New York City, NY, 30 September, 2019/ 24 Market Reports: It is estimated for the robotic refueling system market to reach USD 2.2 billion by 2030 from that of USD 24 million in 2019 at a CAGR of 51% during the forecast period. The need for the low-cost operations in the mining vertical and the increasing concern for improved security and safety, while fuel dispensation is increasing the growth for the market. The legal and safety regulations to act as the growth restraint for the market. The replacement of manual caps with automated fuel caps is the major challenge faced by the key players.
The market used for pumping gasoline is expected to hold the largest market share
In the year 2019, it is estimated for the robotic refueling systems market used for pumping gasoline to hold the largest share. The growing adoption of autonomous haulage trucks in the mining vertical, where gasoline is used as a primary fuel is expected to drive the market for robotic refueling systems during the forecast period.
The use of robotic refueling systems in various verticals is driving the growth for the market
Aerospace, mining, automotive, military & defence, and warehouse & logistics are the various sectors where the use of robotic refueling system with a wide range of payload capacity takes place depending upon the type of fuel to be pumped and the application of these systems in each region. The growing demand for automation, electric/hybrid vehicles and the increasing adoption of cost-effective onsite refueling stations for mining haulage trucks worldwide are the key factors driving the growth of the market for robotic refueling systems with the payload-carrying capacity of 100–150 Kg.
APAC region to grow at the highest CAGR during the forecast period
Owing to the rapid technological developments and increasing adoption of the automation in the automotive industry the APAC region is been forecasted to register the highest CAGR during the forecast period. Industrial players in China and the Chinese government have recognized the importance of automation and thus China has become the world’s largest automotive manufacturer and leading producer of coal, as most of the country’s energy needs are been met by the conventional coal-based power plants, thereby providing a huge market opportunity for robotic refueling systems in the mining vertical in China.