According to a new report, the gas meter market is projected to be worth US$2.27 billion by 2021, growing at a CAGR of 7.24% between 2016 and 2021.The market will be driven by government policy and mandates in developed economies, as well as accurate billing and improved customer service.
The automatic meter reading (AMR) segment is expected to be largest market for smart gas meters in 2016. In the report compiled by MarketsandMarkets Research, smart gas infrastructure implementation is showing significant growth in North America and Europe.
While AMR is growing in popularity, the advanced meter infrastructure (AMI) market is projected to grow at the highest rate because of its advanced technology.
The firm’s release states that AMI reduces labor cost, and several gas utilities worldwide are replacing AMR with AMI infrastructure, further creating growth opportunities for the AMI market.
RnR Market Research notes that Europe is currently the fastest growing market for smart gas meters, followed by North America and Asia-Pacific.
In Europe, several smart gas meter rollouts are taking place in countries such as the UK, Spain, and France.
In addition to smart gas meter rollout gaining momentum, the EU's (European Union) plans regarding carbon emission reductions, would drive growth in the European region.
The UK reportedly accounted for the majority share in Europe in 2015, and France is projected to grow at the highest CAGR from 2016 to 2021.
Gas sensor market
In a related report, the gas sensors market is expected to be worth US$ 1.01 billion by 2022, growing at a CAGR of 6.22% between 2016 and 2022. APAC is expected to grow at a high CAGR between 2016 and 2022.
A release promoting the report, “Gas Sensors Market Global Forecast to 2022” states that the market for the consumer electronic application of gas sensors is expected to grow at the highest rate. This high growth can be attributed to the fact that gas sensors are expected to be integrated into smartphones and wearables that can detect gases such as carbon monoxide, carbon dioxide, nitrogen dioxide and VOCS.