LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global tank gauge systems for fueling stations to grow at a CAGR of close to 3% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global tank gauge systems for fueling stations for 2017-2021. The report also lists diesel and petrol stations and natural gas stations as the two major application segments. The diesel and petrol stations segment dominated the market with a share of close to 82% in 2016.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global tank gauge systems for fueling stations:
- Changing regulations in the oil and gas retail sector
- Growing oil and gas consumption
- Increasing sales of automobiles
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Changing regulations in the oil and gas retail sector
The prices of fuel can vary at different stations and in different regions of the country. Under the price ceiling form of regulation, fuel retailers are free to determine their selling prices if they do not exceed the ceiling specified. The government has power over the retail fuel prices by setting the maximum price or a price ceiling for petroleum products, which are regularly revised. This is done to safeguard consumers from high market volatility. In the fixed price method of fuel price regulation, the authorized institution or the government fixes the retail fuel prices. All retailers are required to sell their fuels at these prices.
Growing oil and gas consumption
The global price of crude oil dropped from USD 110/bbl in June 2014 to USD 53/bbl in January 2017, as per the US EIA, resulting in increased consumption of fuel due to the lower prices. Though the plunge in global crude oil prices had a negative impact on the upstream drilling and production companies, the downstream processing companies, refineries, and OMCs profited immensely by the decline.
“The consumption of diesel and petrol has been increasing in developing nations such as India. Therefore, this will lead to the setting up of more fueling stations, thus spurring the growth of the global tank gauge systems for fueling stations market,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
Increasing sales of automobiles
The demand for passenger cars is rising in emerging economies like India, China, and Brazil due to higher purchasing power of consumers accompanied by the significant economic growth. The growth in emerging markets in step with global trade activity and ongoing industrialization, especially in the BRICS, has been encouraging. The rise in demand for fueling stations is directly attributed to the growing number of automobile sales in the region. Therefore, the tank gauge systems market is likely to witness growth owing to the setting up of new fueling stations.
“High efficiency is required while delivering the fuel to the consumer and to ensure that the monitoring of the tanks is adequate to minimize fuel loss. The presence of an effective tank gauge system helps in identifying the flaws in the system, which can then be rectified to make the system more efficient. This is mainly done by continuous tank leak detection along with reliable monitoring of the fuel inventor,” says Gaurav.
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