The new report by Expert Market Research titled,’ Gas Meter Market Growth, Share, Size, Trends, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global gas meter market, assessing the market based on its segments like types, process types, distribution channels, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 3.32 billion
- Forecast CAGR (2023-2028): 5.1%
- Historical Market Size (2026): USD 4.5 billion
The Gas Meters Market is expanding owing to increased demand from industrial applications such as chemicals, glass, pulp and paper, metals, refining, stone, rubber, and food processing industries. The fuel composition has moved away from coal to lower-emission fuels such as natural gas in recent years. The rising demand for smart equipment to track fuel supply in the energy industry will be a significant driving force for global gas meters market development in the forecast period.
The increased installation of basic gas meters in the commercial and residential sectors can be attributed to the segment’s rise. Growing infrastructure development investments to boost growth in smart cities, industrial and energy corridors is expected to further increase the gas meter industry, especially in Asia-Pacific.
Gas Meter Industry Definition and Major Segments
A gas meter is a device that measures and records the amount of gas that is consumed or generated. They ensure sufficient gas pressure from the main supply and keep track of gas consumption and issuing correct bills.
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The market can be divided into the following segments based on type:
- Basic
- Smart
The market can be divided on the basis of application into:
- Residential
- Commercial Plastics and Rubber
- Industrial
The leading regional markets for Gas Meter are:
- North America
- Latin Americas
- Middle East and Africa
- Europe
- Asia Pacific
Gas Meter Market Trends
Low pollution, higher calorific value, and more effortless operability are expected to play a significant role in shaping the future industry. Over the next few years, such a change in customer trends is expected to benefit the gas meter industry. As a result, administrative costs would reduce, and data processing across departments could be simplified. The inability to handle large data volumes produced by smart gas meters, on the other hand, is expected to hamper gas meter market growth and development.
Key Market Players
The major players in the market are Honeywell International Inc., Itron Inc, Apator SA., Diehl Stiftung & Co. KG, and Sensus (Xylem Inc.), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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