Westford, USA, Nov. 18, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global Gas Meter Market size will reach a value of USD 5.14 Billion by 2031, with a CAGR of 4.70% during the forecast period (2024-2031). A major contributor to the growth of natural gas demand curve across the globe is the need for accurate monitoring and measurement of gas as the world’s population increases and people tend to shift to cleaner sources of energy such as natural gas. With more smart gas meters being adopted, consumers and gas companies have access to timely information at lower costs and greater safety of operations. The introduction of smart meters has led to more sophisticated and better gas metering systems, which assist in optimizing energy efficiency and improving the operation of the grid.
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Browse in-depth TOC on the " Gas Meter Market"
Pages – 156
Tables – 62
Figures – 70
Gas Meter Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 3.56 Billion |
| Estimated Value by 2031 | USD 5.14 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.70% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Combination of cloud and IoT technologies in gas meter |
| Key Market Opportunities | Increasing energy efficiency and conservation awareness |
| Key Market Drivers | Increasing adoption of smart gas meters |
Gas Meter Market Segmental Analysis
Global Gas Meter Market is segmented by Type, Application, and Region.
Based on Type, the market is segmented into Basic Gas Meter, and Smart Gas Meter (Smart Ultrasonic Gas Meter, Smart Diaphragm Gas Meter).
Based on Application, the market is segmented into Residential, Commercial, and Industrial.
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Basic Gas Meter to Hold Significant Growth due to its Reliability in Measuring Gas Consumption Accurately
Basic gas meters dominate the global gas meter market due to their affordability, simple operation, and reliability in measuring gas consumption accurately. These are very much suited for mass personal and small-scale commercial applications particularly in areas involving a lot of costs. Their simple construction minimizes the costs related to the upkeep of the devices encouraging mass adoption and aligning with the global gas meter market trends favoring cost-effective and durable solutions.
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Residential to Lead Market due to Rising Demand for Natural Gas in Households for Cooking
The residential application dominates the global gas meter market due to increasing urbanization and rising demand for natural gas in households for cooking and heating. The increasing demand for the gallons and cubic meters of gas consumed necessitates the use of reliable meter readings. Hence, utility providers focus on the residential installations to enable the right billing, widening the market and collectively support the global gas meter market forecast for sustained growth in residential gas meter adoption.
North America to Dominate Market due to Widespread Adoption of Smart Metering Technologies
North America dominates the global gas meter market due to its advanced infrastructure, high natural gas consumption, and widespread adoption of smart metering technologies. Demand is also propelled by regulatory requirements for efficient energy use and large-scale investments in utility network modernization are key drivers of the global gas meter market growth. This Innovation and strategic sourcing renders North America the most preferred market in the region.
Gas Meter Market Insight
Drivers:
- Rising Urbanization and Industrialization
- Demand for Real-Time Consumption Data
- Government Policies Promoting Energy Efficiency
Restraints:
- Smart Meters Face Vulnerabilities
- Deterring Adoption in Regions with Inadequate Security
- Insufficient Expertise for Installing and Maintaining Meter Systems
Prominent Players in Gas Meter Market
- Siemens AG (Germany)
- Badger Meter, Inc. (US)
- KROHNE Group (Germany)
- Schneider Electric (France)
- Apator SA (Apator Group) (Poland)
- Endress+Hauser (Switzerland)
- Diehl Metering GmbH (Diehl Group) (Germany)
- ABB (Switzerland)
- Aichi Tokei Denki Co., Ltd. (Japan)
- Chongqing Shancheng Gas Equipment Co., Ltd. (China)
- Zenner International GmbH & Co. KG (Germany)
- Flonidan A/S (Denmark)
- EMH metering GmbH & Co. KG (Germany)
- Badger Meter, Inc. (US)
- Wasion Group Holdings Limited (Star Treasure Investments Holdings Limited) (China)
- Meter Italia S.p.A. (Italy)
- Holley Technology Ltd. (Holley Group) (China)
- Pietro Fiorentini S.p.A. (Italy)
- Raychem RPG Pvt. Ltd. (India)
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Key Questions Answered in Global Gas Meter Market Report
- What is the projected market size of the global gas meter industry by 2031?
- Why do basic gas meters dominate the market, and which applications are they ideal for?
- What factors contribute to North America’s dominance in the market?
This report provides the following insights:
Analysis of key drivers (Transition from coal to natural gas, increasing residential users, expanding gas pipeline networks), restraints (Lack of standardization in smart meter, slow technological adoption), opportunities (Incentives and funding for smart grid projects, coupling gas meters with renewable systems).
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the gas meter market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the gas meter market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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