Gas Meters Market Likely to Touch at a CAGR of 8.10% between 2016 and 2024

Market Research Reports Search Engine has recently publicized a new study to its vast repository, which is titled as  global market for gas meters has gained a significant momentum over the last few years. The rising usage of natural gas as the main fuel source, favorable regulations and laws regarding adoption of smart meters, and increasing need to eliminate losses during gas transmission and distribution have led to a tremendous progress of this market and are projected to remain doing so over the forthcoming years. However, the high initial and switching costs, limited capability to manage large data volumes generated from smart gas meters, and the growing adoption of hybrid metering systems may hamper the growth of this market to some extent in the near future.

Valued at US$2.3 bn in 2015, the global market for gas meters is likely to expand at a CAGR of 8.10% between 2016 and 2024 and reach a value of US$4.7 bn by the end of 2024.

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Asia Pacific to Remain Leading Global Market for Gas Meters

Regionally, the global market for gas meters has been categorized into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Thanks to the increasing industrialization, the Asia Pacific market for gas meters has acquired the dominant position and is anticipated to remain leading throughout the forecast period. The growing consumption of natural gas in this region is also projected to boost this regional market over the next few years. China, Japan, India, Australia, and the ASEAN countries are likely to lead the market for gas meters in Asia Pacific in the years to come.in

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The Europe market for gas meters, which stood second in 2015, is also projected to witness steady growth over the next few years. The increasing implementation of strict regulations pertaining to the utilization of smart meters and the high adoption rate of natural gas as primary fuel in this region is expected to boost the demand for gas meters in Europe. The U.K., France, Germany, Italy, and Russia are likely to emerge as the leading domestic markets for gas meters in Europe.

Diaphragm Gas Meters to Continue to Attract High Demand

Diaphragm gas meters, rotary gas meters, turbine gas meters, and ultrasonic gas meters are the key type of products in the global gas meters market. Among these, diaphragm gas meters enjoy the most widespread utilization. The product segment held more than 60% of the overall market in 2015 and is expected to continue its lead with majority share throughout the forecast period. Rotary and turbine gas meters also attract a high demand and are anticipated to remain doing so over the next few years.

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