New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Gas Meter Global Market Report 2023" - https://www.reportlinker.com/p06466471/?utm_source=GNW
, Zenner International GmbH & Co., Schneider Electric SA, Diehl Stiftung & Co. KG, Sensus (Xylem Inc.), Emerson Electric Co., Genesis Gas Solutions P Ltd., Siemens AG, and Endress+Hauser Inc.
The global gas meter market is expected to grow from $4.43 billion in 2022 to $4.75 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gas meter market is expected to reach $6.23 billion in 2027 at a CAGR of 7.0%.
The gas meter market consists of sales of gas meters differentiated by operating principles such as displacement, velocity, head, thermal, acoustic, and tracer.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A gas meter is a device used for measuring the quantity or rate of flow of a gas through a designated path. They are important for accurate billing and monitoring of energy usage.
Asia-Pacific was the largest region in the gas meter market in 2022. The regions covered in the gas meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of gas meters are turbine gas meters, ultrasonic gas meters, diaphragm gas meters, rotary gas meters, and others.A turbine gas meter uses a small helix or turbine to regulate the speed at which the gas is moving through the turbine; turbine flow meters deduce the flow of gas on a volumetric basis.
It is available in two different technologies such as smart and automated and conventional, and is used for residential, commercial, and industrial applications.
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.
In January 2020, Circle Gas Limited, a UK-based cooking gas provider, completed the acquisition of KopaGas Ltd.’s distinctive technology for a sum of $25 million. Through the acquisition, Circle Gas will access pay-as-you-go (PAYG) technology, advanced manufacturing capabilities, and positions in important East African LPG markets. Circle Gas will also be able to design, manufacture, and deploy Internet of Things (IoT) devices and software that let customers pay for and use gas. KopaGas Ltd. is a Tanzania-based seller of cooking fuel using patented IOT meters that enable end-user micropayments.
The countries covered in the gas meter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gas meters market research report is one of a series of new reports that provides gas meters market statistics, including gas meters industry global market size, regional shares, competitors with a gas meters market share, detailed gas meters market segments, market trends and opportunities, and any further data you may need to thrive in the gas meters industry. This gas meters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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