Global Robotic Refueling System Market Is Projected to Grow Exponentially at A CAGR of 51.1% During the Forecast Period 2019-2026
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The Global Robotic Refueling System Market held a market size of $26 million in 2019 and is anticipated to grow at a CAGR of 51.1% from 2019 to 2026, according to Esticast Research.
Europe is expected to be the leading region in the global robotic refueling system market. The market growth is attributed to the booming oil & gas industry and strong penetration of market players such as Rotec Engineering, KUKA, and Fuelmatics AB. The growing automation in the mining sector in countries like Germany is contributing to the market growth in the region.
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Robotic refueling system is currently aiding various industries which include road, rail, mining, aviation, excavator replenishment, and drilling. This system does not require a local operator, and supervision is done from the remote operations center. The robotic refueling process is precise and essentially error-free, which saves the risk of manual mistakes. In addition, this system aid in increasing productivity due to its overall faster operation, enhanced fuel turnaround time which facilitates an additional cycle per shift, and increases the use of the truck fleet. The growing trend of automation across various industry verticals is offering a favorable environment for the market. In addition, the increasing need for low-cost operation in the mining sector and the growing requirement of enhanced safety & security during the dispensation of fuel is boosting the market growth. Further, the increasing demand for electric vehicles and alternative fuel in developed nations is expected to support market growth.
The global robotic refueling system market has been divided into fuel pumped, component, payload carrying capacity, and vertical. The fuel pumped segment has been divided into natural gas, petrochemical, gasoline, and others. The component segment has been divided into software and hardware. The hardware segment has been further sub-segmented into the robotic arm, vehicle positioning system, control system, fuel dispensing system, and others. The payload carrying capacity segment has been divided into 100-150 kg, 50-100 kg, and up to 50 kg. , the vertical segment has been bifurcated into mining, oil & gas, automotive, aerospace, warehouse & logistics, military & defense, construction, marine and shipping, and others.
Based on geography, the robotic refueling system market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been bifurcated into the U.S. and Canada. Europe region has been classified into the UK, France, Italy, Germany, and the Rest of Europe. Asia-Pacific region has been divided into, Japan, South Korea, India, China, and Rest of Asia-Pacific. Moreover, South America has been segmented into Brazil, Mexico, Argentina, and the Rest of South America. In addition, the Middle East & Africa has been bifurcated into GCC countries, Africa, and the Rest of the Middle East.
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Europe is expected to be the leading region in the global robotic refueling system market. The market growth is attributed to the booming oil & gas industry and strong penetration of market players such as Rotec Engineering, KUKA, and Fuelmatics AB. The growing automation in the mining sector in countries like Germany is contributing to the market growth in the region. Further, in North America, the well-established aerospace sector and initiatives taken by NASA for robotic refueling technology are expected to support the market growth. In addition, the increasing adoption of electric vehicles in the region is projected to boost the market growth in the coming years.
Prominent companies functioning in the global robot refueling system market include Aerobotix, Scott Technology Ltd, Rotec Engineering B.V, Daihen, Fuelmatics AB, KUKA, Shaw Development LLC, FANUC, Mine Energy Solution Pty, GAZPROMNEFT-AERO, PLUG POWER Inc., ABB Group, and Neste Oyj. The competition in this market is intense owing to the presence of several market players.
Recent Market Developments by Major Players
- In December 2018, Neste Oyi, became the first company in Finland to launch robotized refueling and automated shopping at its filling station. The pilot filling station is located in Siltamaki, Vantaa.
- In September 2018, PLUG POWER, Inc. announced the launch of the hydrogen filling robot. The company collaborated with the National Renewable Energy Lab and the Center for Automation Technologies and Systems at Rensselaer Polytechnic Institute (RPI) for developing the fueling stations, utilizing the Department of Energy grant of $2 million.