Global Gas Meter Market is expected to be driven by growing gas consumption over the forecast period. These meter play a key role in measuring consumption across various application areas such as domestic, commercial, and industrial. Growing energy demand and environmental concerns have resulted in a shift towards natural gas consumption owing to its inherent characteristics.
Characteristics such as low emission, higher calorific value, and easier operability are presumed to play a key role in shaping the industry in future. Such a shift in consumer trend is expected to aid the gas meter market over the next seven years. This results in low operating expenditures and easier data management across multiple departments.
Such advantages are expected to assist the global gas meter market over the forecast period. Meter data management systems provide a centralized data management system that incorporates consumption of various departments or utilities and makes it available for real-time decision-making. Such advantages are presumed to positively impact the market over the forecast period.
However, inability to manage large data volumes generated from smart gas meter is anticipated to hamper market growth and development. Transition from old to new intelligent ones results in added costs and integration difficulties for companies. Such hindrances are presumed to hamper industry growth and development.
Technological advances have resulted in the introduction of smart gas meter. R&D initiatives to develop superior innovative products in line with customer specifications and reduce manufacturing as well as operating costs offer many opportunities for the industry participants. Smart gas meter are not widely accepted across the end-use industries at present, but are projected to witness rapid growth in future. Such growth prospects offer abundant opportunities for market growth and development.
Product types include basic conventional gas meter and smart & intelligent gas meter. Smart gas meter are gaining wide acceptance across various end-use industries in the recent past and are expected to continue this trend in future. Regulations phasing out old conventional ones for new intelligent products are expected to play a key role in shaping the market over the forecast period.