According to the recent report by IMARC Group, titled “Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global gas meter market size reached around US$ 3.4 Billion in 2019. Gas meters are specialized flow meters utilized to measure the volume of fuel gases such as propane and natural gas. In comparison to liquids, gases are more difficult to measure as they are highly affected by pressure and temperature. Gas meters ensure the measurement of a defined volume of the gas, irrespective of its quality or pressure, which helps in calculating accurate bills. There is a range of gas meters available, including flow meters and displacements meters. Flow meters find their usage where large quantities of the gas need to be measured, whereas displacement meters find application mostly in the residential sector.
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Global Gas Meter Market Trends:
The growing population, along with rapid urbanization, has increased the demand for energy in various sectors, including commercial, residential, and industrial. Consequently, this has led to an increase in the utilization of fuel gases in these sectors, which, in turn, has bolstered the installation of smart gas meters on account of their various advantages. For instance, the Government of the United Kingdom initiated the ‘Smart Metering Implementation Programme’ in 2018 to replace all the conventional meters with smart meters by the end of 2020. These smart meters can store a large amount of analytical data that can be transferred directly to the utility department, thereby decreasing labor costs and saving time. Furthermore, technological advancements are creating a positive outlook for the market growth. For instance, HeraGroup has introduced Nexmeter, which is the first smart gas meter incorporating recycled plastic. It not only performs a qualitative analysis of the gas supplied but also shuts off the supply if its seismic sensor detects an earthquake. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
- Based on the type, basic gas meters account for the majority of the market share, followed by smart gas meters.
- On the basis of the end use, the market has been divided into the industrial, commercial, and residential sectors. Among these, the residential sector holds the leading market share.
- Region-wise, the market has been categorized into North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. Currently, North America exhibits a clear dominance in the market.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Honeywell International Inc., Itron Inc., Apator SA, Diehl Metering, and Sensus (Xylem, Inc.).
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