Global Gas Meter Market Catalysed by Expanding Gas Distribution Network

by Zayn Mathew Market Research Reports

A gas meter is a device which is used to measure or record the amount of gas used by the consumers. A variety of gas meters have been designed to detect a range of flows and type of gases, such as rotary displacement meters, diaphragm meters, orifice meters, ultrasonic flow meters, Coriolis meters and turbine meters. These meters help the consumers to measure the accurate volume of gases supplied to them, such as natural gas or liquified petroleum gas, irrespective of the pressurised quantity or the quality of the gas flowing through them.

According to IMARC Group, the global gas meter market size was US$ 3 Billion in 2017. Looking forward, the market is expected to grow at a CAGR of nearly 6.7% during 2018-2023, reaching a value of US$ 4 Billion by 2023.

Continuous Demand for Energy Acts as the Major Growth Inducing Factor

Nowadays, gas meters play a crucial role as they help to provide accurate bills, ensure a safe pressure from the main gas supply and keep track on gas usage. In addition to this, the increasing demand for natural gas on account of its numerous advantages, such as easier operability, higher calorific value and low emission is bolstering the gas meter market growth. Further, the surging R&D investments to develop innovative products with custom specifications and reduced operating as well as manufacturing costs is providing a positive thrust to the market. Moreover, the retrofitting of old pipes, expanding urban gas distribution networks, and the favourable government regulations aimed to restrict oil and gas theft and leakage incidents are some of the other major factors stimulating the demand for gas meters across the globe.

Basic Gas Meters are the Most Popular Product Type

On the basis of product type, the market has been segmented into basic and smart gas meters. Currently, basic gas meters account for the majority of the total gas meter market share as they are used for almost all of the residential and small commercial installations. However, smart gas meters are now being preferred over basic gas meters across the various end-use industries owing to greater visibility and control offered by them.

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