Tank gauge systems for gas stations to grow over the next four years

Technavio market research analysts forecast the global tank gauge systems for fueling stations to grow at around 3% until 2021, according to their latest report.

The three major market drivers for the global tank gauge system are the changing regulations in the oil and gas retail sector, growing oil and gas consumption and increasing sales of automobiles.

The market study covers the present scenario and growth prospects of the global tank gauge systems for gas stations from 2017 to 2021. The diesel and petrol stations segment dominated the market with a share of close to 82% in 2016.

“The consumption of diesel and petrol has been increasing in developing nations such as India. Therefore, this will lead to the setting up of more fueling stations, thus spurring the growth of the global tank gauge systems for fueling stations market,” says Gaurav Mohindru, a lead analyst at Technavio.

The demand for passenger cars is rising in emerging economies like India, China, and Brazil due to higher purchasing power of consumers accompanied by the significant economic growth. The growth in emerging markets in step with global trade activity and ongoing industrialization, especially in the BRICS, has been encouraging.

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