Robotic Refueling System Market Size to Reach USD 2,263.2 Million by 2030
Robotic Refueling System Market size in 2021 was USD 65.3 Million, market value set to reach USD 2,263.2 Million by year 2030 at 48.5% CAGR
Robotic Refueling System Market Overview
A Robotic Refueling System (RRS) is a system that uses robotics technology to refuel vehicles or aircraft without the need for human intervention. The RRS consists of a robotic arm mounted on a mobile platform, such as a tracked vehicle. The manipulator is equipped with specialized fuel nozzles that can directly connect to the fuel tanks of the vehicle to be refueled.
RRS have been developed to have autonomous capabilities, allowing them to perform refueling tasks without human input. The main advantage of an RRS is that it can refuel vehicles without the need for a human operator to be physically present, which can improve safety and efficiency. RRS can also be used in hazardous environments as well.
The Robotic Refueling System market size is set to witness excellent growth over the forecast period between 2022 and 2030, driven by the rising demand for autonomous as well as unmanned systems in multiple industries, along with the need to improve efficiency, safety, and the overall efficiency in fuel handling operations.
Robotic Refueling System Market Research Report Highlights and Statistics
- The global Robotic Refueling System market size is all set to grow at a CAGR of 48.5% from 2022 to 2030, to reach a valuation of USD 2,2263.2 million, as per our report.
- The largest sectors where the demand for robotic refueling system is highest are the military and aviation sectors, this is due to the improved efficiency of fuel handling operation provided by robotic refueling systems which also helps in reducing the number of personnel needed.
- The increased number of electric vehicles (EV) sales worldwide have also driven the demand for Robotic Refueling Systems. EVs currently have a limited driving range which is why they are needed to be refueled more frequently.
- The Asia-Pacific region, as per our analysis, shall witness the highest market growth for Robotic Refueling Systems, owing to the large number of aviation and military companies having a wide presence in the region along with EV sales skyrocketing in these regions.
- The major players in the robotic refueling system market are noted as Honeywell, Cobham, United Technologies Corporation, etc.
Request for a sample of this premium research report@ https://www.acumenresearchandconsulting.com/request-sample/3107
Robotic Refueling System Market Trends
- Autofuel Aps, located in Denmark, debuts its completely automated robotic refueling system technology with the goal of providing a hassle-free refilling experience at traditional gas stations.
- NASA intends to put a robot refueling system into orbit to refuel decommissioned satellites. These robots will be using a mechanical arm to grab the satellites and refuel them in mid-air.
- Stratom's RAPID robotic refueling system got an AUVSI XCELLENCE in Technology Award for the "Hardware & Systems Design" division at the 2022 spring's EXPONENTIAL show in Orlando, FL.
Robotic Refueling System Market Dynamics
- Growth of automation and unmanned systems: Many industries have been adopting automation and using unmanned systems much more widely. The aviation, military, aviation, ground transportation and automobile sectors are the ones where the demand for robotic refueling system is the highest.
- Need for improved safety and efficiency in fuel handling operations: Since the system does everything autonomously there is much more safety during the refueling operations. RRS can also improve efficiency by saving the time needed for refueling the vehicles and allowing multiple vehicles refueling, simultaneously.
- Growth in EV sales: EVs have a smaller driving range and need refueling more frequently. RRS can refuel EVs much faster and efficiently.
- Rising tensions between East and the West has resulted in the Increased military and aviation budgets: With a rising and aggressive China, many countries including Japan, China and USA have increased their military budgets. In the coming years there would be a wider need for automation in the military and aviation sector.
- Technological advancements: Countries have been spending more on R&D of automation this includes the robotic refueling system as well.
Growth Hampering Factors
- High initial cost of procurement and installation of robotic refueling system can be high
- Challenges in designing and building robotic refueling system due complexity of the refueling process
- Difficulties in obtaining regulatory approval for RRS, due to safety and reliability concerns along with lack of design and operation standardization
- The robotic refueling system may also face competition from manual refueling methods.
- Shortages and skill gaps in personnel assigned to operate and maintain the Robotic refueling system, limiting their deployment.
Robotic Refueling System Market Segmentation
- Fuel type: EV charging, gasoline, diesel, aviation fuel, and LPG.
- By Component: Software and Hardware
- End-use industries: Military, aviation, and ground transportation.
- Geographical region: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.
- Vehicle type: Aircraft, Ground vehicles, marine vessels, electric vehicles (EVs), other automobiles and satellites.
- System type: Manual, Semi-automatic, or Fully-automatic.
- Operation type: On-road, Off-road and In-flight refueling.
Robotic Refueling System Market Regional Overview
Asia-Pacific: The robotic refueling system market share in the region stands as the highest in terms of growth as well as revenue, this is in line with the presence of a large number of military and aviation companies operating in the region. The high growth in EV sales is also a contributing factor to the regional growth. The CAGR of Asia Pacific market stands at 49%.
North America: The robotic refueling system market share in the North American region stands as the second largest and is estimated to grow at a moderate rate.
Europe: The robotic refueling system market share in the European region is expected to grow at a good pace. EV demand in Europe is very high due to the presence of environmental friendly norms and regulations and a wider concern for climate change.
Robotic Refueling System Market Key Players
- FMC Technologies: FMC Technologies is a leading technological solutions provider actively working in the energy industry especially oil and gas exploration
- GE Energy: Designs and manufactures advanced robotic solutions for oil and gas, power generation, and renewable energy segment.
- ABB: A global leader in automation and robotics technology.
- Wood Group: Wood Group is a global provider of engineering, procurement, construction, and maintenance services in the energy sector.
Other major companies include Siemens, Honeywell International Inc., BAE Systems, Orbital ATK Inc., Cobham Plc, Thales Group, Parker-Hannifin Corporation, Rolls-Royce Plc, Lockheed Martin Corporation, Boeing Company and Airbus Group.
The above mentioned companies are actively involved in the development of advanced robotic refueling solutions across multiple industries.
Click here to buy the Premium Market Research report https://www.acumenresearchandconsulting.com/buy-now/0/3107
Receive our personalized services and customization by clicking here https://www.acumenresearchandconsulting.com/request-customization/3107
Mr. Frank Wilson
Acumen Research and Consulting