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 was valued at US$ 3,776.08 Mn in 2017 and is expected to expand at a CAGR of 9.05% from 2018 to 2026, reaching US$ 8,152.63 Mn by the end of the forecast period.
Increase in the global gas demand to influence the expansion of the market worldwide
Demand for natural gas has been witnessing a steady rise across the globe over the past few years due to the abundant supply and relatively cheap price. This growth in gas demand is mainly driven by the emerging economies especially China and India. As stated by the International Energy Agency (IEA), China alone accounted for about 30% of the global gas demand in 2017. This increasing gas demand is anticipated to stir the demand for gas meters which will be employed in various applications.
Regulations and norms for installation of gas meters to propel the global gas meters market
Governments of various regions have implemented regulations and norms pertaining to the installation of gas meters in residential and industrial applications. In order to curb gas theft and reduce wastage of gas, governments are promoting the installation of smart gas meters in various applications. Based on technology, the gas meters market is segmented into standard meters and smart meters. Based on type, the market is segmented into diaphragm, rotary, turbine, ultrasonic, and others.
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By 2026, the diaphragm segment is expected to hold more than one half of the total market and expand at a significant rate throughout the forecast period. On the basis of application, the gas meters market can be segmented into residential, commercial, and industrial. The residential sub-segment is expected to be the leading segment based on end-use by 2026. The said segment is also expected to witness rapid growth throughout the forecast period.
Residential segment expected to witness the fastest growth
The residential segment is expected to grow at the fastest pace over the forecast period as compared to other applications. This can be attributed to the implementation of regulatory norms for every household by governments of various regions in order to reduce wastage and avoid theft of gas.
Asia Pacific market to be the fastest growing due to the increasing adoption of gas meters in residential as well as industrial applications
In terms of geography, the market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2017, North America was the topmost revenue generating region followed by Europe. The market in Asia Pacific is expected to expand at the highest CAGR from 2018 to 2026 due to the growing demand for natural gas, majorly driven by China.
Key players in the market focusing on regional expansion to expand their global footprint and gain competitive edge
Key players are focusing on the introduction and development of new products to gain a competitive edge and improve brand positioning in the gas meters market. Furthermore, they are engaged in forming strategic alliances with peers and less established players in order to gain a higher market share