September 18, 2023 11:00 ET | Source: Straits Research Straits Research
New York, United States, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The amount of gas produced or consumed is measured and recorded using gas meters and a flow meter. The force of the flowing gas in the pipe drives a gas meter. The pointer on the dial with the next higher value advances one number for each revolution of the dial with the lower value. To monitor gas usage, these meters are crucial for guaranteeing sufficient gas pressure from the primary supply of natural or liquefied petroleum gas. Gas meters are frequently employed in various residential, commercial, and industrial settings to measure the volumetric flow rate. Electric Meter Seals
Rapid industrialization has increased the use of natural gas in many rising economies. Gas wastage during transmission and distribution can be decreased with gas meters. Additionally, it enables utility companies to track the behavior of gas meters and estimate demand using data from gas meters. Further, robust government assistance from around the world contributes to the market expansion of different gas meters.
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Operational Safety and Increase in Efficiency of Gas Usage to Drive the Global Gas Meter Market
The modern gas meters have operational advantages such as continuous monitoring of pipelines, automatic monthly usage reading, availability of real-time data, and cost-saving brought by the one-time investment of the smart meters, which are expected to drive the growth of this market. It also increases the efficiency of the gas usage by the companies, and customers can also control the monthly bills and receive detailed information regarding their gas usage. The precise reading provided by the gas meter about various consumptions is expected to create awareness among customers regarding energy waste, which will help in cost savings and avoid energy wastage. These factors are expected to drive the gas meter market during the forecast period.
National Plans for the Modern Gas Networks and Smart Grid Facilities to Provide Opportunities for the Global Gas Meter Market
Emerging national plans in various countries have set goals to modernize the gas networks and smart grid facilities. These are the key technologies to update the gas and energy network by providing utilities to the customers and managing the gas usage efficiently.
The U.S. National Institute of Standards and Technology has proposed a model that can be considered one of the most popular. This model can reduce outages and shorten the response time during natural hazards. According to the U.S. Department of Energy, this model can save consumers nearly 20 billion USD on utility by 2025.
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Region-wise, the global gas meter market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor and is estimated to grow at a CAGR of 6.1%. Europe is analyzed across Germany, France, Italy, Spain, the U.K., and the rest of Europe. Increased concern toward energy conservation and government regulation regarding energy management is expected to drive market growth. Moreover, the strong presence of industry players such as Landis+Gyr, KROHNE, and ABB is expected to influence the domestic market demand. The rise in digitization and the growing prominence of energy-saving are expected to drive the market growth. Deployment of gas meters will provide timely data on gas consumption and leakage, which will further help utility providers to forecast market demand.
Asia-Pacific is the fastest-growing region. Asia-Pacific consists of China, India, Japan, South Korea, Australia, and the rest of Asia-Pacific. China primarily dominates the market for gas meters due to significant demand from the industrial sector. Moreover, hotels, school canteens, institutions, and commercial outlets are suitable for smart gas meters for centralized management. Further, the initiative from China's national development and reform commission to build a longstanding mechanism to guarantee a stable gas supply will positively impact the market growth. However, the significant presence of coal and oil energy in countries such as China, India, and Indonesia influenced natural gas consumption. For instance, the natural gas market in Asia-Pacific accounts for only 10% of the global market share, whereas the Asia-Pacific coal consumption accounts for 44% of the worldwide market share. Such factors are expected to create significant challenges for the market players.
North America is the second largest region. It is estimated to grow at a CAGR of 7.1%. The North American gas meter market comprises the U.S., Canada, and Mexico. Implementing intelligent meters in commercial and large residential areas, especially in the U.S. and Canada, is expected to boost market growth. The government's mandatory installation of smart meters in households and commercial spaces is also anticipated to increase the gas meter market growth in the North American region. Natural gas is utilized in around 58% of residential sectors in the U.S. The emergence of advanced metering infrastructure (AMI), an integrated system of smart meters, is expected to create new market opportunities.
Competitors in Gas Meter Market
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Segmentation of Global Gas Meter Market
Table of Content and Figure @ https://straitsresearch.com/report/gas-meter-market/toc
Global Flow Meters Market to Grow at a CAGR of 6% by 2030
Global Flow Computers in Oil and Gas Market Grows Steadily at a CAGR of 6.2%
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