Market Research Report Search Engine (MRRSE) recently announced the addition of a new research study to its comprehensive collection of research reports. The research report, titled “Gas Meters Market – Global Industry Analysis, Size, Share, Growth Trends and Forecast 2017 – 2024” offers a detailed analysis of the market, providing insights into the market dynamics that are expected to influence the overall market positively in the next few years. Furthermore, the product segmentation, drivers, barriers, key geographical segments, and the competitive scenario of the Global Gas Meters market have been elaborated upon in the research report.
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As natural gas increasingly replaces crude oil for energy needs, the gas meters market witnesses an uplift. Besides burning cleanly emitting few byproducts into the atmosphere on combustion, economic viability and non-toxicity make for swelling demand of natural gas. While underground pipelines for natural gas safeguard risk of supply disruption, need to minimize losses transmission and distribution necessitate installation of meters in the supply system. This enables precise recording of gas thrust at the start and gas retrieved at the end.
Rising popularity of smart meters for benefits of transmission of energy consumption at regular intervals is favoring the gas meters market. Smart meters minimize risk of missed reading or over calculation that are normally associated with manually operated devices. However, lack of proper handling and scrutiny of vast amount of data generated by smart meters is preventing necessary changes to be made in the demand-supply chain. This is limiting the adoption of smart meters to impact the growth of gas meters market. On account of a number of factors, the global gas meters market is prognosticated to rise at a CAGR of 7.9% between 2017 and 2024.
Diaphragm Product Type to Remain Key through 2024
The global gas meters market is segmented in terms of product type, application, and geography. In terms of product type, diaphragm gas meters, turbine gas meters, rotary gas meters, ultrasonic gas meters, and other type gas meters are the segments into which the gas meters market is divided. Diaphragm segment, among the various product types, is expected to dominate holding 60.5% of the market by 2024. The growth of the segment is mainly because of increasing number of residential gas subscriptions for cooking and heating needs. Turbine gas meters, on the other hand, are expected to emerge significant through 2024. Increasing use of natural gas for industrial operations is mainly boosting the adoption of turbine gas meters.
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Application-wise, residential, commercial, and residential are the segments into which the gas meters market is divided. Out of these, residential segment holds dominance, the segment is anticipated to hold the leading 71.0% share of the overall market by 2024. Increasing number of residential gas connections is predicted to boost the sales of gas meters for residential needs. However, industrial segment is predicted to register the leading CAGR through 2024 on the back of increasing use of natural gas for industrial operations.
Economic Development to Make Asia Pacific Lucrative
Region-wise, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America are the segments into which the gas meters market is segmented. Asia Pacific, among them, is a key market for gas meters. Economic development in emerging economies leading to the rising use of LPG as a domestic fuel is boosting the sales of gas meters. Industrial development in emerging economies leading to increasing utilization of natural gas is stoking demand for gas meters. These factors are benefitting the Asia Pacific gas meters market.
Europe is currently a key market for gas meters; going forward, the region is anticipated to stay be a lucrative one. Strict regulations in place for installation of smart meters bodes well for overall gas meters market in the region.
North America being a mature market is likely to display moderate growth in the upcoming years.
Some players operating in the global gas meters market are Elster GmbH, Dandong Donga Co. Ltd., ABB, EDMI Ltd., Itron Inc., APATOR SA, Diehl Gas Metering GmbH, and ABB.
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