Press release
Gas Meters Market Is Expected To Reach The US$ 6.17 Bn By The End Of 2031
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Increase in Demand for Gas Meter in Residential and Commercial Sectors to Reduce Wastage of Gas
Installation of gas meter assists in reducing the loss of gas during transmission and distribution. Smart meters and commercial gas meters are being increasingly deployed in households and commercial areas. Smart gas meters rely on low-voltage battery power to extend operational life and avoid ignition hazards. This is expected to propel the gas meter market. Increase in demand for energy-efficient technologies such as IoT (internet of things) and smart infrastructure is estimated to drive the demand for smart meters. Implementation of IoT has gradually moved from mechanization to informatization. It facilitates the process of meter reading. It also provides web interface between consumers and service providers. Thus, replacement of old conventional meters with new smart meters is likely to drive the market.
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Surge in Adoption of Ultrasonic Gas Meter to Boost Gas Meter Market
Ultrasonic gas meters guarantee long-term stability and accuracy. These meters do not require periodic maintenance. Ultrasonic gas meter and gas meter modules possess several benefits such as lack of pressure drop, no moving parts, ability to measure bidirectional flow, and reliable performance. They are highly accurate, repeatable, and can tolerate extreme temperatures.
Ultrasonic gas meters are also self-diagnosing and can determine measurement shifts once calibrated. The clamp-on model also offers flexibility and easy installation without penetrating the pipe. These features make ultrasonic gas meters highly preferable for industrial applications such as complex piping and oil & gas distribution where magnetic flow meters have limitations. This is expected to boost the demand for ultrasonic gas meter, thereby propelling the gas meter market.
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Regional Outlook of Global Gas Meter Market
North America is expected to hold prominent share of the global gas meter market during the forecast period. This can be primarily ascribed to the increase in demand for gas meters among industrial as well as residential consumers; and rise in demand and consumption of natural gas in the region. Gas meters and variable area flow meters are gaining popularity in Asia Pacific, especially in China and India, due to the increase in demand for gas and rise in investments by gas utility companies in installation of gas meters in the region. Increase in demand for continuous emission monitoring systems (CEMS) in countries with higher air pollution index is another factor that is driving the gas meter market in Asia Pacific. For instance, in April 2018, Tata Communications, a telecommunication solution and services provider, announced that it would be working with Mahanagar Gas, a domestic gas utility company, to deploy around 5,000 gas meters in Mumbai, India.
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