Increasing Industrialization to Boost Asia Pacific Gas Meters Market : 2024

Most of the companies in the global market for gas meters operate at regional level. Led by Elster Group GmbH, Itron Inc., and Dandong Dongfa Co. Ltd., this market demonstrates a highly competitive nature, states a new study by Transparency Market Research (TMR). In 2015, these three companies collectively accounted for 33.4% of the overall market.

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These gas meters manufacturers are striving to improve in regional and the global markets and are aggressively focusing on product innovation. Analysts at TMR expect the degree of competition within this market to remain high over the next few years.

According to the research report, the global market for gas meters presented an opportunity worth US$2.3 bn in 2015. Increasing at a CAGR of 8.10% during the period from 2016 to 2024, the market is likely to reach a value of US$4.7 bn by the end of the forecast period. The demand for diaphragm gas meters is higher than other products and is expected to remain so over the years to come, states the market study.

Increasing Industrialization to Boost Asia Pacific Gas Meters Market

The report also presents a regional analysis of the worldwide market for gas meters. As per the report, Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are the prime regional markets for gas meters across the world. Among these, Asia Pacific has acquired the leading position in the overall market and is expected to remain dominant throughout the forecast period, thanks to the increasing industrialization in this region. China, Japan, Australia, India, and the ASEAN countries have surfaced as the leading domestic markets for gas meters in Asia Pacific. The rising consumption of natural gas in Asia Pacific is projected to propel this regional market substantially in the years to come.

Europe is also expected to witness healthy growth in the demand for gas meters over the next few years on account of the rising enforcement of stringent regulations regarding the usage of smart meters and the increasing uptake of natural gas as primary fuel. The U.K., France, Germany, Italy, and Russia are expected to lead the Europe market for gas meters, states the report.

Increasing Enforcement of Favorable Regulations to Propel Global Gas Meters Market

“The growing usage of natural gas as a primary energy source is the key factor behind the growth of the global gas meters market,” states the author of this report. With natural gas replacing crude oil in a number of applications, its consumption across the residential, commercial, and industrial sectors has increased tremendously, which is reflecting on the growth of this market greatly.

On the flip side, the incompetence of gas meters in managing large data volumes generated from smart gas meters, high initial and switching costs, and the rising uptake of hybrid metering systems may restrict the rise of this market to some extent over the forthcoming years. However, the rising enforcement of favorable regulations and laws regarding adoption of smart meters is anticipated to boost this market considerably in the years to come, notes the study.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Gas Meters Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2016 - 2024.”

The global gas meters market has been segmented as follows:

Regional Analysis

North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Russia
Rest of Europe
Asia Pacific
China
India
Japan
ASEAN
Rest of Asia Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Mexico
Rest of Latin America

Global Gas Meters Market: By Product Type

Diaphragm gas meters
Rotary Gas Meters
Turbine Gas Meters
Ultrasonic Gas Meters
Other Types Gas Meters

Global Gas Meters Market: By Application Type

Residential
Commercial
Industrial

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This release was published on openPR.