The global robotic refueling market is anticipated to grow at a promising pace during the forecast period on account of rising application in industries such as oil and gas and mining. The rising popularity of robotics and increasing penetration of IoT are also anticipated to fuel the market’s growth during then forecast period of 2018 to 2028.
Growing Refueling Needs to Strengthen Growth
There is a soaring need for refueling due to rapid industrialization. Industries are looking for refueling solutions that are easy to use and are cost-effective. Moreover, large number of enterprises are deploying autonomous systems to refuel vehicles owing to the rising need for employee safety. These factors play a key role in driving the global robotic refueling system market’s growth.
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The competitive landscape of the robotic refueling system market is immensely fragmented and is anticipated to witness a high degree of competition. There is an emergence of numerous new players owing to the rising need for autonomous refueling systems in mines. Leading companies functioning in the market are engaging in strategic mergers and acquisitions in order to gain a strong foothold in the market. For instance, SCOTT Technologies acquired Tansbotics Corporation in May 2018 in order to use its resources to develop advanced robotic solutions.
In terms of geography, Asia Pacific is anticipated to dominate the global robotic refueling market. This is due to rising demand for robotic systems from the automobile industry. China is holds a leading share in the market’s growth in this region due to booming power generation and automation industry. Moreover, rising technological developments in the robotics industry have fuelled the market’s growth in this region. The market in North America and Europe are also expected to grow at a steady pace to increasing industrialization and mining activities.
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