The global market for fuel delivery systems is heading towards overcapacity, a trend that can wreak havoc on the profit margins of large and small players, lead to an increase in the number of loss-making companies, and harm the future growth of human resources in the longer run. Considering the presence of a large number of manufacturers and suppliers in the market, the supply of fuel delivery systems is expected to continue to swell in the next few years. Focus of manufacturers on largescale production to achieve economies of scale is also expected to add to the ever-rising pile of fuel delivery systems and components in the global market.
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The inevitable supply-demand gap that will arise owing to the situation is expected to hamper growth of the market to a vast extent in the coming years. However, market will be able to gain sustainable growth opportunities owing to the rise in e-commerce activities, which has enabled manufacturers to achieve cross-border sales and reach developing regions that face a scarcity of supply. Transparency Market Research states that the global fuel delivery systems market will exhibit a 3.4% CAGR from 2016 through 2024. As a result, the market, which had a valuation of US$4,330.7 mn in 2015, is expected to rise to US$5,969.1 mn by 2024.
Stop Valves to Continue to Remain Dominant Fuel Delivery System Components
Of the chief components of a typical fuel delivery system, including stop valves, gas regulators, flow and pressure safety switches, sensors, and thermocouples, the segment of stop valves dominates, accounting for a nearly 54% share in the global market in 2015. Although the segment is expected to lose prominence to components such as flow and pressure safety switches and sensors in the next few years, it will continue to dominate the global market, albeit with a lesser share by 2024.
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The market for flow and pressure control systems will be driven by high demand across process industries, which utilize these systems for the efficient management of fuel delivery for a variety of industrial applications. In the past few years, the rising emphasis on automation of industrial operations and processes has played a vital role in the development of automated flow control systems.
Emerging Economies in Asia and Africa to Present Lucrative Growth Opportunities
Of the key regional markets for fuel delivery systems, the market in Asia Pacific is presently the most lucrative one. The region held a nearly 25% of the total global fuel delivery systems market in 2015. Presence of a large number of manufacturing units and suppliers and the availability of raw materials aid the fuel delivery systems market’s growth in the region. The market for fuel delivery systems in the region is also driven owing to the vast expansion of energy industries in emerging economies such as India and China. Technological advancements in fuel delivery systems and the rising preference for automated systems in process industries is likely to benefit the market for fuel delivery systems in Asia Pacific in the next few years.
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Over the forecasting horizon, the market for fuel delivery systems in Middle East and Africa (MEA) is likely to present lucrative growth opportunities. The Middle East and Africa fuel delivery systems market is projected to exhibit a 4.7% CAGR from 2016 through 2024. The rapid expansion of the oil and gas and refining industries in the region will be the key factors presenting opportunities for manufacturers and suppliers of fuel delivery systems. Rising investment I n the energy sector in Africa will also generate lucrative growth opportunities for the fuel delivery systems market in the next few years.
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