Global Gas Meters Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1453
Gas Meters Market size is witnessing a substantial growth owing to increase in demand from domestic and industrial applications. In last few years, fuel mix shifted away from coal to lower emission fuels including natural gas. Rising demand for smart equipment’s to monitor supply of fuel in energy industry will be a major driving force for global gas meters market growth in forecast period.
Movement of products from producing regions to various diverse consumers in a wide geographical area involves an extensive and elaborate transportation system. A major industrial application includes chemicals, glass, pulp and paper, metals, refining, stone, plastic and food processing. Rising demand from manufacturing industries requires more efficient infrastructure which will lead to a surge in global gas meters market demand.
Gas meters monitor's energy consumption at various supply points and help producers to maintain accuracy in managing their customers’ billing data. Use of advanced software will aid in loading and managing a large amount of data in real time from numerous smart equipment’s and thus, there will be an increased adoption of advanced supervisory systems. Developments and construction of existing and new pipelines in countries where demand is high will propel global market growth. Lack of adequate meters in supply networks creates chokepoints and bottlenecks that raise costs and create growth constraints. Modernizing energy infrastructure system facilitates prospects for major economic growth and job creation, and it is essential for realizing the full potential benefits of new production gains.
Globally, Asia-pacific is estimated to be the fastest-growing region for gas meters market. In last few years, the demand for industrial fume and domestic consumption in developing economies including China, India, and Thailand increased substantially. Rising consumption is expected to be supplemented by substitution of oil by methane to reduce carbon footprint significantly. Growing investments in infrastructure development to fuel growth in smart cities, industrial and energy corridors will increase gas meters market. The development of pipelines framework continues in rural areas of China. Upcoming of new projects and agreements with different countries to meet the domestic demand will further propel gas meters market.
In Europe, mandatory outline of smart monitoring equipment’s is fueling immediate introduction of smart meters in the domestic market. Distributors are now recognizing the commercial benefits of a shared infrastructure for monitoring. Luxembourg is already routing a dual-fuel rollout project in domestic region and a similar concept is planned in Austria, Belgium Ireland, and Germany. Passing of European Union’s third energy package for an internal energy supply will add to growth of gas meters market size.
In North America, the major consumers of energy fuels are residential and commercial users. The supply is rising from both conventional and shale production leading to several new pipeline projects in region. In last few years, low fuel prices continue to put pressure on major players involved in distribution leading to cost reduction initiatives and efficiency improvement. This has also drive the gas meters market in region.
Middle East has over 40% of the world's proven natural reserves and consumes nearly 15% of the world's production. Demand is driven by a boom in the industrial sector led by the rapidly escalating petrochemical business using methane as a feedstock. In Middle-East, more than 50% of energy needs are dependent on natural gas. Additionally, the demand for CNG vehicles is rising in region owing to government strict regulations. In last few years, petrochemical capacity has increased over 80% and it is heavily utilized for enhanced oil recovery operations. Rise in population growth in countries such as Iraq, Iran, and Saudi Arabia where residents have more money and better access to consume product will drive the gas meters market growth.
Existence and supremacy of large international meter manufacturers, the global gas meters market seems moderately fragmented. The key industry players include Elster GE Itron LandisGyr. ABB, Aclara, Actaris, Apator, Badger Meter, JSC Gazdevice, EDMI, Emerson Electric, Qianwei Kromschroder, Endress+Hauser, IMAC Systems. Other prominent players are Krohne, LAO Industria, Onicon, Raychem RPG, Sagemcom, CGI Group, Schneider Electric, Sensus USA, Shinagawa, Wyatt Engineering, DIEHL Metering, and Zenner.
Merchants usually compete on basis of product quality, features, functionalities, and service offerings. The gas meters market is capital-intensive and poses a stiff challenge to small players competing with international vendors. Rising adoption of new features and technologies will lead to increase in competition during the forecast time frame.
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