Global Fuel Station Market to Grow at a CAGR of 3.4% During 2024-2032, Aided by Advancements in Fuel Dispensing Technologies

North America holds a significant market share due to the increased number of passenger and commercial vehicles in the region. The presence of leading oil and natural gas companies such as Exxon Mobil Corporation and Chevron Corporation in the region, coupled with rising government investments, further propel the fuel station market demand.

The growing investments in clean energy such as hydrogen fuel significantly also aid the market expansion. Besides, given the steady trend of digitisation, service stations stand to benefit greatly from mobile payment directly at the pump in terms of future security and revenue prospects.

Growing investments by organisations to advance the generation of sustainable fuels further propel the market growth of fuel station. In January 2023, Exxon Mobil Corporation (NYSE: XOM) announced plans to invest around USD 560 million to advance the development of Canada's largest renewable diesel refinery, Strathcona refinery, under its subsidiary company, Imperial Oil Ltd.

According to Canada's Clean Fuel Regulation, the project at Imperial's Strathcona refinery is anticipated to produce 20,000 barrels of renewable diesel per day, mostly from locally sourced feedstocks, and it may contribute to a yearly reduction of roughly 3 million metric tonnes in greenhouse gas emissions in the transportation sector in Canada.

The low-carbon hydrogen produced by carbon capture and storage technology is to be used in the renewable diesel facility. Premium, lower-emission diesel fuel is anticipated to be produced by combining low-carbon hydrogen and bio feedstock with a unique catalyst. The facility is a component of the company's plans to invest roughly USD 17 billion in lower-emission projects through 2027.

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Market Analysis by Fuel, End Use, and Region:

• The market, on the basis of fuel, can be divided into diesel, gas, and gasoline, among others.

• Based on end use, the market can be divided into air transport vehicles, road transport vehicles, and water transport vehicles.

• The regional markets for fuel station include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing urban population and rising per capita income influence the sale of vehicles. With the increasing number of vehicles on the road, the increasing focus on providing consumers with accessible and convenient locations is leading to the expansion of fuel stations.

• Advancements in fuel dispensing technologies such as automatic nozzle systems and vapour recovery systems and the flexibility of payment options such as credit cards and digital wallets drive the fuel station market growth.

• Global EV sales rose by 14% in 2022, prompting fuel station operators to deploy EV charging infrastructure.

• Fuel stations also provide additional services, such as convenience stores and quick-service restaurants. Hence, the expansion of fuel stations across locations like highways is favouring the market development.

Key Offerings of the Report:

• The EMR report gives an overview of the global fuel station market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the fuels, end uses, and major regions of fuel station.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global fuel station market are Shell plc, BP p.l.c., TotalEnergies SE, Exxon Mobil Corporation, China National Petroleum Corporation, CNOOC Limited, Aldrees Petroleum & Transport Services Co., ENOC Company, Phillips 66 Company, and Indian Oil Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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