The global gas meter market size reached US$ 4.1 Billion in 2022. Looking forward, the market expected to reach US$ 5.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.82% during 2023-2028, according to the latest market research report by IMARC Group.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028
A gas meter is a device that measures the volume of different fuel gases like liquified petroleum gas (LPG). It comprises a gearwheel system, turbine wheel, extrusion section, and sealed housing unit. It is safe and easy to install and provides real-time information about the exact usage of gas. It assists in reducing gas consumption by notifying consumers about the excessive consumption of gas. Apart from this, the smart gas meter automatically sends the reading to the supplier, which eliminates inaccurate bill generation and bill disputes. It is widely used in onshore and offshore drilling rigs to detect the quantity and quality of gas produced and consumed. It is available in various types, including the diaphragm, rotatory displacement, and turbine meters. At present, the gas meter is widely used in residential, commercial, and industrial sectors across the globe.
Covid-19 Scenario:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Gas Meter Market Trends:
Rapid industrialization and a significant surge in the consumption of natural gas currently represent one of the key factors positively influencing the market. In addition, the rising development in gas pipeline infrastructure and distribution networks is strengthening the growth of the market.
For instance, a highly integrated network of gas transportation for residential and industrial purposes ensures uniform economic and social progress of a country. This, in confluence with the favorable government initiatives for an economical and safe mode of gas transportation, is creating a positive market outlook.
In line with this, leading market players are investing in research and development (R&D) activities to incorporate latest technologies in the gas meter, which is providing a thrust to the market growth. They are also focusing on integrating various sensors to detect accidental gas leaks.
Besides this, the development of gas meters on different operating principles, including displacement, thermal, velocity, and acoustic, is offering lucrative opportunities to manufacturers for introducing more unique product variants and expanding their consumer base. Furthermore, the integration of ultrasonic waves in flow meters for enhanced performance is positively influencing the market. This can also be attributed to its high accuracy and turndown, good repeatability, and rangeability of the flow meter.
In addition, the low maintenance of ultrasonic gas meters due to their no moving parts and compatibility with computers is creating a favorable market outlook. Moreover, the introduction of the multipath transit-time meter that allows measurement of flow at more than one location and provides improved accuracy, is projected to drive the market in the coming years.
Competitive Scenario with Key Players:
The competitive landscape of the market has also been analyzed, with some of the key players being
- Honeywell International Inc.,
- Itron Inc.,
- Apator SA,
- Diehl Stiftung & Co. KG,
- Sensus Worldwide Holdings Limited.
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The report cover the below key market segments:
Breakup by Type:
1. Basic
2. Smart
The gas meter market has been bifurcated on the basis of the type which includes basic and smart segments. Currently, most of the consumers prefer basic gas meters in which the measurements are recorded manually.
Breakup by Application:
1. Residential
2. Commercial
3. Industrial
The report has analyzed the market according to the application into residential, commercial and industrial sectors. Amongst these, gas meters are mostly used in the residential sector on account of the implementation of regulatory norms by governments of several nations as an effort to reduce gas wastage.
Breakup by Region:
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America
On the geographical front, North America is the largest market for gas meters, holding the majority of the total market share. The market growth in the region is being driven by increasing deployment of smart grids, energy conservation and efforts made by utility companies for improving bill accuracy. Other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America.
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