Portland, OR, June 07, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global gas meter market was pegged at $5.8 billion in 2020 and is estimated to hit $9.7 billion by 2028, registering a CAGR of 6.6% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Increase in use of gas meters in various residential, commercial, and industrial areas for measuring the volumetric flow rate drives the market growth. On the other hand, individual gas meter requires high capital investment and integration of complex technologies. This factor impedes the growth to some extent. However, favorable policies and subsidies from industry players are projected to offer lucrative opportunities in the industry.
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Covid-19 scenario-
- The global gas meter market witnessed huge fall in demand, due to shutdowns in the industrial sector, especially during the first phase of the lockdown.
- However, shifting trend toward work-from-home models and increase in residential energy consumption have augmented the installation of gas meter for residential end users. This, in turn, has created a number of opportunities for the market to grow significantly in the near future.
The global gas meter market is analyzed across product type, end user, and region. Based on product type, the smart gas meters segment contributed to more than two-thirds of the total market revenue in 2020 and is expected to rule the roost by 2028. The same segment would also garner the fastest CAGR of 7.0% from 2021 to 2028.
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Based on end-user industry, the residential segment accounted for more than two-fifths of the total market share in 2020 and is expected to dominate by 2028. The industrial segment, on the other hand, would register the fastest CAGR of 7.2% from 2021 to 2028.
Based on region, Europe held the major share in 2020, garnering more than two-fifths of the global market. Simultaneously, the market across Asia-Pacific would manifest the fastest CAGR of 8.8% during the forecast period. The other regions studied in the report include North America and LAMEA.
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The key market players analyzed in the global gas meter market report include Itron, Badger Meter Elster, Landis+Gyr, ABB, Aclara, and General Electric.These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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