Research and Markets has announced the addition of the "Global Smart Gas Meter Market Insights, Opportunity, Analysis, Market Shares And Forecast 2016 - 2022" report to their offering.
The smart gas meter market is anticipated to grow from $1.59 billion in 2016 to $2.27 billion by 2022, with a CAGR of 8.53% for the forecasted year 2016 to 2022.
Some key driving factors are government policies & directives, ability to precise billings & improved customer service and better performance. Increasing awareness to reduce the energy loss by stopping gas theft is also acting as an additional driving factor for the growth in the market worldwide.
Moreover, growth in smart cities and its technology is likely to trigger the huge development in the market. These gas meters has numerous advantages over conventional meter to observe the gas consumption that is why huge adoption of smart gas meter is anticipated in the forecasted period.
The demand for smart gas meters is directly linked to the development of tremendous gas pipeline networks and investments in smart cities & smart grid infrastructure. Health and cyber security issues linked to the usage of smart gas meters can act as a restraining factors but up to a certain extent, but with increasing awareness towards the technology and its advantages the adoption rate is expected to increase, and the market is anticipated to grow in the forecasted period.
Currently, North America dominates the global smart gas meter market, and Europe is likely to grow with a highest rate during the forecast period. In North America, the growth of the smart gas meter market is majorly endorsed by factors such as investments in smart grid and gas pipeline networks.
Source: Research and Markets
Date: Aug 22, 2016