Hanging Hardware for Fuel Systems Market To Reach USD 1,056.5 Million By 2032, Says DataHorizzon Research
The hanging hardware for fuel systems market size was valued at USD 625.9 Million in 2022 and is expected to reach a market size of USD 1056.5 Million by 2032 at a CAGR of 5.6%.
Fort Collins, Colorado, April 26, 2024 (GLOBE NEWSWIRE) --*Advancements in Materials and Manufacturing Technologies*
The *hanging hardware for fuel systems market* encompasses the manufacturing, distribution, and installation of hardware components used to support and secure fuel delivery systems in numerous applications, including automotive, aerospace, marine, and industrial sectors. These hardware components are vital for ensuring the safe and effective operation of fuel systems by firmly suspending pipes, hoses, and other equipment in position
Advancements in materials and manufacturing processes create substantial potential for the Hanging Hardware for Fuel Systems Market. The development of lightweight and high-strength materials, such as advanced composites and engineered polymers, allows for the manufacture of hanging hardware components that are more durable, corrosion-resistant, and fuel-efficient. Furthermore, the use of innovative manufacturing techniques like as 3D printing and precision machining enables the construction of complicated and customized hanging hardware designs, which improves the performance and reliability of fuel systems. As the car sector continues to focus on fuel efficiency and sustainability, the demand for novel hanging hardware solutions is likely to increase, propelling market expansion.
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*Segmentation Overview:*
*The hanging hardware for fuel systems market has been segmented into type, application and region.*
*Nozzle dominate the segment growth in 2023.*
· Based on type, the market is categorized into whiphose, breakaway, coaxial hose, and nozzle. The nozzle segment is anticipated to be the largest segment in the market with a revenue share in 2023. A nozzle is designed to control the direction of a fluid flow (to increase velocity) as it exits or enters an enclosed chamber or pipe. A nozzle is often a pipe or tube of varying cross-sectional area, and it can be used to direct the flow of a fluid (liquid or gas).
*Diesel/Petrol dominate the segment growth in 2023.*
· Based on application, the market includes segments such as diesel & petrol stations, and natural gas stations. The diesel/petrol stations lead the segment growth due to their dominance during the forecast period. The rising automotive sector demands growth in fueling systems, therefore number of fueling systems are increasing
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*Hanging Hardware for Fuel Systems Market Report Highlights:*
· The hanging hardware for fuel systems market growth is anticipated at a *CAGR of 5.6% by 2032.*
· The increasing need for fuel efficiency and emission reduction in the automotive industry is a major driving force behind the hanging hardware for fuel systems market. Stringent government requirements on vehicle emissions, such as the Euro 6 standards in Europe and the Corporate Average Fuel Economy (CAFE) standards in the United States, are encouraging automakers to design more efficient fuel systems. According to the International Energy Agency (IEA), the global fuel efficiency of light-duty cars increased by 1.6% each year between 2015 and 2019.
· Asia Pacific leads market growth, accounting for more than 40% in 2022. The region is predicted to maintain its dominant position during the forecast period. Rising oil and gas consumption in APAC is being driven by India, China, and Japan's economic expansion. Increasing government support and private investment has led to the building of CNG stations in the region.
· Some prominent players in the hanging hardware for fuel systems market report include Dover Corporation, Gilbarco Veeder Root, Husky Corporation, Franklin Fueling Systems, LLC, RBM Company, and IRPCO among others. *Looking Exclusively For Region/Country Specific Report? *
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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