LONDON, Nov. 28, 2016 /PRNewswire/ -- The Asia Pacific fuel dispenser market is projected to reach USD 1.39 billion by 2024, according to a new report by Grand View Research, Inc. The demand for fuel dispenser in Asia Pacific is expected to grow significantly over the forecast period, primarily driven by the increasing demand for vehicles in the region. The developing economies in the region, including China and India, accounted for over 75% of the total market in 2015. The growing demand in China owing to the growing consumer spending capacity as well as robust automotive sales is expected to have a positive impact on the industry growth.
The constant movement of the rural population to urban areas in India is expected to create a need for infrastructural development. The growing disposable incomes of the consumers is expected to drive the demand for vehicles in the country. As a result, the demand for fueling stations and dispensing systems is expected to grow over the next eight years.
The positive gross domestic product (GDP) and steady growth in the consumer standards of living is expected to augment the demand for oil & gas and related products, which in turn is expected to aid the industry growth in Asia Pacific. The threat of new entrants is low owing to the presence of established manufacturers in the region.
High capital requirements, coupled with the need for advanced technologies, may restrict the entry of new industry players. Furthermore, the dispensing systems are utilized to distribute fuel to the general population. It is highly flammable and hazardous to the human health and the environment, owing to which several associations have set standards for the manufacturing of dispenser systems.
Further key findings from the report suggest:
Submersible systems accounted for over 80% of the total market in 2015. Low installation and maintenance costs of this technology are expected to drive the demand in the region. Increasing penetration of the technology in China and India is expected to aid industry growth over the forecast period.
The demand for dispensing systems for CNG vehicles is expected to witness substantial growth, at a CAGR of over 4% from 2016 to 2024 owing to its affordable price and superior mileage as compared to petrol powered vehicles. Furthermore, growing government support in promoting CNG owing to its environmental benefits is expected to drive growth over the projected period.
China is the largest manufacturer and consumer of fuel dispenser in the region with over 45% of the total market share in 2015. Growing demand for petrol and CNG dispensing systems is expected to drive the industry over the next eight years. Rapid automotive industry growth is also expected to aid industry demand in the country.
Key players include Gilbarco Inc., Wayne Fuelling Systems LLC, Tokheim, and Tatsuno Corporation. Wayne Fuelling Systems LLC is being acquired by Dover Corporation who owns Tokheim. This acquisition is expected to give a competitive edge to Dover over the forecast period.
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