LONDON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Gas Meter Global Market Report 2023, the global gas meter market is poised for substantial growth, with a projected market size of $4.75 billion in 2023, up from $4.43 billion in 2022, demonstrating a notable compound annual growth rate (CAGR) of 7.4%. Looking ahead, the gas meter market is anticipated to expand to $6.23 billion by 2027, maintaining a CAGR of 7.0%. This growth is underpinned by the rising consumption of natural gas, which is driving the demand for precise gas metering solutions.
Fueling Growth: Growing Natural Gas Consumption
The growth of the gas meter market is intrinsically linked to the increasing consumption of natural gas. Natural gas is in high demand across industrial, commercial, and residential applications, necessitating accurate gas metering. The surge in demand for natural gas, fueled by its versatility and environmental advantages, is a key driver of market growth. According to the International Energy Agency (IEA), global natural gas consumption is projected to increase by 3.4%, equivalent to 140 billion cubic meters, from 2021 to 2025, with an average annual growth rate of 0.8%. This growth is expected to culminate in a total consumption of approximately 4,240 billion cubic meters by 2025, further boosting the gas meter market.
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Key Players and Innovation in the Market
Major players in the gas meter market include Itron Inc., Landis+Gyr Corporation, ABB Ltd., and others. These industry leaders are continually introducing innovative gas meters to maintain their market presence. For example, SICK, a US-based manufacturer of sensors, recently launched the FLOWSIC550, a high-pressure ultrasonic gas flow meter designed specifically for natural gas distribution and midstream measurement systems. The FLOWSIC550 is suitable for high-pressure applications and is compatible with turbine gas meters, making it easy to integrate into existing compact measuring installations. This meter offers precise measurement of the quantity of gas supplied and is ideal for high-pressure industrial gas measurement and compressor fuel gas measurement.
Segmentation and Opportunities
The global gas meter market is segmented as follows:
- By Type:
- Turbine Gas Meter
- Ultrasonic Gas Meter
- Diaphragm Gas Meter
- Rotary Gas Meter
- Other Types
- By Technology:
- Smart and Automated
- Conventional
- By End User:
- Residential
- Commercial
- Industrial
The most significant opportunities in the gas meter market are expected to arise in the diaphragm gas meter segment, with an anticipated annual sales increase of $524.44 million by 2027.
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Stakeholders within the gas meter industry can utilize the insights presented in the Gas Meter Global Market Report 2023 to navigate this dynamic market effectively. The gas meter market report provides a comprehensive understanding of current market trends, growth projections, and emerging opportunities. Equipped with this knowledge, industry players can formulate strategies, make informed decisions, and harness the increasing demand for precise gas measurement.
Gas Meter Global Market Report 2023 by The Business Research Company provides insights on the gas meter market size, gas meter market segments, gas meter market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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