Technology trends such as smart infrastructure, IoT ecosystems, Industry 4.0, digitization, energy-efficient environment; and sustainable development goals are significantly contributing to the growth of the gas meter market.
Wilmington, Delaware, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global gas meter market stood at US$ 3.43 billion in 2022, and the global market is projected to reach US$ 6.17 billion in 2031. The gas meter market is anticipated to expand at a CAGR of 6.5% between 2022 and 2031.
Emphasis on the shift from coal to gas and increase in digitization of gas networks as part of technology roadmap are key factors that are estimated to boost the gas meter market during the forecast period. Gas meter is a device that records gas consumption in households and businesses. This information is relayed to energy retailers.
Gas meters are used at residential, commercial, and industrial buildings that consume fuel gas supplied by a gas utility. Introduction of novel technologies and innovations in automation, precision, and electronics industry verticals are boosting the development of gas meter products, thereby creating significant opportunities for manufacturers of gas meters.
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Ultrasonic gas meters are also self-diagnosing and can determine measurement shifts once calibrated. The clamp-on model also offers flexibility and easy installation without penetrating the pipe. These features make ultrasonic gas meters highly preferable for industrial applications such as complex piping and oil & gas distribution where magnetic flow meters have limitations. This is expected to boost the demand for ultrasonic gas meter, thereby propelling the gas meter market.
Gas Meter Market: Key Players
- In April 2022, Itron, Inc. announced that it had signed a contract with CenterPoint Energy, Inc to further modernize its natural gas distribution system with Intelis natural gas ultrasonic smart meters.
- In February 2022, Vikas Lifecare’s Genesis Gas Solutions Pvt Ltd successfully developed and integrated LoRa technology MIUs (Meter Interface Units) for Indraprastha Gas Meters for the first time in India.
Key Takeaways of Market Report
- Global gas meter market to generate absolute dollar opportunity worth US$ 6.17 billion until 2031.
- Global gas meter market is valued at US$ 3.30 billion in 2021.
- The global gas meter market management market value from 2022 to 2031 is 6.5%.
Gas Meter Market: Growth Drivers Top of Form
- Installation of gas meter assists in reducing the loss of gas during transmission and distribution. Smart meters and commercial gas meters are being increasingly deployed in households and commercial areas. Smart gas meters rely on low-voltage battery power to extend operational life and avoid ignition hazards. This is expected to propel the gas meter market. Increase in demand for energy-efficient technologies such as IoT (internet of things) and smart infrastructure is estimated to drive the demand for smart meters.
- Ultrasonic gas meters guarantee long-term stability and accuracy. These meters do not require periodic maintenance. Ultrasonic gas meter and gas meter modules possess several benefits such as lack of pressure drop, no moving parts, ability to measure bidirectional flow, and reliable performance. They are highly accurate, repeatable, and can tolerate extreme temperatures.
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Gas Meter Market: Regional Landscape
- North America is expected to hold prominent share of the global gas meter market during the forecast period. This can be primarily ascribed to the increase in demand for gas meters among industrial as well as residential consumers; and rise in demand and consumption of natural gas in the region.
- Gas meters and variable area flow meters are gaining popularity in Asia Pacific, especially in China and India, due to the increase in demand for gas and rise in investments by gas utility companies in installation of gas meters in the region. Increase in demand for continuous emission monitoring systems (CEMS) in countries with higher air pollution index is another factor that is driving the gas meter market in Asia Pacific.
Gas Meter Market: Segmentation
- Diaphragm Meters
- Rotary Meters
- Turbine Meters
- Ultrasonic Meters
- Coriolis Meters
- Standard Meters
- Smart Meters
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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