Dublin, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The "Global Gas Meters Market - Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Gas Meters Market, valued at USD 5.22 billion in 2022, is currently experiencing a significant growth trajectory. With a Compound Annual Growth Rate (CAGR) of 5.41% forecasted for the period 2018-2028, the market's expansion is driven by a combination of government policies, favorable market conditions, advancements in communication network infrastructure, and the rapid development of sophisticated metering technology, especially in the realm of smart gas meters.
Key Factors Influencing Market Growth
Government Policies and Energy Efficiency
- Government initiatives aimed at promoting energy efficiency and sustainability are playing a crucial role in driving the adoption of advanced metering technologies.
- These policies facilitate the growth of smart gas meters, which are central to achieving energy conservation goals.
Expansion of Communication Networks
- The development of robust communication infrastructure is pivotal in the widespread implementation of smart gas meters.
- This infrastructure enables efficient data transmission and remote monitoring, enhancing the practicality and efficiency of smart meters.
Technological Advancements in Metering
- Continuous innovations in metering technology, particularly smart gas meters, are contributing significantly to market growth.
- Utility companies are adopting these advanced meters for their accuracy, real-time data collection, and enhanced customer service capabilities.
Strategic Deployment by Utility Companies
- Utility companies are increasingly implementing smart gas meters through comprehensive installations.
- This strategic approach maximizes the benefits of advanced metering systems, optimizing operations and enhancing customer service.
Key Market Drivers
Increasing Focus on Energy Efficiency and Conservation
- The emphasis on energy efficiency is a major market driver, with gas meters playing a vital role in monitoring and managing gas consumption.
- Smart gas meters enable consumers and utility companies to track consumption patterns and identify conservation opportunities, aligning with global concerns about climate change and greenhouse gas emissions.
Replacement and Upgrading of Aging Infrastructure
- The need to replace and upgrade aging gas infrastructure is driving market demand.
- Replacing older mechanical meters with modern digital and smart meters enhances billing accuracy and safety, while facilitating efficient network management.
Increasing Natural Gas Consumption and Infrastructure Expansion
- The growing consumption of natural gas as a cleaner energy source is catalyzing market growth.
- Expansion of natural gas infrastructure necessitates the installation of new gas meters, especially in regions developing their natural gas networks.
In conclusion, the Global Gas Meters Market is set for continued growth, driven by a blend of policy-driven demand, technological advancements, and the increasing importance of energy efficiency and natural gas in the global energy mix. Utility companies are strategically embracing these trends, investing in advanced metering technologies to optimize their operations and meet evolving consumer and regulatory demands.
Key Market Players
- Honeywell International Inc.
- Itron Inc.
- Schneider Electric SA
- Elster Group GmbH
- Siemens AG
- Badger Meter
- Diehl Stiftung & Co. KG
- Sensus (Xylem Inc.)
- GE Energy Management Inc.
- Apator SA.
For more information about this report visit https://www.researchandmarkets.com/r/khx5x
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