The global gas meters market demonstrates a highly competitive landscape, states a new study by Transparency Market Research (TMR). The top three companies, namely Elster Group GmbH, Dandong Dongfa Co. Ltd., and Itron Inc. collectively held 33.4% of the overall market in 2015.
Leading players in the gas meters market are aggressively focused on product innovation to expand their regional and global presence. As a result, the degree of competition in the market is expected to remain high in the next few years, as per analysts’ findings.
The report says that the global gas meters market is expected to display a CAGR of 8.10% between 2016 and 2024. If the figure holds true, this will translate the market’s valuation from US$2.3 bn in 2015 to US$4.7 bn by 2024.
Growth of Industrial Sector Boosts Asia Pacific Gas Meters Market
The report divides the global gas meters market into the regional markets of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Amongst these, Asia Pacific is the leading regional market for gas meters and is expected to retain its dominant position until the end of the forecast period in 2024. Increasing industrialization in the emerging economies combined with increasing consumption of natural gas in the region are boosting growth of this regional market.
Europe is also anticipated to display substantial demand for gas meters due to stringent regulations in place for installation of smart meters and the increasing adoption of natural gas as primary energy source. France, the U.K., Italy, Germany, and Russia are anticipated to be the key contributors to the Europe gas meters market.
Product-wise, diaphragm gas meters, turbine gas meters, rotary gas meters, and ultrasonic gas meters are the segments of the global gas meters market. Of these, the diaphragm gas meters product segment is extensively used as it led to the creation of a reasonably priced technique for evaluating the energy consumption of end users. They are relatively inexpensive with a long life expectancy. The product segment accounted for more than 60% of the global market in 2015 and is expected to account for the lead share throughout the forecast period.
Rotary gas meters and turbine gas meters also display a high demand and are expected to continue doing so in the coming years as well.
Efforts to Eliminate Gas Transmission Loses to Boost Adoption of Gas Meters
“The increasing uptake of natural gas as a key energy source is the major factor propelling the growth of the global market for gas meters,” says the lead analyst of the study. With natural gas increasingly replacing crude oil for energy needs and its increased consumption across commercial, residential, and industrial sectors, the gas meters market is benefitted. Furthermore, mandates for installation of smart meters and efforts to eliminate loses during gas transmission and gas distribution are the major factors driving the gas meters market.
On the flip side, factors such as limited capability of gas meters to handle large volumes of data, high initial and switching costs, and rising adoption of hybrid meters may challenge the market’s growth to some extent. However, implementation of favorable regulations for the adoption of smart meters is expected to bolster the growth of the market considerably, notes the study.
The review presented is based on the findings of Transparency Market Research report, titled “Gas Meters Market (Product Type - Diaphragm Gas Meter, Rotary Gas Meter, Turbine Gas Meter, and Ultrasonic Gas Meter; Application - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024.”
The global gas meters market is segmented as follows:
Global Gas Meters Market, by Region
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Global Gas Meters Market: By Product Type
- Diaphragm gas meters
- Rotary Gas Meters
- Turbine Gas Meters
- Ultrasonic Gas Meters
- Other Types Gas Meters
Global Gas Meters Market: By Application Type
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