The Asia Pacific fuel dispenser market is projected to reach USD 1.39 billion by 2024, according to a new report by Grand View Research, Inc.
The developing economies in the region, including China and India, accounted for over 75% of the total market in 2015.
The growing demand in China owing to the growing consumer spending capacity as well as robust automotive sales is expected to have a positive impact on the industry growth.The constant movement of the rural population to urban areas in India is expected to create a need for infrastructural development.
As a result, the demand for fueling stations and dispensing systems is expected to grow over the next eight years.The positive gross domestic product (GDP) and steady growth in the consumer standards of living is expected to augment the demand for oil & gas and related products, which in turn is expected to aid the industry growth in Asia Pacific.
It is highly flammable and hazardous to the human health and the environment, owing to which several associations have set standards for the manufacturing of dispenser systems.Further key findings from the report suggest:Submersible systems accounted for over 80% of the total market in 2015.
Increasing penetration of the technology in China and India is expected to aid industry growth over the forecast period.The demand for dispensing systems for CNG vehicles is expected to witness substantial growth, at a CAGR of over 4% from 2016 to 2024 owing to its affordable price and superior mileage as compared to petrol powered vehicles.