The global gas station equipment market will witness steady growth at a CAGR of more than 5% during the forecast period. One of the major factors driving this market’s growth is the significant growth in the global travel and tourism industry.
Albany, NY -- (SBWIRE) -- 03/02/2017 -- In recent times, tourism industry and global travel are witnessing a significant growth with the increase in disposable income of people and easy accessibility of information through the internet. This growth has increased the demand for transportation services across the globe, which in turn would increase the demand for gas station equipment. According to the latest study, the global gas station equipment market will grow at a steady rate of 5.56% during 2017-2021. The report presents the current scenario and the growth prospects of the global gas station equipment market for the forecast period. The report is an in-depth market analysis with inputs from industry experts. The report gives an estimate of the revenue generated from a new installation.
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A gas station is a facility where fuels are sold and some gas station even have a convenience store. Gas station equipment includes Pumps, Nozzles, Fuel dispensers, Tanks, C-store equipment, Hose, Meters, Filters. The pump is the most essential part of all gas station. In 2016, pumps were the highest generating product and are likely to continue dominating the gas station equipment market over the next four years. The pumps are manufactured as per the volume of the fuel to be filled and the type of fuel. Pumps are of different powers and even come with suctions, hoses, fittings and nozzles.
Geographically, the whole world is a market for gas station equipment. However, certain pockets have a higher demand than others. Countries like India and China are the fastest growing market for gas station equipment. Steady economic growth, ease of doing business, ever rising demand, and high population growth are attracting foreign direct investments (FDI) in automobile manufacturing sector. This growing number of cars will lead to increased fuel consumption, which in turn lead to an increased demand for gas station equipment.
The global gas station equipment market has a presence of several big, medium and small players. The market is open for the entry of new players, however, this is a capital-intensive market and it will take some time for new or small players to capture a significant market share. Players with better technical and financial resources can develop innovative gas station equipment and have an edge over others. Therefore, vendors must invest in research to develop new technologies that can affect their competitiveness in the global gas station equipment market. Apart from research, companies must also try to distinguish their 3PL services to get a strong hold in the industry.
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Key players in the global gas station equipment market are:
-Beijing Sanki Petroleum
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