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Gas Meter Market Growth And Overview Report 2024-2033
Gas Meter Market Growth
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Technological advancements are a key trend gaining popularity in the gas meter market. Major companies operating in the gas meter market are focused on developing advanced products to strengthen their market position. For instance, in November 2022, Itron Inc., a US-based technology firm that provides solutions and services for energy and water resource management, introduced the Itron Intelis gFlex prepayment gas meter. It is a next-generation meter that blends new ultrasonic solid-state measuring technology with Itron's 30 years of prepaid metering knowledge. Intelis gFlex, integrated into an easy-to-deploy SaaS system and administered through various combinations of vending channels and credit transfer alternatives, assists utilities in ensuring revenue and reducing financial vulnerability. In addition to improving cash conversion for utilities, the prepayment meter will assist in enhancing customer happiness and minimize call center congestion via a consumer site and mobile app for refilling and monitoring.
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Major Key Players of the Market:
Sisecam Group, AGC Inc., Fuyao Glass Industry Group Co. Ltd., Vitro S.A.B. de C.V., Compagnie de Saint-Gobain S.A., Cardinal Glass Industries Inc., Nippon Sheet Glass Co. Ltd, CSG Holding Co. Ltd., China Glass Holding Ltd., Central Glass Co. Ltd., Cevital Group, Euroglas, Guardian Industries, ÅžiÅŸecam Group, Sangalli Vetro Manfredonia SpA, Etex, Xella Group, Radman's Building Services, Knauf Gips KG, Dry Construction Limited, Pietta glass, Simeko, Salavatsteklo, GC America, Guardian Glass LLC, Xinyi Auto Glass, Dillmeier Glass Company, Trulite Glass & Aluminum Solutions, NSG Group, Corning Incorporated, Schott AG, Arabian Processing Glass, Laval, Al-Saeed Glass & Panel, Emirates Glass, Arabian United Float Glass Company, PPG Industries Inc, Phoenicia Flat Glass Industries Ltd, Koch Industries Inc, Kaveh Glass Group, Ghazvin Glass Co.
Gas Meter Market 2024 Key Insights:
• 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%.
• Rapid Industrialization Sparks Growth Surge In The Gas Meter Market
• Technological Advancements Drive Innovation In The Gas Meter Market
• Asia-Pacific was the largest region in the gas meter market in 2023
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