Global Gas Meter Market to Reach Around US$ 5 Billion by 2023

“Global Gas Meter Market to Reach Around US$ 5 Billion by 2023”
The global gas meter market has been witnessing a positive growth. This can be attributed to the advantages offered by gas meters which include provision of accurate bills and a guarantee of safe pressure from the gas main supply.

A gas meter is a device which is used for measuring the volume of various fuel gases such as liquefied petroleum gas and natural gas. The measurement is done regardless of the quantity or quality of the gas flowing through the meter. Gas meters provide accurate bills and ensure that the gas supply is under safe pressure. Earlier, these meters used to be installed inside the buildings, however with time, the consumers have started placing them outside on account of rising temperature. Currently, various types of gas meters are available which can be differentiated on the basis of several operational principles like velocity, thermal, displacement, tracer, acoustic, etc. A new research report by IMARC Group, titled “Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global gas meter market was worth US$ 3 Billion in 2017. The report further anticipates the market to reach US$ 4 Billion by 2023, at a projected CAGR of nearly 7% over the forecast period.

Global Gas Meter Market Drivers/Constraints:

  • Owing to an increase in environmental concerns, governments of various nations have taken numerous initiatives in order to avoid oil and gas leakages which has, in turn, contributed towards an augmented demand for gas meters across the globe.
  • Whey protein is easier There has been a significant rise in the demand for energy as well as in the investments made for projects related to oil and gas. This is one of the major factors which is driving the growth of the global gas meter market.
  • Some of the factors including higher calorific value, easier operability of gas meters and their ability to emit low carbon emissions have been positively influencing the growth of the market.
  • Poor handling and improper maintenance of a massive amount of data generated by gas meters is one of the primary hindrances which have been acting against the growth of the market.

Type Insights:

On the basis of type, the market has been segmented into basic and smart gas meters. Currently, basic gas meters dominate the market owing to a significant rise in residential gas subscriptions for heating and cooking purposes.

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Application Insights:

Gas meters presently find myriad applications across various sectors which include residential, commercial and industrial sectors.

Regional Insights:

On a geographical front, North America represents the largest market for gas meters, accounting for the majority of the share. This can be accredited to stringent rules and regulations implemented by governments in order to replace old meters. Some of the other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America.

Competitive Landscape:

The market is fragmented in nature with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:

  • Honeywell
  • Itron
  • Adaptor
  • Dieh Metering
  • Sensus

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