Global Gas Meter Market to Grow at 6.1% CAGR by 2027 | IMARC Group

NEW YORK - May 17, 2022 - PRLog -- The global gas meter market size reached US$ 3.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 5.5 Billion by 2027, exhibiting at a CAGR of 6.1% during 2022-2027.

Gas meters are specialized flow meters that measure the volume of fuel gases like natural gas and propane. These meters also ensure the measurement of a defined volume of the gas irrespective of the quality or pressure. They assist in keeping track of the overall usage of gas, ensuring adequate gas pressure and accurate computing bills. As they are available in a wide range of types and designs, including flow and displacement meters, their demand is increasing across the globe.

Global Gas Meter Market Trends:

Due to the growing population and rapid urbanization, there is a considerable rise in the demand for energy in residential, commercial and industrial sectors worldwide. This has increased the utilization of fuel gases, which, in turn, is driving the gas meter market. Moreover, government bodies of various countries are encouraging the usage of smart meters in households and small businesses. For instance, the Government of the United Kingdom introduced Smart Metering Implementation Programme (SIMP) in 2018, which is an energy-industry-led program aiming to provide smart meters to domestic and non-domestic sites. It focuses on controlling and managing energy use, saving money, reducing carbon emissions, and providing real-time information to users.

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Additionally, smart meters offer numerous advantages, such as storing a large amount of analytical data, which minimizes the cost of labor and saves time. These meters also reduce the wastage of gas during transmission and distribution. Furthermore, the leading players are investing in the research and development (R&D) activities to develop innovative gas meters, which is anticipated to fuel the market growth.

Competitive Landscape

The report has also examined the competitive landscape of global gas meter market.

Honeywell,
Itron,
Apator,
Diehl Metering
Sensus

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