The global gas utility monitoring system market to grow at a CAGR of 8.35% during the period 2018-2022.
The report covers the present scenario and the growth prospects of the global gas utility monitoring system market for 2018-2022. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. The report includes all the hardware and software products used by utilities for residential, industrial, and commercial purposes.
One trend in the market is ease of use of advanced technologies. The increasing need for compliance with safe environmental practices and the development of sophisticated communication networks have resulted in utilities investing in technologies such as fiber optics. In fiber optic technology, fiber optic strands, which are as thin as human hair but can carry vast amounts of data, are used to transmit data. Optic fiber technology uses sound and temperature signal analysis, which can quickly detect any changes in temperature, pressure, or stress. Thus, any change in the pipeline is received quickly by a remote monitoring station, which in turn, helps the utilities to determine the exact point of threat and address it quickly.
According to the report, one driver in the market is increase in use of natural gas. The demand for natural gas has been increasing significantly, and the fuel has become a widespread substitute for coal and crude oil. The demand for natural gas is predicted to grow faster than that of coal and crude oil, growing at more than 1% during the forecast period. The growing concerns over environmental pollution and regulatory controls over the emissions of greenhouse gases have led to higher demand for natural gas. The increase in demand for natural gas in industries for the production of chemical and petrochemical products is also expected to be a major driver.
Further, the report states that one challenge in the market is highly complex and expensive retrofit operations. One of the biggest challenges for the deployment of gas utility monitoring systems is the high Installation cost incurred on the deployment of gas utility monitoring systems. The installation cost of hardware, such as smart gas meters is the highest cost component of AMI for the gas utility monitoring system. Besides this, networking technology and communication also require a considerable amount of investment, which is an additional cost for utilities that already run on a tight budget.