Fuel Dispenser Market Size, Share & Growth | Forecast 2031

Report Description

Fuel Dispenser Market Outlook 2031

The global fuel dispenser market size was USD 2.80 Billion in 2022 and is likely to reach USD 4 Billion by 2031, expanding at a CAGR of 5.75% during 2023–2031. The market growth is attributed to the increasing investments in building CNG stations and rising usage of cost-effective alternative fuels.

High usage of cost-effective alternative fuel in the automotive industry, which is projected to drive the market. The automotive industry is increasing, due to the high usage of alternative fuel in automotive for fuel efficiency, cost-effectiveness, and emission control.

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High demand for LPG and CNG is rising in developing countries, due to the lower cost of both fuels than the volatility of petroleum product prices. Thus, in turn, is likely to increase the demand for the automotive industry in the market.

• In May 2022, Dover Fueling Solutions (DFS) launched two brand-new fuel dispenser models in the Wayne Helix and Wayne Century fuel dispenser series. The new releases include the Wayne Helix 6000 II fuel dispenser models and Wayne Century 3 fuel dispenser models.

The market report finds that the COVID-19 pandemic hindered the fuel dispenser market, due to the implementation of strict lockdown by governments worldwide. During the pandemic, import and export stopped, due to the lockdown and social distancing, which hampered the market.

Decline in transportation, domestic and international travel, business closures, and lockdown measures hampered the demand for natural gas and consumer behavior of the oil & gas industry in the market.

Fuel Dispenser Market Dynamics

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Major Drivers

High adoption of dual and multi-fuel vehicles is expected to boost the fuel dispenser market during the forecast period. Dual-fuel systems offer improved efficiency and reduced emissions as compared to single-fuel systems. By using natural gas as the primary fuel, these systems produce low levels of emissions and have a small carbon footprint.

Growing need to establish fuel sources other than petroleum for transportation, heating, and other uses has increased the development of multifuel technology for non-military use as well, leading to many flexible-fuel vehicle designs in the recent decades.

Existing Restraints

Rising adoption of electric vehicles (EVs) is anticipated to hamper the fuel dispenser market. The production of electric vehicles is increasing, which reduces the demand for petroleum-based or other traditional fuel dispensers.

Governments are focusing on adopting and investing in EVs, owing to the increasing pollution levels and diminishing fossil fuel supplies, which hampers the market.

Emerging Opportunities

Increasing technological advancements are expected to create lucrative opportunities for the market players. Technological advancements such as digital measurement, online payment, printing, and automated fuel dispensing systems.

Several governments are focusing on achieving carbon-free emissions and the deployment of CNG stations, which is boosting the market in the coming years.

• In September 2022, Gilbarco Veeder-Root launched novel premium features for the Encore 700S series: the 6-Grade Select option and the 15.6 touchscreen. These are designed to provide convenience store operators with improved flexibility and an enhanced customer experience.

Scope of Fuel Dispenser Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have been included in the report.

Fuel Dispenser Market Segment Insights

Fuel Type Segment Analysis

Based on fuel type, the fuel dispenser market is divided into diesel, compressed hydrogen, petrol/gasoline, CNG, and others. The petrol/gasoline segment is expected to expand at a significant pace during the projection period, due to the increasing demand for energy in the industrial and commercial applications.

Petrol is a type of fuel that is used in gasoline engines. It is a lighter and less viscous fuel than diesel and is typically used in smaller vehicles such as cars and motorcycles.

The diesel segment is anticipated to hold a key share of the market in the coming years, owing to its wide applications such as power generators, mechanical engines, locomotives, automobiles, construction equipment, and others. Diesel is used in diesel engines. It is heavier and more viscous fuel than gasoline and is typically used in large vehicles such as trucks, buses, and trains.

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Flow Meter Segment Analysis

In terms of flow meter, the global market is segregated into electronic and mechanical. The electronic segment is projected to register a considerable CAGR during the forecast period, owing to the higher stability, accuracy, and reliability than mechanical flow meters.

Several companies are developing technologies in fuel dispensers such as digital measurement, online payment, and automated fuel dispensing systems, which is expected to boost the market. The segment growth is attributed to the increasing number of fueling stations, which increases the need for gasoline in transportation.

Dispenser System Segment Analysis

On the basis of dispenser system, the fuel dispenser market is segmented into suction systems and submersible systems. The submersible system segment is expected to register a robust growth rate during the forecast period, due to the low maintenance, installation, and service costs.

A submersible system is a device that has a submerged motor near the pump body. It delivers fluid from over or below-ground gasoline storage tanks to the dispenser system, efficiently refueling vehicles. The segment growth is attributed to the increasing demand for submersible systems due to their advantages such as active air elimination, straightforward servicing, quick refiling, and dependability.

The suction systems segment is anticipated to account for a major share of the market in the coming years. These systems are more efficient than submersible systems, owing to their high suction and dispensing capabilities.

The suction system is a type of motor fuel-pumping system that works by sucking fuel from a storage tank into a dispenser located on a pump island. The dispenser contains a pumping unit that generates suction, creating a vacuum that draws the fuel from the storage tank through the piping and into the vehicle tank.

Regional Analysis

In terms of region, the global fuel dispenser market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the global market during the projection period, owing to the availability of manufacturing facilities, an increasing number of key players, and consumers.

Emerging countries such as India, China, and other developing nations, are taking measures to reduce the harmful impact of vehicle emissions on the environment and increasing the cost of gasoline, which increase the demand for natural gas vehicles (NGVs).

The market in North America is anticipated to expand at a rapid pace in the coming years, due to the increasing sale of new vehicles and a large number of compressed natural gas (CNG). Several companies are focusing on developing technologies and collaborations, which help gas stations, which, in turn, are likely to boost the market in the region.

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