Global Gas Meter Market to Surpass $ 4.2 Billion by 2022
Expanding city gas distribution network, rising LPG consumption and
growing number of favorable government initiatives set to drive global gas
meter market through 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.
Browse 7 market data
Tables and 101 Figures spread through 196 Pages and an in-depth TOC on "Global Gas Meter
Market, 2012-2022"
https://www.techsciresearch.com/report/global-gas-meter-market-by-type-basic-and-smart-by-application-residential-commercial-and-industrial-and-by-region-competition-forecast-and-opportunities/1100.html
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.
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“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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