Fuel Management Systems (FMS) Market is to reach US$ 9,954.4 Mn by 2025: Transparency Market Research

Albany - NY, Sept. 28, 2017 -- Transparency Market Research has released a new market report titled “Fuel Management Systems Market by Process (Measuring, Monitoring, Reporting, and Others) by Application (Fuel Consumption, Efficiency Level, Fleet Management, Viscosity Control, and Others) By End-User (Road Transportation, Rail Transportation, Marine, and Aircraft)  – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2025.” According to the report, the global Fuel Management Systems (FMS) market revenue was US$ 6,855.7 Mn in 2016 and is projected to reach US$ 9,954.4 Mn by 2025 at a CAGR of 4.3% from 2017 to 2025.

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Fuel management is an approach to measure, monitor, and report fuel usage of vessels/ships, vehicles, railways, and some engines in order to reduce fuel usage, improve fleet management, reduce emissions, and increase operational efficiency. Cost of fuel accounts for 45% to 70% of the total fleet operating cost. The marine sector consumes maximum fuel and hence, 60% to 70% of the total operation cost consists of fuel. Fluctuating fuel prices and stringent environmental norms have led to higher focus on energy efficiency and environment protection.

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Globalization trends in the transportation industry are beneficial in various aspects such as global goods/cargo movements, unification in the quality of fuel employed to reduce harmful emissions, standardization of cost per ship (operating cost), and technological advancements in fuel management techniques. In a globalized economy, the railway industry has a major advantage of integrated freight transportation across all modes of vessels, which is estimated to be closely followed by marine, road, and aircraft transportation. A majority of measuring, monitoring, and reporting technologies of the fuel management systems make them collectively usable in all three modes of transport, simultaneously. Global crude oil prices have experienced major fluctuations since 2014. This directly affects the prices of refined products. Stringent environmental norms have prompted the transportation industry to employ more refined fuel (for marine, airways, and roadways), which has further increased the fuel cost. Measured aspects are monitored with either automated or manual systems (physical data entry of the details in vessel log books). The fuel consumption of any transportation fleet can also be determined by monitoring the tanks. Level of fuel in the tank is commonly measured for on-board the transportation fleet. This is also called tank sounding. Various types of tank sounding methods in use are now getting converted upfront to more electronically governed to get real time data

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Asia Pacific is expected to see high growth in the fuel management systems market. Consumption of energy is anticipated to increase significantly due to rapid industrial development and urbanization of India, Korea, Indonesia and China. Railway locomotives, trucks, and buses, and others have similar designed FMS for ease of access and real-time notifications with high growth anticipated in railways. Railways are least polluting mode of transport and it is one of the biggest reasons for growth in this sector and technological advancements like the advanced fuel management systems for locomotives.

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Key major players operating in the Fuel Management Systems (FMS) market include Omnitracs, LLC, E-Drive Technology, The Veeder-Root Company, ESI Total Fuel Management, SCI Distribution, LLC, Fluid Management Technology Pty Ltd., SmartFlow Technologies, Emerson, Guduza System Technologies, Fleetmatics Group PLC, Telenav, Inc., TomTom International BV, and Trimble Inc.

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