Russia offers the greatest growth opportunity for gas meters, according to a new study which values the global market at US$2.49 billion annually.
Some countries have reached saturation for gas meters, such as the Netherlands, which has 95 per cent meter coverage, Italy at 90 per cent and the UK at 82 per cent, according to findings from Research and Markets.
Demand in these European countries will be driven by replacement needs to smart meters.
Russia however has 63 per cent coverage and will offer growth through the continued expansion of its gas network and increasing use of household meters.
The challenge for international meter companies will be to access this market, which is largely supplied by domestic manufacturers, with mainly import large bulk and specialised meters.
Research and Markets forecast that by 2018 annual gas meter demand value will have increased by 13.2% to $2.82 billion.
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