What Is The Definition Of The Global Gas Station Equipment Market?
Gas station equipment refer to all hardware and systems essential for fuel distribution, storage, and management at gas stations. This equipment ensures efficient and safe operations for both customers and operators. They are vital for ensuring the efficient and safe operation of gas stations, supporting the transportation and energy sectors by facilitating the distribution and consumption of fuel.
Gas Station Equipment Global Market Report 2024 provides data on the global gas station equipment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gas station equipment market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Gas Station Equipment Market Size Expected To Expand, And At What Annual Growth Rate?
The gas station equipment market has experienced significant growth in recent years. It will increase from $6.32 billion in 2023 to $6.72 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the past has been driven by improvements in service area ventilation systems, government regulations, rising fuel demand, infrastructure development investments, and rural electrification projects. In the forecast period, the market is expected to continue its growth, reaching $8.63 billion by 2028 with a CAGR of 6.4%. The expected growth is due to the expansion of hydrogen fueling stations, the introduction of multi-fuel dispensers, improved safety features, the growth of convenience stores, and the introduction of eco-friendly equipment. Major trends in the forecast period include the shift to electric vehicle charging stations, renewable energy integration, automated fueling systems, contactless payment systems, and smart tank monitoring.
What Are The Key Drivers Fueling Growth In The Gas Station Equipment Market?
The travel and tourism industry’s growth is benefiting the gas station equipment market. Tourism expansion is driven by improved air travel, increased demand for unique experiences, and favorable government policies. Gas station equipment ensures seamless travel by providing reliable fuel access, enhanced safety, and additional services. The Australian Bureau of Statistics revealed that domestic tourism spending surged to $124.9 billion in 2022-2023, while international spending rose to $23.6 billion. These trends are boosting demand for gas station infrastructure.
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What Are The Principal Market Segments In The Global Gas Station Equipment Industry?
The gas station equipment market covered in this report is segmented –
1) By Type: Tanks, Fuel Dispensers, Nozzles, Pump, Hose, Parts
2) By Application: Gasoline, Diesel, Biofuel, Other Applications
3) By End User: Contractors, Dealers, Fleet Owners, Oil And Gas Companies, Retail Service Stations
Which Emerging Market Trends Are Altering The Gas Station Equipment Market?
In the gas station equipment market, leading companies are incorporating advanced technologies such as Artificial Intelligence of Things (AIoT) to optimize operations, improve customer experiences, and enhance fuel management. AIoT technology in gas stations enables predictive maintenance, improved fuel management, and data analytics for informed decision-making. For instance, in May 2024, Beijing Sanki Petroleum Technology Co. Ltd, a China-based company, showcased its Skyline AIoT fuel dispenser series at the UNITI Expo. These dispensers include cloud-based services, versatile payment solutions, and a 43-inch industrial-grade touchscreen display for an enhanced user experience.
What Is The Leading Region In The Gas Station Equipment Market?
Asia-Pacific was the largest region in the gas station equipment market in 2023. The regions covered in the gas station equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
