Global Gas Meters Market: Snapshot
As natural gas increasingly replaces crude oil for energy needs, the gas meters market witnesses an uplift. Besides burning cleanly emitting few byproducts into the atmosphere on combustion, economic viability and non-toxicity make for swelling demand of natural gas. While underground pipelines for natural gas safeguard risk of supply disruption, need to minimize losses transmission and distribution necessitate installation of meters in the supply system. This enables precise recording of gas thrust at the start and gas retrieved at the end.
Rising popularity of smart meters for benefits of transmission of energy consumption at regular intervals is favoring the gas meters market. Smart meters minimize risk of missed reading or over calculation that are normally associated with manually operated devices. However, lack of proper handling and scrutiny of vast amount of data generated by smart meters is preventing necessary changes to be made in the demand-supply chain. This is limiting the adoption of smart meters to impact the growth of gas meters market. On account of a number of factors, the global gas meters market is prognosticated to rise at a CAGR of 7.9% between 2017 and 2024.
Diaphragm Product Type to Remain Key through 2024
The global gas meters market is segmented in terms of product type, application, and geography. In terms of product type, diaphragm gas meters, turbine gas meters, rotary gas meters, ultrasonic gas meters, and other type gas meters are the segments into which the gas meters market is divided. Diaphragm segment, among the various product types, is expected to dominate holding 60.5% of the market by 2024. The growth of the segment is mainly because of increasing number of residential gas subscriptions for cooking and heating needs. Turbine gas meters, on the other hand, are expected to emerge significant through 2024. Increasing use of natural gas for industrial operations is mainly boosting the adoption of turbine gas meters.
Application-wise, residential, commercial, and residential are the segments into which the gas meters market is divided. Out of these, residential segment holds dominance, the segment is anticipated to hold the leading 71.0% share of the overall market by 2024. Increasing number of residential gas connections is predicted to boost the sales of gas meters for residential needs. However, industrial segment is predicted to register the leading CAGR through 2024 on the back of increasing use of natural gas for industrial operations.
Economic Development to Make Asia Pacific Lucrative
Region-wise, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America are the segments into which the gas meters market is segmented. Asia Pacific, among them, is a key market for gas meters. Economic development in emerging economies leading to the rising use of LPG as a domestic fuel is boosting the sales of gas meters. Industrial development in emerging economies leading to increasing utilization of natural gas is stoking demand for gas meters. These factors are benefitting the Asia Pacific gas meters market.
Europe is currently a key market for gas meters; going forward, the region is anticipated to stay be a lucrative one. Strict regulations in place for installation of smart meters bodes well for overall gas meters market in the region.
North America being a mature market is likely to display moderate growth in the upcoming years.
Some players operating in the global gas meters market are Elster GmbH, Dandong Donga Co. Ltd., ABB, EDMI Ltd., Itron Inc., APATOR SA, Diehl Gas Metering GmbH, and ABB.
Global Gas Meters Market: Overview
Transparency Market Research’s market study analyzes the global gas meters market for the 7-year forecast period in terms of value (in US$ Mn) and volume (in Kilo tons). For the research, 2016 has been taken as the base year with 2015 values provided for historical reference.
The objective of the gas meters market research report is to analyze the market dynamics and throw light on growth trends and competitive strategies that will determine the future of this market. To estimate revenue and volume values, the gas meters market has been broken down into key segments under different category. The growth behavior of these segments is examined across key geographical regions that divide this market.
The report has been prepared based on certain assumptions, wherein yearly inflation rate, economic fluctuations, and political disturbances are not taken into account. Key indicators such as GDP growth rate, gas industry outlook, gas distribution market scenario, smart meter adoption rate, and smart meters regulations among others have been considered to arrive at the indicated market numbers.
Impact of factors environmental regulations and interference monitoring on regional level have also been taken into consideration while deriving at the final market numbers. Prices considered to calculate revenue are average regional prices gathered through primary quotes from distributors, numerous regional suppliers, and direct selling regional producers.
In-depth Research Methodologies help Gauge Market Attractiveness
In the making of the report, analysts employed bottom-up approach to assess market numbers for each country and segment. Top-down approach has been employed to counter-validate the numbers for each region and segment. Some of the underlying estimation factors are investment, government and regulatory landscape, LPG consumption, natural gas consumption/production, metering regulations & incentives, renewable energy targets, environment organization journals, smart metering policies & laws, government publications, energy authorities’ publications in different countries and regions.
Industry analysis factors include strategic partnerships, mergers & acquisitions, technology upgrades, and availability in relation to the global competitive scenario.
Secondary and primary research was carried out to understand and arrive at trends, which were used to project the gas meters market for the near future. Secondary sources reached out for research include European Commission, Oil & Gas Journal, Fcativa, OneSource, FARECOGAZ, Metering & Smart Energy International, Central Finland Energy Agency, Escan, s.l. Spain, WEMAG, NL Agency, The Polish National Energy Conservation Energy, Austrian Energy agency, REE-Management, The Institution of Gas Engineers and Managers, U.S. International Trade Commission, International Energy Agency, and U.S. Energy Information Administration.
Comprehensive Competitive Analysis help Gain Valuable Insights
Included in the report is a section dedicated to the competitive outlook. Key companies operating in the gas meters market are identified and each of them profiled for their business attributes. An analysis of strengths, weakness, opportunities, and threats of key companies through 2024 is a highlight of the report. Insights into competitive positioning and winning strategies of key companies concludes the report.