Fuel Delivery System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 11/16/2017 -- The global market for fuel delivery systems is a highly fragmented one and can is expected to witness an intensified competition over the years due to the existence of numerous players in the market. Prominent players in the global market for fuel delivery systems are now investing heavily in mergers and takeovers to enhance their consumer base and market presence. This strategy is also being used to increase the market share of the leading players. Back in July 2015, The Weir Group PLC acquired Delta Industrial Valves Inc. which significantly enhanced their presence in the overall fuel delivery systems market. Some of the other key players in the global fuel delivery systems market include names such as Waltow Electric Manufacturing Company, Cascho Inc., Honeywell International Inc., and Cameron (Schlumberger) Ltd. among others.
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The global fuel delivery systems market stood at an overall valuation of US$4.33 bn in the year 2015. This valuation is expected to grow significantly and reach a figure worth US$5.96 bn over the course of the given forecast period of 2016 to 2024. This growth of the global fuel delivery systems market is expected to be achieved with the help of a steady CAGR of 3.4% over the same period of forecast. With respect to the vital components of a usual fuel delivery system, the stop valves segment is currently dominating the market and is expected to continue to do so. The segment accounted for over 54% of overall market share in 2015. From a regional standpoint, the Asia Pacific accounted for 25% of overall market share in 2015.
Efficient Monitoring of Process Equipment to Drive Growth of Global Fuel Delivery Systems Market
The need to keep a high level of security and safety in the work environments across a wide range of industries that function with a variety of dangerous materials such as pulp and paper, oil and gas, and refining is expected to act a chief driver for the overall development of the global fuel delivery systems market. A central role in the efficient monitoring and control of the flow of fluids and gases is played by advanced fuel delivery systems. These systems control and monitor equipment such as furnaces, industrial ovens, and boilers used in industrial processes. Fuel delivery systems also find its applications in industries for making sure the effective management of fluids as per the required parameters. The global fuel delivery systems market is also expected to be driven by the increasing efforts to cut down the overall energy consumed across the industrial segment.
Slow Growth across Key Industrial End Users to Hamper Market Development
However, there are some challenges on the road to achieve full potential of the global fuel delivery systems market. One of the chief restraining factor for the growth of the global market is the slow growth of across some key end use industries of the market in the world. The overall production of the mining industry in the U.S., for instance, faced a substantial blow in 2015. The manufacturing of coal was reduced in the nation to 896,977 thousand short tons in 2015. Nonetheless, the market is projected to gain considerable surge over the course of the forecast period because of the increased use of simulation software across a wide range of process industries.
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This review of the market is based on a recent market research report published by Transparency Market Research, titled "Fuel Delivery System Market (by Components: Stop Valves, Flow and Pressure Safety Switches, Gas Regulator, and Others; by Application: Boilers, Furnaces, and Kilns and Ovens; by Fuel Type: Oil, Gas, and Electricity; by End-use: Oil and Gas, Power, Mining, Mineral & Metal, Chemicals, Refining, Water, Printing and Publishing, Specialty Engineering Chemicals, Pharmaceuticals, Food and Beverages, Glass, Ceramics, Alternate Fuel, Automotive, Building, and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.