According to the latest report by IMARC Group, titled “Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global gas meter market size reached US$ 3.27 Billion in 2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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. Looking forward, the market value is projected to reach US$ 4.38 Billion by 2026, expanding at a CAGR of 5.0% during the forecast period (2021-2026).
- Based on the type, basic smart meter holds the largest market share, followed by smart gas meter.
- On the basis of the application, the market has been segregated into the residential, commercial and industrial sectors. At present, the residential sector accounts for the majority of the total market share.
- Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa and Latin America. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being Honeywell International Inc., Itron Inc., Apator S.A., Diehl Stiftung & Co. KG., and Sensus USA Inc.
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