According to a new market report published by Transparency Market Research titled “Gas Meters Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global gas meters market is expected to reach US$ 8,152.63 Mn by 2026. The market is projected to expand at a CAGR of 9.05% during the forecast period from 2018 to 2026. According to the report, the global gas meters market will continue to be influenced by the increase in the natural gas demand across the globe especially from emerging economies such as China and India. North America is projected to be at the forefront of global demand, with the market in the region growing at a CAGR of above 8% through 2026.
Smart meters segment to be the fastest growing throughout the forecast period
The global gas meters market is segmented by technology into standard meters and smart meters. The standard meters segment occupied a major revenue share in 2017 because of its low price and extensive adoption for various applications. The smart meters segment is anticipated to expand at the fastest CAGR due to the norms and regulations introduced by the governments of various regions pertaining to the installation and adoption of gas meters for industrial as well as residential consumers.
The unique benefits and insights offered by gas meters such as volumetric flow rate measurements and others may prove to be prominent pillars of growth for the gas meters market. In addition, the escalating demand for installing equipment to monitor natural gas supply will further enhance the growth prospects of the gas meters market.
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- The increasing demand for gas across numerous regions for residential and commercial use may further bring immense growth opportunities for the gas meters market. The burgeoning investments in the gas meters market due to its heightening popularity will also prove to be a growth multiplier for the gas meters market.
- The use of natural gas in industries across densely populated countries like India and China ensures to invite prodigious growth for the gas meters market. The intense focus of the players in the gas meters market on research and development activities may lead to new upgrades and features in gas meters, eventually increasing the growth rate of the gas meters market.
- The emergence of smart city initiatives across the globe and extensive investments by the government bodies of various countries in infrastructure development may serve as vital growth generators for the gas meters market. Urbanization is also expected to play a major role in increasing the growth rate of the gas meters market.
- The COVID-19 outbreak may disrupt the gas meters market for a short period. The lockdown restrictions have caused immense loss to the gas meters market. The border restrictions and the shutting down of production units for a brief time added to the woes of the gas meters market. However, the relaxations in lockdown restrictions are proving to be a relief to the gas meters market and offer them a chance to revive their growth. Thus, barring the pandemic effect, the gas meters market is expected to observe stable growth during the assessment period.
Residential segment to witness healthy growth during the forecast period
In terms of end-use application, the gas meters market is segmented into residential, commercial, and industrial. The residential segment is expected to be the fastest growing segment throughout the forecast period. This fast pace of growth can be attributed to the implementation of regulatory norms for households by governments of various countries in order to reduce wastage and avoid theft of gas. The residential segment is expected to expand at a healthy CAGR of 9.91% over the forecast period.
North America expected to continue to hold significant share in the overall market
North America is expected to hold highest market share in the gas meters market during the forecast period. This is mainly due to the increasing demand for gas meters from industrial as well as residential consumers in the region in addition to the bolstering natural gas demand and consumption.
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Gas meters are gaining popularity across the Asia Pacific region, especially across economies such as China and India. This popularity is due to the increasing gas demand and growing investments by gas utility companies in the region for the installation of gas meters. For instance, in April 2018, Tata Communications, a telecommunication solution and services provider announced that it will be working with Mahanagar Gas, a domestic gas utility company to deploy around 5,000 gas meters in the city of Mumbai, India.
Furthermore, the Middle East & Africa region is witnessing a steady increase in the number of investments in the energy sector which includes oil & gas sector. This represents significant growth opportunities for gas meters which would experience a spike in demand for their deployment in the industrial as well as residential sector.
ABB, Itron, Inc., APATOR S.A., Badger Meter, Inc., Diehl Foundation & Co. KG, Landis+Gyr, Honeywell Process Solutions, Inc., Zenner, EDMI Limited, and AEM SA among others are the key players of this market. Details such as financials, business strategies, recent developments, product implementation expertise, key contracts, certified professionals, gas meter offerings, and other such strategic information pertaining to these players have been duly provided as part of company profiling.
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