According to the gas meter market Share by IMARC Group, The 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.
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.
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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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global gas meter market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type and application.
Breakup by Type:
Basic gas meters currently represent the most popular gas meter type as they are used in the majority of commercial and residential installations.
Breakup by Application:
The residential sector presently holds the majority of the global gas meter market share due to the growing global population, rapid urbanization, and the rising need for residential gas connections
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
North America exhibits a clear dominance in the market on account of low fuel prices and the uptake of new pipeline projects in the region.
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Honeywell International Inc., Itron Inc., Apator SA, Diehl Stiftung & Co. KG, and Sensus Worldwide Holdings Limited.
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