The global gas meter market size reached US$ 4.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.82% during 2023-2028. The growing utilization of various electronic appliances, rising installation of heating, ventilation, and air conditioning (HVAC) systems, and increasing environmental awareness among the masses represent some of the key factors driving the market.
Increasing Natural Gas Consumption in Industrial Sector Impelling Market Growth
Natural gas is an indispensable requirement in the industrial sector for multiple applications. It is extensively utilized as a fuel for manufacturing various products, such as paper, glass, bricks, steel, and iron, and for process heating and combined heat and power systems. It is also employed as a raw material or feedstock to produce chemicals, fertilizers, and hydrogen. Natural gas is a building block of various widely used petrochemical products, including cosmetics, medicine, synthetic fibers, and plastics. The rising utilization of natural gas as a raw input material for medical products, such as intravenous lines, catheters, bags, gloves, and masks, is propelling the growth of the market. There is an increase in the employment of combined heat and power (CHP) systems in various commercial and residential setups, as they are highly efficient, produce lower emissions, and prevent unnecessary costs. Apart from this, natural gas is a crucial component in making acrylic lenses, which are needed to improve the vision of patients suffering from cataracts. Furthermore, the increasing installation of advanced heavy machinery in the industrial sector to improve operational efficiency and boost production rates is catalyzing the demand for natural gas.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is concentrated with a large number of international players operating independently, as it requires excessive amounts of capital. The volume of new entrants is low in the gas meter market due to high capital costs, high exit barriers, and the requirements of manufacturers to achieve economies of scale to remain profitable. Furthermore, the product differentiation rate is low, as gas meters have little or no variations in their features.
What is a Gas Meter?
A gas meter refers to a device that is utilized for measuring the volume of various fuel gases, such as liquified petroleum gas (LPG) and natural gas, required for various purposes. It measures the amount of gas regardless of the quantity or quality of the gas flowing through the meter. It is installed by the utility between the incoming electric power or gas lines and the point of distribution at the location. It is driven by the force of the moving gas in the pipe and turns faster as the flow increases. It is segregated on the basis of several operational principles, such as velocity, thermal, displacement, tracer, and acoustic. It is generally installed inside buildings, but consumers have started placing them outside on account of rising temperatures. It provides accurate bills and ensures that the gas supply is under safe pressure. It assists in reducing the wastage of gas during transmission and distribution and getting real-time alerts about gaseous presence in the atmosphere. It also helps prevent fire hazards and explosions and supervises gas concentration levels. A gas meter can drastically reduce gas consumption and provide real-time alerts to individuals about their excessive gas consumption and eliminating inaccurate bills and bill disputes.
Global Gas Meters Market Trends:
At present, the increasing demand for natural gas due to rapid urbanization represents one of the primary factors influencing the market positively. Besides this, stringent regulations implemented by governing agencies of various countries to ensure that every household and small business is installing a smart gas meter to monitor their regular gas expenditure and prevent high costs. They are also encouraging large-scale industries to utilize gas meters regularly to prevent the over expenditure of natural resources and the impacts of pollution. In line with this, governing agencies of numerous countries are launching smart metering programs which aim to provide smart gas meters to domestic and non-domestic properties to gather real-time information on energy consumption. In addition, there is an increase in the utilization of various electronic appliances, such as refrigerators, air conditioners (ACs), washing machines, microwaves, vacuum cleaners, and dishwashers, in residential and commercial setups is propelling the growth of the market. Apart from this, the rising installation of heating, ventilation, and air conditioning (HVAC) systems to maintain good indoor air quality via adequate ventilation and filtration and provide thermal comfort is impelling the growth of the market. Moreover, the increasing installation of gas meters as they monitor energy consumption at various supply points and help producers maintain accuracy in managing their customer billing data is supporting the growth of the market. Additionally, key market players are manufacturing smart gas meters with various technologies which are capable of generating personalized reports that give valuable insights to the customer about gas usage as well as the cost of usage. They are also incorporating special features in their gas meters, such as hourly, daily, weekly, and monthly report statics with a detailed breakdown of particular use. Furthermore, the growing environmental awareness among the masses due to increasing levels of pollution and the incidence of climate change is offering a favorable market outlook.
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.
The report has provided a detailed breakup and analysis of the gas meter market based on the type. This includes basic and smart. According to the report, basic represented the largest segment as it is analog in nature and is simple to use. In addition, the increasing installation of basic gas meters in households to efficiently manage natural gas expenditure is propelling the growth of the market.
A detailed breakup and analysis of the gas meter market based on the application have also been provided in the report. This includes residential, commercial, and industrial. According to the report, residential accounted for the largest market share due to the rising construction of residential infrastructure around the world. Besides this, various regulatory norms for households by governing agencies of various countries to reduce the wastage of gas is contributing to the growth of the respective segment.
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
The report has also provided a comprehensive analysis of all the major regional markets, which include North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. According to the report, North America was the largest market for gas meter. Some of the factors driving the North America gas meter market included the growing energy demand in residential and commercial setups, rising number of new pipeline projects, and increasing prices of fuel.
The report has also provided a comprehensive analysis of the competitive landscape in the global gas meter market. Some of the companies covered in the report include:
- Honeywell International Inc.
- Itron Inc.
- Apator SA
- Diehl Stiftung & Co. KG
- Sensus Worldwide Holdings Limited
Please note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis
||Type, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Honeywell International Inc., Itron Inc., Apator SA, Diehl Stiftung & Co. KG, and Sensus Worldwide Holdings Limited
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Key Questions Answered in This Report:
- How has the global gas meter market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global gas meter market?
- What is the impact of each driver, restraint, and opportunity on the global gas meter market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the gas meter market?
- What is the breakup of the market based on the application?
- Which is the most attractive application in the gas meter market?
- What is the competitive structure of the global gas meter market?
- Who are the key players/companies in the global gas meter market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the gas meter market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global gas meter market.
- The study maps the leading, as well as the fastest-growing, regional markets.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the gas meter industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.