According to the latest report by IMARC Group, titled “Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global gas meter market size was US$ 3.2 Billion in 2018. A gas meter is a specialized flow meter designed for measuring the volume of various fuel gases such as natural gas and propane. The meter can provide the measurement irrespective of the quantity or quality of the gas flowing through it. These measurements help in keeping track of gas usage, calculating accurate bills and ensuring safe pressure of the gas. At present, there are two main variants of gas meters available in the markets, namely, displacement meters and flow meters. Displacement meters, such as diaphragm and rotary displacement meters, are used in residential applications. Whereas, flow meters, like turbine meters, are sensitive to the disturbed upstream flow profile and are usually installed in spaces where large gas quantities need to be measured.
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Global Gas Meter Market Trends:
Over the past few years, numerous technological advancements have led to the development of smart meters. These meters offer better management of energy use, personalized reports and accurate billing. The emerging demand for smart meters is expected to lead the growth of the market in the near future. Other than this, governments of various nations have taken initiates to promote the installation of gas meters for reducing gas emissions. For instance, in 2018, the UK Government initiated the ‘Smart Metering Implementation Programme’ to replace over 53 million conventional gas and electricity meters with smart metering systems by the end of 2020. Moreover, there has been a notable rise in the consumption of natural gas by the manufacturing industry, which is further providing support to the buoyant demand for gas meters. Looking forward, the market is anticipated to reach a value of US$ 4.3 Billion by 2024, at a CAGR of 4.6% during 2019-2024.
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Market Summary:
- 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.
- 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.
- 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.
- The competitive landscape of the market has also been examined with some of the key players being Honeywell, Itron, Apator, Diehl Metering, and Sensus.
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