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.
The latest report by IMARC Group, titled “Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the global gas meter market reached the value of US$ 3 Billion in 2017. A gas meter is a flow meter which is used for measuring the volume of fuel gases including liquefied petroleum gas and natural gas. It helps to measure accurate volume irrespective of the quality and quantity of the gas flowing through the meter. In addition, meter assists in reduction of gas wastage across various end-user segments. These meters ensure safe pressure from the gas main supply and provide accurate bills. Over the past few years, the majority of the gas meters are being placed outside which were earlier installed inside the buildings.
Highlights of the global gas meter market:
- The increasing consumption of gas across various sectors acts as one of the major factors for market growth.
- Basic gas meters exhibit a clear dominance in the market, accounting for the majority of share.
- North America represents the largest share in the market owing to stricter regulations regarding replacement of old meters.
Over the past few years, the use of gas has rapidly increased in both the industrial and residential sectors as a result of augmenting demand for energy and growing investments in oil and gas projects. In addition, on account of rising concerns about the environment, governments across various nations are taking several initiatives against oil and gas leakage. Moreover, expanding gas distribution network in developing regions has also added to the growth of the global gas meter market. Some of the other factors such as higher calorific value, low emission and easier operability of gas meters have also been proactive in maintaining the market growth. As a result of the aforementioned factors, the global gas meter market is further expected to reach a value of US$ 4 Billion, exhibiting a CAGR of 6.7% during 2018-2023.
On the basis of type, basic gas meters dominate the market with the largest share, followed by smart gas meters. The major segments on the basis of application include residential, commercial and industrial. Region-wise, North America currently accounts for the majority of the total global share. This is due to the strict rules and regulations implemented by the governments towards the replacement of old meters. Other major markets include Europe, Asia Pacific, Middle East and Africa, and Latin America. The competitive landscape of the market has also been analysed with some of the key players operating in the market being Honeywell, Itron, Adaptor, Dieh Metering and Sensus.
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The report by IMARC Group has examined the global gas meter market on the basis of:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- Dieh Metering
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