According to the latest research report by IMARC Group, the global reached US$ 3.27 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of around 5% during 2021-2026.
Gas meters are specialized flow meters that measure the volume of fuel gases like natural gas and propane. These meters also ensure the measurement of a defined volume of the gas irrespective of the quality or pressure. They assist in keeping track of the overall usage of gas, ensuring adequate gas pressure and accurate computing bills. As they are available in a wide range of types and designs, including flow and displacement meters, their demand is increasing across the globe.
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Global Gas Meter Market Trends:
Due to the growing population and rapid urbanization, there is a considerable rise in the demand for energy in residential, commercial and industrial sectors worldwide. This has increased the utilization of fuel gases, which, in turn, is driving the gas meter market. Moreover, government bodies of various countries are encouraging the usage of smart meters in households and small businesses.
For instance, the Government of the United Kingdom introduced Smart Metering Implementation Programme (SIMP) in 2018, which is an energy-industry-led program aiming to provide smart meters to domestic and non-domestic sites. It focuses on controlling and managing energy use, saving money, reducing carbon emissions, and providing real-time information to users. Additionally, smart meters offer numerous advantages, such as storing a large amount of analytical data, which minimizes the cost of labor and saves time. These meters also reduce the wastage of gas during transmission and distribution. Furthermore, the leading players are investing in the research and development (R&D) activities to develop innovative gas meters, which is anticipated to fuel the market growth.
Competitive Landscape
The report has also examined the competitive landscape of global gas meter market.
- Honeywell,
- Itron,
- Apator,
- Diehl Metering
- Sensus
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Insights on Market Segmentation:
Market Market Breakup by Type:
1. Basic
2. Smart
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.
Market Breakup by Application:
1. Residential
2. Commercial
3. Industrial
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.
Market Breakup by Region:
1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America
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.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
