Global Hanging Hardware Market for Fueling Systems - Drivers and Forecasts | Technavio

LONDON—Technavio market research analysts forecast the global hanging hardware market for fueling systems to grow at a CAGR of more than 3% during the forecast period, according to their latest report.

The report further segments the global hanging hardware market for fueling systems based on end-user (diesel and petrol station and natural gas station) and geography (APAC, the Americas, and EMEA).

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Technavio analysts highlight the following three factors that are contributing to the growth of the global hanging hardware market for fueling systems:

• Changing regulations in the oil and gas retail sector
• Rising oil and gas consumption
• Increasing vehicular sales

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Changing regulations in the oil and gas retail sector

Based on regulations set by the government, each economy follows a different fuel pricing mechanism. There are various types of fuel market organization in every nation. There are three major categories of fuel pricing mechanism. In the case of market-determined retail fuel prices, fuel retailers set their selling prices as they require, without any key restriction. In price ceiling form of regulation, the fuel retailers follow a specified price ceiling set, and they cannot exceed that price. In fixed price type of pricing, the government or the government authorized institution sets the retail fuel price. It is obligatory for all retailers to sell their fuels at these prices.

According to Anju Ajaykumar, a lead analyst at Technavio for tools and components research, “The fuel pricing in several countries is regulated. Governments in such economies provide subsidies to public OMCs. If the fuel price is regulated in a country and the market price of the fuel is high, then the losses sustained by OMCs would be recovered from governmental subsidies. But this creates a huge financial pressure on the government. A large portion of the capital that could be utilized for the development of a country is used to provide subsidies to public companies.”

Rising oil and gas consumption

The US led the global liquid fuels consumption, followed by China and India. The global liquid fuels consumption increased by more than 12% in 2007-2016, and it is further predicted to grow at a substantial rate during the forecast period. The downstream companies, refineries, and OMCs gained profits during the period of low crude oil price though the upstream sector, including drilling and production companies, faced several financial challenges it hugely impacted their revenue.

Due to an increase industrialization and urbanization, there has been an increase in the consumption of diesel/petrol in developing economies. For instance, in the past years, the consumption of petrol and diesel in India has increased.

Increasing vehicular sales

In emerging countries such as India, Brazil, and China, the demand for passenger and commercial cars is escalating, due to an increase in the purchasing power of consumers, along with substantial economic growth. The progress in emerging markets, in step with global trade activity and ongoing industrialization specifically in BRIC countries, has been noteworthy. Several auto original equipment manufacturers (OEMs) are entering the global hanging hardware market for fueling systems to tap the increasing potential.

“The industrial sector is being driven by the growth in BRIC nations, such as Brazil, Russia, India, and China, that has subsequently led to the growth of the automotive industry in recent years. Developing nations, such as India and China, have contributed significantly to the overall growth. The rising disposable income of individuals along with the new launch of vehicles is expected to increase the sales of automobiles,” says Anju.

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