Austin, TX, U.S.A. — (METERING.COM) — January 16, 2012 – By 2016 annual revenues from the smart gas meter market will reach over $1 billion – roughly four times the 2011 market estimate, according to IMS Research.
In its recently published report, “The World Market for Gas Meters – 2011 Edition,” growth is anticipated to be strong, mainly due to the emergence of new markets for advanced gas meters in Europe and Asia.
In 2010, North America accounted for well over 90 percent of the global advanced gas meter revenues (including both new smart gas meters and retrofit modules). However, projects in Europe are beginning to contribute to the global market.
“Historically, the global market for advanced gas metering was solely the sale of retrofit communications modules onto existing gas meters in the field in North America. This amounted to a market worth just over $200 million in 2010,” commented report author Michael Markides. “However, 2011 marked a significant change in the global market for advanced gas meter solutions as new projects in Europe began, notably in the Netherlands, the UK and Italy.”
These countries, as well as France and Spain are all expected to see a significant amount of smart gas meter (and retrofit communications) module shipments, starting in earnest in 2014 onwards. By 2016 numerous projects across many Western European countries are expected to lift market revenues to over $500 million.
Further, in Asia, trials are slated in Japan, South Korea and Australia, giving to a market forecast of over $100 million annually in 2016.
Continued investment in IT and logistics by utilities, various regulatory changes and mandates, safety concerns, and the ability for gas metering communication technology to adapt to exiting electricity meter networks, are the prime drivers contributing to this anticipated strong market growth, according to IMS Research.