Global Gas Meter Market to Surpass $ 4.2 Billion by 2022
According to recent release by TechSci Research “Global Gas Meter Market By Type, By Application and By Region, Competition Forecast and Opportunities, 2012–2022”, global gas meter market is projected to reach $ 4.2 billion by 2022, on account of expanding city gas distribution (CGD) network, rising LPG consumption and growing initiative taken by various governments to fuel adoption of natural gas as a primary fuel for residential, commercial, and industrial sectors. Increasing investments in oil & gas downstream projects, increasing demand for natural gas by various end use industries, rising environmental concerns, expanding pipeline infrastructure and pipeline grid, ageing of pipeline infrastructure, rising preference towards smart gas meters over basic gas meters are among the major factors anticipated to boost growth in global gas meter market in the coming years. Natural gas consumption across the globe increased at a CAGR of 1.62% during 2011-2015, with the volume consumption increasing from 3201.4 BCM in 2010 to 3468.6 BCM in 2015. Moreover, global pipeline infrastructure witnessed significant growth over the last decade, especially in North America, followed by Middle East, owing to increasing oil & gas production.
European region dominated global gas meters market over the past few years and this trend is anticipated to continue through the forecast period, owing to rising demand from Russia, Germany, United Kingdom, Italy and France. North America accounted for the second largest share in the global gas meter market due to surging adoption of smart gas meters in the region, coupled with huge investments being made in smart grid and gas pipeline network across the region. Moreover, Asia-Pacific region is expected to grow at the fastest pace in global gas meter market, as the region is projected to exhibit a CAGR of over 9% during 2017-2022, due to expanding pipeline infrastructure and growing demand for natural gas by various end use industries. As of 2015, nearly 67% of oil & gas pipelines across the globe were more than 20 years old, while around 18% were 11 to 20 years old. In 2015, around 132 significant spills were recorded, which is roughly one in every three days. Hence, in order to curb oil spills and to keep a check on oil & gas theft, demand for smart gas meters is anticipated to rise across the globe in the coming years.
“Increasing number of initiatives taken by various governments across the globe in order to further expand city gas distribution, coupled with subsidies offered on natural gas consumption in many countries are expected to drive demand for gas meters globally in the coming years. Moreover, investments in global oil & gas pipeline infrastructure is expected to rise in the coming years due recovering crude oil prices, thereby, propelling demand for gas meters globally through 2022”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Gas Meter Market By Type, By Application and By Region, Competition Forecast and Opportunities, 2012–2022” has evaluated global gas meter market and provides the statistics and information on market structure, industry behavior and trends. The report includes market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with strategic recommendations for global gas meter market.
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