Global Gas Meter Market to Reach US$ 6.9 Billion by 2032, Impelled by Introduction of Smart Variants

May 17, 2022 | Retail

The latest report by IMARC Group, titled “Gas Meter Market Report by Type (Basic, Smart), Application (Residential, Commercial, Industrial), and Region 2024-2032,” the global gas meter market size reached US$ 4.4 Billion in 2023. A gas meter is a specialized flow meter that measures the volume of gas produced and consumed irrespective of its quality and pressure. It records various fuel gases such as natural gas and liquified petroleum gas (LPG). Every time the dial of a gas meter with the lower value completes one revolution, the pointer on the next higher value dial moves ahead one digit. It also keeps track of the usage of gas, ensures adequate gas pressure from the main supply and provides accurate bills. They are increasingly gaining traction across the globe, owing to their wide availability in a variety of designs and types, including flow and displacement meters, which provide unique As a result, these meters are generally employed for residential, commercial, and industrial purposes.

Global Gas Meter Market Trends: 

The market is primarily driven by the growing demand for natural gas, especially across emerging economies with a large population pool. Besides this, rapid industrialization has resulted in the installation of gas meters that reduce gas wastage during transmission and distribution, thus fueling the market growth. Moreover, governments across different countries are taking initiatives to promote the utilization of gas meters. For instance, the Government of the United Kingdom has introduced the Smart Metering Program that aims to provide 53 million smart meters to domestic and non-domestic properties across the country. Furthermore, technological developments, such as the introduction of smart gas meters with customer specifications and reduced manufacturing and operating costs, are creating a positive outlook for the market. In addition, Furthermore, the extensive investments made by the leading players in the research and development (R&D) activities to develop innovative gas meters are anticipated to provide a positive thrust to the market growth. Looking forward, the market value is expected to reach US$ 6.9 Billion by 2032, exhibiting a CAGR of 5% during the forecast period (2024-2032).

Market Summary: 

  • Based on the type, the market has been segmented into basic and smart gas meters. Amongst these, basic gas meters represent the most popular type of gas meters.
  • On the basis of the application, the market has been classified into residential, commercial, and industrial. Currently, the residential sector dominates the market, holding the largest market share.
  • Region-wise, North America exhibits a clear dominance 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 SA, Diehl Stiftung & Co. KG, and Sensus Worldwide Holdings Limited.

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Global Gas Meter Market to Reach US$ 6.9 Billion by 2032, Impelled by Introduction of Smart Variants
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