The global gas station equipment market was valued at USD 105 billion in 2016 and is expected to surpass USD 138 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global gas station equipment market. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Gilbarco Veeder-Root, Censtar, and Dover Corporation.
According to Abhay Sinha, a lead analyst at Technavio, “The Increased national and international transportation are expected to drive growth in the global gas station equipment market. The global logistics market is expected to grow at a rapid pace during the forecast period. The growth is mainly driven by the increase in import and export activities.”
The revival of the global economy has resulted in increased trade volumes between countries. The growing number of imports and exports between nations has lowered trade barriers because of the relaxation of government trade policies. Favorable government trade policies have resulted in the increased demand for third-party logistics (3PL) services to keep pace with the increased logistics needs of importers and exporters. This provides an immense opportunity for existing vendors to expand their customer base globally.
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Growth of technologically advanced fuel dispensers
Manufacturers are introducing many advanced fuel dispensers in the market. These new fuel dispensers have an interactive video screen, scanner, customer identification keypad, bar coding, and magnetic card terminal. By using magnetic card terminals, the staff at the fuel station is not required to carry additional credit/debit card machines. Some fuel dispensers also have the facility to identify and record the details of customers.
Advancement of pumps with EMV technology
Many customers have complained about their credit card information being stolen through skimmers installed in fuel stations. Therefore, gas stations in the US are required to install Europay, MasterCard, and Visa (EMV) technology in fuel dispensers by October 2017. The installation of new EMV technology will help retailers in fighting back fraud at the station and save themselves from loss.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Gas Station Equipment Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Natural Gas Refueling Stations Market 2016-2020
- Global Pumps Market for Oil and Gas Industry 2016-2020
- Global Biofuels Market 2016-2020
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