The gas station equipment market has experienced substantial growth, increasing from $6.32 billion in 2023 to $6.72 billion in 2024, representing a compound annual growth rate (CAGR) of 6.3%. This growth is attributed to improvements in service area ventilation, government regulations, rising fuel demand, and investments in infrastructure development. The market is expected to continue its upward trajectory, reaching $8.63 billion by 2028 with a CAGR of 6.4%. Key factors driving this growth include the expansion of hydrogen fueling stations, introduction of multi-fuel dispensers, enhanced safety features, growth in convenience stores, and development of eco-friendly equipment. Trends to watch include the shift toward electric vehicle charging stations, renewable energy integration, automated fueling systems, contactless payment solutions, and smart tank monitoring systems.
Major Driver In The Gas Station Equipment Market
The expansion of the travel and tourism industry is anticipated to propel the growth of the gas station equipment market. This industry, which encompasses all activities related to leisure or business travel, is expanding due to better global air travel access, rising consumer demand for travel experiences, and supportive government policies. Gas station equipment plays a vital role in this sector by ensuring reliable fuel supplies and additional services for seamless travel experiences. According to the Australian Bureau of Statistics in December 2023, domestic tourism spending surged to $124.9 billion for 2022-2023, with international tourism spending rising to $23.6 billion. The growth in travel and tourism is thus driving the gas station equipment market.
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Gas Station Equipment Market Competitive Landscape
Dover Corporation, Gilbarco Inc., Franklin Fueling Systems LLC, MADIC Group, Censtar Science & Technology Corp. Ltd, Scheidt & Bachmann GmbH, Beijing Sanki Petroleum Technology Co. Ltd., Mepsan A.S., Husky Corporation, Syntech Systems Inc., Piusi S.p.A., Bennett Pump Company, Krampitz Tanksystem GmbH, TECALEMIT Inc., Catlow Inc., Tatsuno Corporation, Blue1 Energy Equipment, Lumen Instruments, Zhejiang Datian Machine Co. Ltd., ELAFLEX HIBY GmbH & Co., Peltek India, Shenzhen Kaisai Electric Motor Co. Ltd., Lanfeng Technology Inc., Sanki Technology Co. Ltd., NEOTEC
Key Gas Station Equipment Market Trend
In the gas station equipment market, companies are integrating advanced technologies like AIoT to improve operational efficiency and enhance customer experience. Beijing Sanki Petroleum Technology Co. Ltd unveiled its Skyline AIoT fuel dispenser series in May 2024. This innovative series includes AI-enabled dispensers with cloud services and advanced connectivity features, allowing for seamless fuel management and enhanced customer interactions.
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Gas Station Equipment Market Segmentation
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
By Geography:The regions covered in the gas station equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the gas station equipment market in 2023.
The Gas Station Equipment Global Market Report 2024 furnishes information about the global gas station equipment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
