturers are introducing many advanced fuel dispensers in the market, which are replacing old fuel dispensers. New fuel dispensers have an interactive video screen, scanner, customer identification keypad, bar coding, and magnetic card terminal,” says Sarah Haque, a lead research analyst at Technavio.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global fuel dispenser market:
- Increase in the number of gas stations
- Increasing inbound and outbound tourism
- Increased national and international transportation
Increase in the number of gas stations
The increasing disposable income in various regions has led to an increase in the manufacture of cars, trucks, and other vehicles globally. In Asia, the purchase of new vehicles increased by 21% in 2015 compared with 2014. The increase in the number of vehicles has increased the consumption of fuel. This has led to an increase in the number of fuel stations globally. Additionally, the demand for alternate fuels like CNG, hydrogen, and others has increased. There has also been an increase in demand for vehicles using CNG or hydrogen. Hence, the number of special fuel stations with CNG or gas dispensing machines installed is increasing globally, which augurs well for the growth of the fuel dispenser market.
Increasing inbound and outbound tourism
Globally, there has been a significant growth in the travel and tourism industry due to an increase in disposable incomes and easy accessibility to tourist destinations. Increased tourism has led to an increase in demand for more transportation services globally. This has, in turn, led to an increase in demand for fuel and thus, fuel stations. The increase in fuel stations will result in an increase in the demand for fuel dispensing pumps.
Increased national and international transportation
The global logistics market is expected to grow at a rapid rate during the forecast period, mainly driven by an increase in import and export activities. Companies in various major countries, including the US, the UK, Germany, and China, are outsourcing their manufacturing units to countries where lower costs are incurred. These countries have also recorded an increase in domestic consumption and are driving the demand in the market.
The increase in demand is the result of economic growth and globalization, which require manufacturers to import and export their raw materials and finished goods worldwide. This mandates efficient road freight, rail freight, sea freight, and other such means of transportation, which will, in turn, lead to the demand for fuel stations and fuel dispensers.
“The resurgence of the global economy has resulted in increased trade volumes between countries, which will lead to an increase in demand for fuel and hence fuel dispensers,” says Sarah.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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