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Pune India, Jan. 25, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the fuel measuring devices market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the fuel measuring devices market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as offerings, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global fuel measuring devices market are Flowtech Measuring Instruments Private Limited, Reicon LLC, Cryogenic Process Controls, Kobold Instruments Inc, Doms ApS, Krohne Group, Endress+Hauser Management AG, Petrol Instruments S.r.l., Flow Meter Manufacturers among others. To achieve a substantial market share in the worldwide fuel measuring devices market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Fuel measuring devices are used to measure the level of fuel in industries, vehicles and large fuel tanks to keep a check on the amount of fuel consumed or required. Fuel measuring devices market growth is expected to be exacerbated by rising fuel measuring device adoption in emerging markets, rising energy consumption, and rapid developments in transportation infrastructure during the forecast period. It is expected that the market's overall growth is boosted by the increased use of fuel measuring devices in the mining, construction, and defense industries, as well as the numerous benefits associated with their use, such as improved productivity, improved operational efficiency, and the ability to automate tasks to reduce error. However, the market's growth is hindered by the large initial capital expenditure required for its acquisition. The market is witnessing immense growth in terms of sales and revenue but there are some factors which are hampering the market growth. Factors such as high cost and rising environmental issues. Moreover, the market has seen several technologically advanced and novel fuel measuring products and solutions in recent years. These systems are intended to increase fuel efficiency.
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Scope of Fuel Measuring Devices Market Report
| Report Metric || Information |
| Study Period || 2022-2030 |
| Base Year || 2022 |
| Forecast Period || 2023-2030 |
| Market Share Unit || USD Million |
| Segments Covered || Type, Application, and Regions |
| Regions Covered || North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players || Flowtech Measuring Instruments Private Limited, Reicon LLC, Cryogenic Process Controls, Kobold Instruments Inc, Doms ApS, Krohne Group, Endress+Hauser Management AG, Petrol Instruments S.r.l., Flow Meter Manufacturers amon others |
Electrostatic measuring devices are expected to be the fastest-growing segment in 2022.
The type segment includes electrostatic fuel measuring devices, electronic fuel measuring devices and ultrasonic measuring devices. The electrostatic fuel measuring devices segment will witness the highest growth rate during the forecast period. By measuring the pressure in tanks and vessels, hydrostatic measuring devices provide continuous liquid level measurement. These level sensors are used in industrial processes and applications to measure water, oil, and chemicals. Static pressure is proportional to liquid height, so the static pressure was converted to an electrical signal and then converted to digital output.
Maritime is expected to be the fastest-growing segment in 2022.
The application segment includes automotive, railway tank cars, industrial tanks, maritime, and oil & gas. The maritime segment is expected to witness the highest growth rate during the forecast period. Most petroleum is consumed in maritime transportation. Fuel measuring devices have become increasingly effective and technologically advanced in response to the significant increase in global energy consumption and volatility in global fuel prices, which is contributing to the rapid growth of this sector. A mine's fueling infrastructure, including storage facilities and the amount of gasoline used by its transportation assets, is made to be measured and managed correctly.
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the fuel measurement devices include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North America region witnessed a major share. Due to a significant increase in global energy consumption and fluctuations in global fuel prices, the emergence of cost-effective and technologically advanced fuel measuring devices has led to rapid growth of the market in the country.
Germany's fuel measuring devices market size was valued at USD 44.17 million in 2022 and is expected to reach USD 73.6 million by 2030, at a CAGR of 6.6% from 2023 to 2030.
The commercial aviation sector includes the operation of both scheduled and non-scheduled aircraft, as well as passenger and cargo transportation by air. Commercial airlines consume a large amount of aviation fuel, and their operating expenses account for one quarter of their total operating expenditures.
China's fuel measuring devices market size was valued at USD 148 million in 2022 and is expected to reach USD 252.3 million by 2030, at a CAGR of 6.9% from 2023 to 2030.
There are numerous advantages associated with the use of fuel measuring devices in mining, construction, and defence sectors, including an increase in productivity, a decrease in theft, improved operational efficiency, and the ability to automate processes to reduce error rates.
India's fuel measuring devices market size was valued at USD 114.2 million in 2022 and is expected to reach USD 193.3 million by 2030, at a CAGR of 6.8% from 2023 to 2030.
Fuel measuring devices are expected to see significant market growth as concerns about airline emissions increase and initiatives are taken by governments in developed economies to reduce airline emissions.
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the fuel measuring devices market is mainly driven by the rising demand in the automotive sector.
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