WILMINGTON, DE / ACCESSWIRE / January 26, 2023 / Transparency Market Research Inc. - The Global Gas Meter Market is likely to grow at a CAGR of 6.5% from 2022 to 2031. A gas meter is an instrument that monitors and keeps record of gas consumption in homes and businesses. This data is passed on to energy companies. Gas meters are installed in industrial, residential, and commercial buildings for energy needs. The introduction of new technologies in the precision, electronics, and automation industry verticals is accelerating the development of gas meter products, creating new market opportunities for gas meter manufacturers.
The rise in inclination toward gas from coal, the advent of technology, and digitalization of gas networks are projected to result in the global Gas Meter Market growth. Multiple factors, such as smart infrastructure with an energy efficient environment, digitalization and IoT ecosystems, and sustainability objectives, are contributing significantly to the growth of the Gas Meter Market.
According to TMR report, the global Gas Meter Market value stood at US$ 3.30 Bn in 2021 and is anticipated to reach US$ 6.17 Bn by the end of 2031. Increasing popularity of smart and commercial gas meters in business areas as well as households are projected to help boost the industry growth during the forecast period.
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Key Findings of Study
- Rise in Demand from Residential and Commercial Sector expected to Propel Market Growth: Commercial gas meters and smart meters are increasingly used in both homes and offices. Smart gas meters depend on battery power with low voltage to prolong their operational life and avoid ignition hazards. This leads to low power consumption and low gas bills compared to traditional gas meters. This is anticipated to drive the Gas Meter Market in the next few years.
- Advent of Internet of Things Anticipated to Attract High Revenues: Development of smart infrastructure and advent of energy-efficient technologies such as IoT, are expected to bode well for the overall gas meter industry growth during the forecast period. IoT implementation has progressed from automation to digitization. It speeds up the meter reading process. It also serves as a web interface for both customers and service providers. As a result, the market is likely to witness new business opportunities through the replacement of old conventional meters with new smart meters.
Key Drivers
- Rise in adoption of ultrasonic gas meters is expected to boost the global Gas Meter Market
- Increase in usage of ultrasonic gas meters, rotary meters, and other meter types is likely to promote the growth of this market
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Regional Growth Dynamics
- North America is likely to emerge dominant during the forecast period owing to the rise in demand from residential and industrial consumers. Utilization of large volume of natural gas for multiple industrial operations is expected to help this region attract notable revenue in the next few years.
- Asia Pacific is projected to witness significant growth owing to increase in investments by gas utility companies and rise in demand for emission monitoring systems in nations recording high air pollution index
Key Players
Some notable players in the global Gas Meter Market include
- Endress+Hauser,
- Emerson Electric Co.,
- ZENNER International GmbH & Co. KG,
- Honeywell International Inc.,
- Landis+Gyr Corporation,
- Badger Meter, Inc.,
- Apator SA.,
- IoT Water Group (Arson Metering),
- Genesis Gas Solutions(P) Ltd.,
- Fluenta,
- EDMI Ltd.,
- Itron Inc., and Abb Ltd
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Gas Meters Market Segmentation
- Type
- Diaphragm Meters
- Rotary Meters
- Turbine Meters
- Ultrasonic Meters
- Coriolis Meters
- Application
- Residential
- Commercial
- Industrial
- Technology
- Standard Meters
- Smart Meters
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Russia &CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- South Africa
- GCC Countries
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