IMARC Group, a leading market research company, has recently released a report titled “Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the gas meter market research report, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
A gas meter refers to a specialized flow meter that measures and records the volume of gas produced or consumed, irrespective of its quality and pressure. It records various fuels, such as natural gas and liquified petroleum gas (LPG). This device can be distinguished into several types, including basic, smart, flow, and displacement. In addition to this, a gas meter is essential to ensure adequate pressure from the main supply, keep track of gas usage, and provide accurate bills. As a result, this device finds extensive utilization across various sectors, such as residential, commercial, and industrial, that consume fuel gas supplied by gas utility companies.
How big is the gas meter market?
The global gas meter market size reached US$ 4.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.82% during 2023-2028.
Current Trends Shaping the Gas Meter Market
The escalating demand for natural gas across the globe and the high installation of these devices to reduce wastage during transmission and distribution, owing to the emerging trend of industrialization, are among the primary factors driving the gas meter market. Besides this, the ongoing restructuring of pipeline infrastructures and distribution networks across the residential sector to perform several household applications, including cooking, water heating, and room heating, is further augmenting the market growth.
Moreover, the leading players are heavily investing in research and development (R&D) activities to develop technologically advanced gas meters, such as meters with in-home displays (IHD) that show the energy consumption and how greatly it will cost in real-time, which is also catalyzing the global market. Apart from this, the introduction of devices with customer specifications and reduced manufacturing and operating costs is acting as another significant growth-inducing factor. Furthermore, the extensive utilization of the internet of things (IoT)-enabled platforms with these metering networks to monitor temperature, pressure, usage, flow, and leakages is expected to bolster the gas meter market in the coming years.
Who are the key players operating in the industry?
Some of the top gas meter manufacturers are -
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What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
Application Insights:
Market Breakup by Region:
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