Robotic Refueling System Market

Market Overview

The global robotic refueling system market size was valued at USD 23 billion, growing at a CAGR of 47% during the forecast period.

The robotic refueling system refers to the system used to refuel the robotic arms. The robotic refueling system uses state-of-art vision detection and sensing system, which enables robots to locate the position and orientation of the fuel tank. Furthermore, it allows for eliminating human risk by removing the need for a manual fuel tank. Robotic fuelling system offers a broad range of attributes that includes; enhanced productivity, reduced operating costs, improved safety, reliability, and scalability, among others.

The rapid surge in globalization and industrialization and the safety and flexibility offered by the robotic refueling system are the factors boosting the market growth. However, regulatory policies to ensure data safety hinder market growth.

Market Dynamics

Rapid Globalization and Industrialization

Over the past few decades, there has been substantial growth in the adoption of technologies such as IoT, Machine Learning (ML), advanced robots, and artificial intelligence, among others, facilitating the growth of industrialization across the globe. Thus, to achieve the increasing demand, enterprises are adopting robotic fuelling system to enhance the efficiency in manufacturing at the same time reducing operating costs to gain maximum benefits.

Additionally, the surge in robotics demand, primarily in the automotive sector, paved the way for the adoption of robotic refueling systems. For instance, according to Statista, in 2019, 24% manufacturing sector adopted advanced robots to improve manufacturing efficiency.

Regional Analysis

Asia-Pacific Automotive Sector’s Demand for Robotic Fueling System

Asia-Pacific holds the highest market share in the robotic fueling system and is anticipated to witness growth during the forecast period. The growth is owing to the rising demand for robotics in the automotive sector. For instance, China accounts for 43.3% of the market share in the automobile sector in Asia-Pacific. Thus, this leads to a surge in demand for robots to enhance the operational efficiency to meet the increasing demand of consumers. Moreover, the technological shift in the robotics industry is also one of the factors fuelling market growth. Furthermore, increasing investment in developing economies such as India and Indonesia, among others, also leads to the development of the market. For instance, in August 2019, Robotics Start-up Anywhere announced to invest approximately USD 100 million to expand its operations in India to boost automation.

Presence of Notable Robotic Fueling Players in North America

North America witnesses steady growth in the robotic refueling system market and is expected to grow during the forecast period. The growth is attributed to the presence of primary vendors offering robotics refueling systems, such as Boeing Company, Simon Group Holding, and Green Fueling, among others. Moreover, increasing investment in the oil and gas sector is also one of the factors accelerating market growth. For instance, in October 2020, BP, the oil giant, announced to invest approximately USD 1.1 billion to enhance operations in the regional oil and gas industry.

Segmental Analysis

Significant Investment in Mining Industry to Drive the Gasoline Segment Growth

The gasoline segment holds a higher CAGR and is anticipated to witness growth during the forecast period. The growth is attributed to growing investment in the mining industry, which enables to adopt of autonomous haulage trucks where gasoline is a major fuel. For instance, in July 2020, BHP Mitsubishi Alliance (BHA) announced to invest approximately USD 69 million in autonomous haul trucks at Daunia coal mine (Australia). Moreover, the gasoline segment’s other benefits include fewer emissions of exhaust gases, and the presence of an abundant amount of energy over other gases.

Automation to Boost the Demand for Various Pay-Load Carrying Capacities

Payload carrying capacity with 100-150 kg holds a dominant position and is presumed to grow during the forecast period. Industrial verticals such as aerospace, military and defense, mining and warehouse, and logistics, among others, are inclining toward automation, thereby increasing the demand for heavy load fuel carrying capacity on account of its high-end applications. Furthermore, the growing demand for electric vehicles and cost-effective refueling stations is also one of the factors boosting the market growth. For instance, in September 2019, Volkswagen Group announced to invest USD 250 million in autonomous charging stations, which is to be commercialized by the end of 2021.

Mining Industry to Hold a Substantial Market Share

The mining Industry holds a higher CAGR and is expected to witness growth during the forecast period. The growth is attributed to increasing investment in the mining industry across the globe. Moreover, favorable FDI policies in commercial mining are also bringing in lucrative opportunities for the robotics refueling market. For instance, in September 2019, Saudi Arabia’s biggest oil exporter Aramco has announced to invest approximately USD 100 billion in India in the mining sector. This has subsequently increased the adoption of autonomous haulage trucks, thereby leading to a surge in robotics refueling market. Furthermore, the growing demand for energy across the globe on account of the surge in globalization is also one of the factors escalating market growth.

Impact of covid-19

COVID-19 critically impacted almost all industry verticals globally. The market of the robotic refueling system witnessed slight declination due to the shortage of skilled laborers and disruption in supply chain and manufacturing operations across the globe. Moreover, the market of robotic refueling is likely to come back on track post-pandemic on account of the several measures taken to eliminate the transfer of bacteria, which prompt consumers to adopt a robotic fuelling system. Furthermore, the increasing adoption of autonomous vehicles would also impact the adoption rate of robotic fuelling systems in the near future.

Recent Developments

In January 2019, Nesteintroduced automated shopping and robotized refueling at its filling station in Finland. The robotized refueling system has been introduced to improve the users’ engagement.