According to the estimates by IMARC Group, the global gas meter market was worth US$ 3.2 Billion in 2018. The market is further projected to reach a value of US$ 4.3 Billion by 2024, at a CAGR of 4.6% during the forecast period (2019-2024). Gas meters refer to devices which measure and record the quantity of gas produced or consumed, regardless of the quality of the gas or pressurized quantity flowing. These meters are essential for ensuring adequate gas pressure from the main supply, keeping a track on the usage of gas and providing accurate bills. Nowadays, gas meters are available in different types and designs that provide unique benefits based on volumetric flow rate measurements.
Rapid industrialization has led to the increasing usage of natural gas in various emerging economies with large population pool, such as India and China. As the installation of gas meters helps in reducing the wastage of gas during transmission and distribution, the governments of these nations have encouraged their usage. On the other hand, governments across developed countries are ensuring that every household or small business is offered a smart meter. For instance, the UK government has introduced the Smart Metering Programme which aims to provide 53 million smart gas meters to domestic and non-domestic properties in Great Britain by 2020 in order to provide consumers with real-time information on energy consumption. Apart from this, the leading gas meter companies are investing in R&D activities to develop innovative gas meters with the latest technology, such as meters with an in-home display (IHD) which shows how much energy is being utilized and how much it will cost in near-real-time.
Breakup by Type:
On the basis of the type, the market is segmented into basic and smart gas meters. Amongst these, basic gas meters represent the most popular type as they are used for the majority of the commercial and residential installations.
Breakup by Application:
Based on the application, the report finds that the residential sector dominates the market owing to the growing number of residential gas connections. Other major segments are commercial and industrial applications.
Region-wise, North America exhibits a clear dominance in the market on account of new pipeline projects and low fuel prices in the region. North America is followed by Europe and Asia Pacific. Other major regions include Latin America, and Middle East and Africa.
The market is characterized by the presence of various small and large manufacturers operating at both the local and regional levels who compete in terms of prices and quality. Some of the key players operating in the market are:
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