PUBLISHER: The Business Research Company | PRODUCT CODE: 1425491
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425491
Fuel Transfer Pumps Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on fuel transfer pumps market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for fuel transfer pumps? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The fuel transfer pumps market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A fuel transfer pump serves the basic function of moving fuel from one tank to another or from a container to a nozzle for easy dispensing into vehicles. Widely utilized in industries such as mining, agriculture, and construction where frequent use of tools and vehicles is common, these pumps play a crucial role in facilitating fuel transfer.
The primary types of fuel transfer pumps include AC fuel transfer pumps, DC fuel transfer pumps, and hand fuel transfer pumps. AC Transfer pumps are specifically designed to handle a diverse range of fuel and oil products, including diesel, biodiesel, oil, and diesel exhaust fuel (DEF). These pumps are equipped with motors of varying voltages, including 12v DC, 24v DC, 115v AC, and 230v AC, and can be mounted in fixed or portable configurations. They find applications across a spectrum of industries, including construction, mining, agriculture, chemical, military, transportation, and the food and beverage sector, among others. The versatility of fuel transfer pumps makes them essential equipment for efficiently managing fuel transfer needs in various industrial settings.
The fuel transfer pumps market research report is one of a series of new reports from The Business Research Company that provides fuel transfer pumps market statistics, including fuel transfer pumps industry global market size, regional shares, competitors with a fuel transfer pumps market share, detailed fuel transfer pumps market segments, market trends and opportunities, and any further data you may need to thrive in the fuel transfer pumps industry. This fuel transfer pumps market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The fuel transfer pumps market size has grown strongly in recent years. It will grow from $1.79 billion in 2023 to $1.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historical period can be attributed to evolving consumer preferences, the energy sector's requirements, industrialization, urban development and construction, demand from the oil and gas industry, and the escalation in fuel consumption.
The fuel transfer pumps market size is expected to see strong growth in the next few years. It will grow to $2.4 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The anticipated growth in the forecast period can be attributed to product innovation, the adoption of remote monitoring solutions, the development of emerging markets, industrial growth, and the initiation of urban development projects along with investments in energy infrastructure. Key trends expected in the forecast period encompass a heightened focus on safety and efficiency, an increase in fuel demand, a notable shift towards renewable energy sources, the expansion of industrial activities, and advancements in agricultural machinery.
The expansion of the automotive industry is a significant driver expected to propel the growth of the fuel transfer pumps market. Fuel transfer pumps play a crucial role in vehicles with sophisticated injection systems, providing fuel to the engine efficiently with minimal power loss. Electric vacuum fuel transfer pumps, in particular, contribute to decreasing carbon dioxide emissions from engines. The growth in the automotive industry is evident from the increased production of motor vehicles in the United States, with 9.2 million units produced in 2021. This expansion is indicative of the growing demand for vehicles, which, in turn, drives the need for fuel transfer pumps.
Increasing construction activities are expected to further boost the fuel transfer pumps market. Construction activities involve a wide range of tasks and machinery that require a reliable and efficient fuel supply. Fuel transfer pumps play a crucial role in ensuring the seamless transfer of fuel from storage tanks to construction vehicles, generators, and heavy machinery on construction sites. The construction industry's significant worth, both in the USA and globally, underscores the importance of fuel transfer pumps in supporting the fueling needs of various construction equipment. As construction activities continue to grow, the demand for fuel transfer pumps is expected to rise in tandem.
Technological advancements represent a key trend gaining popularity in the fuel transfer pumps market. Major companies in the market are focusing on developing pumps with innovative features to stay competitive. The introduction of features such as permanent magnet motors, self-cleaning filters, and two-side dispensing at high speed enhances the efficiency and functionality of fuel transfer pumps. For example, the development of the CS fuel pump with a self-cleaning LNG filter and a new permanent magnet motor by SVANEHØJ Danmark A/S demonstrates a commitment to technological innovation in the industry.
Major companies operating in the fuel transfer pumps market are launching innovative products, such as high-performance miniature pumps, to sustain their position in the market. High-performance miniature pumps, like the one introduced by The Lee Company, cater to applications that demand exceptional efficiency, precision, and reliability in a small-sized package. The versatility of such pumps makes them suitable for various applications, including fuel transfer in unmanned aerial systems, auxiliary power units, generators, lubrication, and cooling systems. The development of high-performance miniature pumps reflects a focus on delivering efficient and reliable solutions in a compact form factor, meeting the evolving needs of the market.
In June 2022, Gorman-Rupp Company, a renowned U.S.-based designer, producer, and distributor of pumps and pump systems, successfully completed the acquisition of Fill-Rite for a total consideration of $525 million. This strategic move has significantly enhanced Gorman-Rupp's standing in key industries such as construction, agriculture, and leisure. The acquisition is expected to expedite growth for Gorman-Rupp, capitalizing on the ongoing positive trends in these end markets. Moreover, the transaction has broadened Gorman-Rupp's portfolio in the realm of mission-critical pumps and pumping systems. Fill-Rite Company, based in the United States, is recognized for its expertise in manufacturing accessories, pumps, and meters.
Major companies operating in the fuel transfer pumps market report are Piusi S.p.A, Graco Inc., Creative Engineers, Groz Engineering Tools Ltd., Tuthill Corporation, GoatThroat Pumps, SPATCO, Pricol Limited, Liquidynamics, Robert Bosch GmbH, DENSO CORPORATION, ContiTech AG, Johnson Electric Holdings Limited, SHW Storage & Handling Solutions GmbH, Magna International Inc., Fill-Rite Company, Great Plains Industries Inc., Yamada Corporation, TeraPump, Fuelworks Ltd., Gorman-Rupp Company, FLOJET Corporation, Lincoln Industrial Corporation, IDEX Corporation, Hytek GB Ltd., Fuel Transfer LLC, Meclube S.R.L., Gilbarco Inc., Cim-Tek Filtration, Corken Inc., and RAASM SpA.
Asia-Pacific was the largest region in the fuel transfer pumps market in 2023. The regions covered in the fuel transfer pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the fuel transfer pumps market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The fuel transfer pumps market consists of sales of rotary and semi-rotary hand fuel transfer pumps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.