The increasing urbanization across the world has been the motive power for the significant growth of the global fuel dispenser market over the past few years. The rising need for various types of fuels, such as petrol, diesel, and CNG, thanks to the growing demand for vehicles, fueled by the rising disposable income of consumers and the change in their living standard, acts as another important growth driver for this market. Over the coming years, the boom in the shale gas industry, new discoveries in oil, gas and other fuels, and the technological advancements in fuel dispensers are likely to propel this market substantially.
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In 2015, the global market for fuel dispensers stood at US$1.83 bn. Progressing at a CAGR of 2.40% between 2016 and 2024, the market’s opportunity is likely to touch US$2.26 bn by the end of 2024. In terms of shipment volume, the worldwide market is estimated to cross 295,521 units over the same time period.
Asia Pacific to Carry on as Market Leader
Europe, North America, Latin America, the Middle East and Africa, Asia Pacific are considered as the key regional markets for fuel dispensers across the world. In 2015, Asia Pacific accounted for a share of more than 45% in the overall market, acquiring the lead. The increasing urbanization, together with infrastructural developments are the key drivers behind the rise of the market for fuel dispensers in this region.
China has been the leading domestic market in Asia Pacific, being a prominent producer as well as consumer of fuel dispensers in the world. The rising population and the increasing trend of owning a vehicle have been boosting the demand for fuel dispensers in China. Over the coming years, India and the ASEAN countries are projected to provide lucrative growth opportunities to the manufacturers of fuel dispensers in Asia Pacific, leading to a notable rise in this regional market. Europe, North America, and other regions are also anticipated to exhibit a steady rise in their respective fuel dispenser market in the years to come.
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Demand for Electronic Flow Meter to Increase Remarkably
The two main types of flow meters available in the global fuel dispenser market are mechanical flow meter and electronic flow meter. The demand for electronic flow meter has been higher than the mechanical one, thanks to its accuracy, stability, and reliability. Analysts expect this demand to increase exponentially at a CAGR of 2.50% between 2016 and 2024, ensuring the dominance of electronic flow meters on this market in the near future.
Even in terms of volume, electronic flow meters have a greater share in this market, which is likely to remain high over the forthcoming years, expanding at a CAGR of 2.0% from 2016 to 2024.
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