Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Gas Meter Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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.

A gas meter refers to a specialized flow meter that measures and records the volume of gas produced and consumed. It helps record the distribution of numerous fuel gases, such as natural gas and liquified petroleum gas (LPG). It also keeps track of the usage of gas, ensures adequate gas pressure from the main supply, and provides accurate bills to consumers. It is available in various types and designs that offer unique benefits based on several operational principles, including thermal, acoustic, tracer, velocity, and displacement. At present, the gas meter finds extensive applications in the residential and commercial sectors across the globe.

Global Gas Meters Market Trends:
The growing global population and rapid industrialization are among the key factors positively influencing the demand for natural gas worldwide. This, coupled with the ongoing reconstruction of gas distribution networks and rising investments in developing natural gas pipeline infrastructure, represents one of the key factors contributing to the market growth. Apart from this, the increasing awareness among individuals about the advantages of gas meters in reducing the overall gas wastage during transportation and distribution is strengthening the market growth. Along with this, numerous government initiatives to encourage the adoption of energy-saving systems, such as smart gas meters, are acting as another growth-inducing factor. Furthermore, technological advancements that facilitate remote monitoring and gas leakage detection, along with the integration of cybersecurity systems in gas meters to ensure reliable and safe consumer data consumption, are propelling the market growth. Moreover, increasing investments by leading market players in research and development (R&D) activities to manufacture innovative gas meters with the latest technology, such as an in-home display (IHD), are anticipated to drive the market in the coming years.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global gas meter market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on type and application.

Breakup by Type:

Basic
Smart

Basic gas meters currently represent the most popular gas meter type as they are used in the majority of commercial and residential installations.

Breakup by Application:

Residential
Commercial
Industrial

The residential sector presently holds the majority of the global gas meter market share due to the growing global population, rapid urbanization, and the rising need for residential gas connections

Regional Insights:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

North America exhibits a clear dominance in the market on account of low fuel prices and the uptake of new pipeline projects in the region.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are Honeywell International Inc., Itron Inc., Apator SA, Diehl Stiftung & Co. KG, and Sensus Worldwide Holdings Limited.

Key Questions Answered in This Report
1. What was the size of the global gas meter market in 2022?
2. What is the expected growth rate of the global gas meter market during 2023-2028?
3. What are the key factors driving the global gas meter market?
4. What has been the impact of COVID-19 on the global gas meter market?
5. What is the breakup of the global gas meter market based on the type?
6. What is the breakup of the global gas meter market based on the application?
7. What are the key regions in the global gas meter market?
8. Who are the key players/companies in the global gas meter market?