The fuel delivery systems business is expected to swell in the coming years due to the strong presence of leading manufacturers in the global market. Analysts at Transparency Market Research project that the global fuel delivery systems market is expected to be worth US$5.9 bn by the end of 2024 as compared to US$4.3 bn in 2015. The overall market is anticipated to progress at a CAGR of 3.4% between the forecast years of 2016 and 2024. As notable players are focusing on mergers and acquisitions to strengthen their base and expand their reach, the competition is expected to intensify in the coming years.
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Importance of Energy Efficiency in Various Industries Boosts Uptake of Fuel Delivery Systems
Several industries across the globe are adopting advanced fuel delivery systems as these systems are capable of accurately monitoring and controlling flow of fluids and gases to various equipment such as furnaces, ovens, and boilers. The pressure to adhere to safety norms established for work environments in process industries is the key growth driver for the global market. Exceptional safety has to be maintained to prevent accidents while working in hazardous industries such as chemicals, pulp and paper, oil and gas, and refining. The market for fuel delivery systems is also being boosted by the growing efforts to cut down the overall consumption of energy in the industrial sector.
The usage of simulation software across a wide range of industries is expected to give the global fuel delivery systems market a much-needed impetus in the coming years. The adoption of 3D simulation software in several process industries for understanding the functions of hydraulic components such as pumps and valves in varying conditions has offered an affordable alternative for test prototyping and rigging. As this trend gains momentum, it is expected to provide sizeable traction to the global fuel delivery system market in the coming years.
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On the basis of components, the global fuel delivery systems market is segmented into stop valves, gas regulator, flow and pressure safety switches, and gas regulators among others. As of 2015, the stop valves segment dominated the global market as it accounted for a share of about 54%. Though the segment is anticipated to slide a little in its share in the coming years, it will retain its dominance all through 2024. On the other hand, the demand for flow and pressure control systems will also gain importance due to their growing demand in process industries that use these systems for effective management of fuel delivery. The growing focus on the incorporation of automation industrial processes is expected to have a significant impact on the development and demand of automated flow control systems.
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Asia Pacific to Dominate Global Market as Energy Sectors in India and China Exhibit Growth
In terms of geography, the global market is segmented into North America, Asia Pacific, Europe, the Middle East and Africa, and South America. Out of all of these regions, Asia Pacific dominated the global market with a share of 25% in it, in 2015. This dominance was a result of budding manufacturing units and suppliers in the region along with the abundance of raw materials for the development of fuel delivery systems. The growth of energy industries in the emerging economies of China and India are also expected to propel the fuel delivery systems market in the region.
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