Multi-fuel Dispenser Market Estimated to Experience a Hike in Growth by 2027
Multi-Fuel Dispenser Market: Introduction
- The term ‘fuel dispenser’ refers to a machine used to pump diesel, CNG, LPG, HCNG, biofuel, ethanol, or petrol into a vehicle at a filling station. A dispenser works on different types of systems including suction systems and submersible systems. In suction systems, a dispenser comprises a suction system and a motor so as to work independently. On the other hand, in submersible systems, the dispenser cannot work independently, as it does not comprise a suction system or a motor.
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- Commercially available fuel dispensers are classified into several types depending on dispensing of fuel, such as single-, dual-, and multi-fuel dispensers. Presently, multi-fuel dispensers are becoming prevalent in the marketplace, as their design allows dispensing of two or three fuels from a single dispenser.
Key Drivers and Restrains of Global Multi-fuel Dispenser Market
- Surge in investments in the automotive industry led by increase in the disposable income, rise in the living standards, and strong economic growth, primarily in Asia Pacific, is a key factor driving the global multi-fuel dispenser market.
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- Shift in trend toward adoption of vehicles powered by natural gas in developing as well as developed countries in order to minimize the impact of climate change caused by vehicle emissions is anticipated to propel the global multi-fuel dispenser market during the forecast period. For instance, sales of vehicles powered by natural gas in Italy accounted for 80% of the total sales of such vehicles in Europe in 2017.
- Surge in the capital expenditure on production of shale gas, exploration of new oil and gas reserves, and technological innovations in the design of fuel dispensers are projected to drive the global multi-fuel dispenser market during the forecast period. However, increase in the adoption of electric vehicles is anticipated to hamper the global multi-fuel dispenser market during the forecast period.
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Diesel Segment to Hold a Major Share of Global Market
- The global multi-fuel dispenser market can be segmented based on fuel and product
- In terms of product, the global multi-fuel dispenser market can be divided into general fuel dispenser and self-service dispenser. General fuel dispenser is one of the most extensively used multi-fuel dispensers. These are conventional types of dispensers used at filling stations. These dispensers are operated by attendants.
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- Based on fuel, the global multi-fuel dispenser market can be divided into petrol (gasoline), diesel, compressed natural gas (CNG), and others. The diesel segment is anticipated to witness considerable growth during the forecast period, due to increase in the vehicle fleet count led by rapid urbanization and strong economic growth. The CNG segment is also anticipated to witness strong growth during the forecast period, due to the lower cost of CNG compared to petrol and diesel.
North America Multi-fuel Dispenser Market to Expand Rapidly
- In terms of region, the global multi-fuel dispenser market can be divided into Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The multi-fuel dispenser market in North America is anticipated to expand at a significant pace during the forecast period. This growth can be attributed to increasing investments in the exploration and production of shale gas in the region.
- The multi-fuel dispenser market in Europe is projected to witness significant growth during the forecast period, due to increase in the adoption of natural-gas-powered vehicles in the region. For instance, as per Natural Gas & Bio Gas Vehicle Association, in Europe, more than 1.4 million natural gas vehicles (NGVs) were running on roads in 2018 and these vehicles were supported by 214 liquefied natural gas (LNG) filling stations and 3,665 compressed natural gas (CNG) filling stations.
- The multi-fuel dispenser market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period. This growth can be attributed to increase in sales of vehicles led by growing population and increasing per capita disposable income, predominantly in developing economies in the region such as India.
- The multi-fuel dispenser market in Latin America and Middle East & Africa is projected to expand at a rapid pace during the forecast period, due to increase in investments in the exploration of hydrocarbon reserves to meet the demand for petroleum products, primarily from the automobile sector in these regions.
Key Players Operating in Global Market
Leading companies operating in the global multi-fuel dispenser market are:
- Gilbarco Veeder Root
- Censtar Science and Technology Co., Ltd
- Wayne Fueling Systems LLC.
- LAFON TECHNOLOGIES
- XL Techniques
- BENNETT PUMP COMPANY