Global Gas Meter Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
A gas meter is a device used for measuring the quantity or rate of flow of a gas through a designated path. They are important for accurate billing and monitoring of energy usage.

Sizing and Forecast
The gas meter market size has grown strongly in recent years. It will grow from $4.75 billion in 2023 to $5.1 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%.  The  growth in the historic period can be attributed to strong economic growth in emerging markets, increase in industrialization, increase in safety concerns and aging infrastructure of gas distribution networks.

The gas meter market size is expected to see strong growth in the next few years. It will grow to $6.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.  The growth in the forecast period can be attributed to rapid urbanization, rising government support and growing natural gas consumption. Major trends in the forecast period include integration of iot for better data analytics and predictive maintenance, introduction of new and innovative gas meters for gas distribution, introduction of prepayment gas meters to help consumers manage budgets more effectively and focus on partnerships and collaborations to develop smart metering solutions.

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Segmentation & Regional Insights
The gas meter market covered in this report is segmented –
1) By Type: Turbine Gas Meter, Ultrasonic Gas Meter, Diaphragm Gas Meter, Rotary Gas Meter, Other Types
2) By Technology: Smart And Automated, Conventional
3) By End User: Residential, Commercial, Industrial

Asia-Pacific was the largest region in the gas meter market in 2023. The regions covered in the gas meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rise in rapid industrialization is expected to propel the growth of the gas meter market going forward. Industrialization is the process of transforming the economy of a nation or region toward an economy based on mechanized manufacturing. Industrial revolutions have a significant impact on energy demand, and consumption of oil and natural gas continues to rise rapidly. Rapid urbanization and industrialization, combined with government initiatives to promote the same, particularly in developing regions, are expected to benefit both the regional and global gas meter marketplaces. For instance, in March 2023, according to a report published by the United Nations Industrial Development Organization (UNIDO), an Austria-based agency for the UN that assists countries in economic and industrial development, global manufacturing production increased by 3-4% year-on-year in the fourth quarter of 2022. Therefore, the rise in rapid industrialization will drive the growth of the gas meter market.

Key Industry Players
Major companies operating in the gas meter market report are Honeywell International Inc, Xylem Inc, Itron Inc, Siemens AG, Emerson Electric Co.,Endress + Hauser, Apator SA, Landis + GYR Group AG, ABB Ltd, Badger Meter Inc, EDMI Limited, Panasonic Holdings Corporation, Smartmeters Technologies Pvt. Ltd, Genesis Gas Solutions Private Limited, Secure Meters Limited, Schneider Electric India, Rihtek Automation Pvt. Ltd, Tokyo Gas Meter Co., Ltd, Chugoku Gas Meter Co., Ltd, Aichi Tokei Denki Co Ltd, AES Smart Metering Ltd, British Gas Metering Operations, E.ON, EDF Energy, Energy Assets Ltd, IMServ Europe Ltd, Jersey Electricity, Lowri Beck Services Ltd, PROLA SA, ENVEA, KROHNE, Statiflo, United P, H Supply Co, Furness Controls, Mac Instruments, Bopp and, Reuther, Kinequip Inc, Intellimeter Canada Inc, Norgas Controls, Metercor, Fgs Brasil Ind Com Ltda, Itron Solucoes Para Energia E Agua Ltda, Agilent Technologies Brasil Ltda, Buzas Industria E Comercio Ltda, Fluenta, KopaGas Ltd, MaasaraGazz Metro

The gas meter market report table of contents includes:
1. Executive Summary
2. Gas Meter Market Characteristics
3. Gas Meter Market Trends And Strategies
4. Gas Meter Market - Macro Economic Scenario
5. Global Gas Meter Market Size and Growth
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32. Global Gas Meter Market Competitive Benchmarking
33. Global Gas Meter Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Gas Meter Market
35. Gas Meter Market Future Outlook and Potential Analysis
36. Appendix