The Asia Pacific robotic refueling system market accounted for US$ 1.68 Mn in 2018 and is expected to grow at a CAGR of 36.1% over the forecast period 2019–2027, to account for US$ 24.06 Mn in 2027.
The flexibility of dispensing different fuels and low cost of operation is going to act as a catalyst for the robotic refueling system market growth. In addition, the mining industry to ensure robotic refuelling systems formidable growth rate. Moreover, the acceptance of automated systems and solutions in marine applications is expected to boost the robotic refueling system market. Refueling Navy or civil vessels in the open sea, along with all underway replenishment (UNREP) deeds, is a challenging task. Huge, conventional vehicles entail huge cranes to lift the required fuel lines and related cabling between two vessels in the course of a connected replenishment (CONREP). Mariners are in the circle to manually detach and attach all of this obligatory cabling and respond in case the procedure does not go according to standard operating measures. If the ships deviate too far apart or communication breaks down during the attaching process, lines can viciously snap, and deckhands can be killed or injured. Additionally, with the worsening of weather conditions, the risk to the crew also propagates. Thus, robotics refueling systems can negate the risk associated with the refueling of marine vessels in the open sea. This in turn is anticipated to boost the robotic refueling system market growth in the near future.
The robotic refueling system market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the robotic refueling system market further. Government of emerging economies in Asian region are committed to focus on attracting FDI for the development of their economy. For this, the governments are taking various initiatives such as “Make in India”. This would result in increased investment in almost all sectors. Thus, the industrial as well as commercial development is anticipated to witness growth in the APAC region, being supported by government initiatives. The government of India is focusing towards the growth of oil & gas industry in the country. Oil and Natural Gas Corp. (ONGC) announced its consortium of about 10% stake in Abu Dhabi’s offshore Lower Zakum concession. This is the first initiation of Indian government to hold stakes in Abu Dhabi’s offshore oil & gas field. With this partnership the Abu Dhabi National Oil Co. (ADNOC) creates opportunities to rise its market share in the fast-growing Indian market. The company delivers high quality crude to the refining industry in India, through this India meet the rising energy demand.
The robotic refueling system market on the basis of industry vertical is segmented into aerospace and defense, automotive, construction, oil and gas, mining, and others. The mining segment led the robotic refueling system market in 2018 and is expected to continue its dominance during the forecast period. In the mining industry, usually, refueling facilities are managed by at least one person at all times and in mining, trucks can spend up to an hour per day traveling to refuel in isolated areas away from the pit. For mining haul dump trucks/trucks, robotic refueling system increases efficiency and productive hours of trucks while also reducing on-site personnel costs. It emphasizes that the fuel dispensing operator is required for the fueling process that can be materialize in-pit or on the circuit, significantly reducing drive time off circuit for refueling. This helps the mining trucks to complete up to an additional cycle per shift depending on the refueling network in place.
The overall robotic refueling system market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the robotic refueling system market. It also provides an overview and forecast for the robotic refueling system market based on all the segmentation provided with respect to the Asia Pacifica region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the robotic refueling system market. Some of the players present in robotic refueling system market are ABB Ltd., Fanuc Corporation, Fuelmatics AB, Gazprom Neft PJSC, Kuka AG, Neste, Rotec Engineering, Scott Technology Limited, Shaw Development LLC, and Yaskawa Electric Corporation among others.