Fuel Dispenser Market to Reach USD 2.97 Billion by 2027; Increasing Import & Export Activities Worldwide to Bolster Growth: Fortune Business…

Pune, Nov. 09, 2020 (GLOBE NEWSWIRE) -- The global fuel dispenser market is set to gain traction from the rising number of international and domestic transportation activities. Also, the increasing import and export activities worldwide are set to affect growth positively. This information is published by Fortune Business Insights in a new report, titled, Fuel Dispenser Market Size, Share & COVID-19 Impact Analysis, By Fuel Type (Petrol/Gasoline, Diesel, CNG, and Others), By Dispenser System (Submersible System and Suction System), By Flow Meter (Mechanical and Electronic), and Regional Forecast, 2020-2027. The report further states that the market size was USD 2.54 billion in 2019 and is projected to reach USD 2.97 billion by 2027, exhibiting a CAGR of 5.7% during the forecast period.

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COVID-19 Pandemic to Impact Growth Backed by Declining Demand for Natural Gas

The COVID-19 pandemic is taking a toll on the oil and gas industry across the globe. These products are extensively used in power generation plants and transportation sectors. But, shutdown of businesses, stringent lockdown measures, and reduction in domestic and international travels are declining the demand for natural gas from these industries. Our elaborate research reports would help you in getting a clear picture of the current scenario.

This Report Answers the Following Questions:

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Drivers & Restraints-

Rising Demand for Dual Fuel or Multi-Fuel Vehicles to Aid Growth

Nowadays, the adoption of dual fuel or multi-fuel vehicles is increasing across the globe because of their possession of several beneficial properties. They are capable of lowering emissions in the atmosphere and enhancing the thermal efficiencies of internal combustion engines. They can also operate interchangeably on natural gas with a 100% diesel fuel. This factor is set to accelerate the fuel dispenser market growth in the forthcoming years. However, the number of awareness programs to educate people about the harmful effects of conventional fuel vehicles on the environment may hamper the demand for these dispensers.

Segment-

Petrol/Gasoline Segment to Hold 34.8% Share and Dominate Market

Based on fuel type, the petrol/gasoline segment generated 34.8% in terms of fuel dispenser market share in 2019. It would retain its dominant position throughout the forthcoming years stoked by the increasing demand for these dispensers from commercial and residential sectors.

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Regional Analysis-

Rising Demand for Natural Gas Vehicles to Spur Growth in Asia Pacific

Geographically, in 2019, Asia Pacific earned USD 1.05 billion in terms of revenue. This growth is attributable to the increasing demand for natural gas vehicles (NGVs) in this region. Also, developing economies, such as India and China are focusing on preventing the environment from the adverse effects of vehicle emissions. This would also bolster the demand for fuel dispensers in this region.

North America, on the other hand, is set to remain in the second position in terms of revenue backed by the rising sale of new vehicles. Besides, the increasing number of CNG stations would propel the demand for fuel dispensers in this region in the near future. Lastly, the European Union is planning to invest around USD 179.17 million to develop new CNG stations in the region.

Competitive Landscape-

Key Players Focus on Partnership Strategy to Co-develop New Products

The market is consolidated because of the possession of robust distribution networks and enhanced product portfolios of top companies. Some of them are engaging in the partnership strategy to co-create new fuel dispensers. The others are focusing on rolling out new mobile pumps to cater to the growing demand for fuel dispensers. Below are the two latest industry developments:

A list of all the renowned fuel dispenser providers operating in the global market:

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Fuel Dispenser Market to Reach USD 2.97 Billion by 2027; Increasing Import & Export Activities Worldwide to Bolster Growth: Fortune Business...