Gas Meter Market Analysis & Trends | Europe Robust Growth by Poland, UK, Ireland, Netherlands, Belgium, Germany, Italy
Global Gas Meter Market projected to hit USD 9.7 billion by 2028
WILMINGTON, DELAWARE, UNITED STATES, February 26, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The global gas meter market revenue was valued at $5.8 billion in 2020, and is projected to reach $9.7 billion by 2028, growing at a CAGR of 6.6% from 2021 to 2028.
The gas meter market is undergoing a transformation with innovative technologies and emerging trends reshaping the industry landscape. What are the key driving factors behind this evolution, and how is it impacting both consumers and businesses alike?
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Asia-Pacific would exhibit a CAGR of 6.1% during 2019-2027. Asia-Pacific accounted for significant revenue share in 2020. This is attributed to emerging application of smart gas meters in China, India, and Japan.
Some of the key players profiled in the report include General Electric, Itron, Elster, Landis+Gyr, ABB, Aclara, and Badger Meter.
Gas meters are essential devices that measure the amount of natural gas consumed in a household or commercial property. They play a crucial role in monitoring energy usage, enabling accurate billing and promoting energy efficiency. With the increasing focus on sustainability and environmental conservation, the demand for advanced gas metering solutions has been on the rise.
The smart gas meters segment was the highest contributor to the market, and is estimated to grow at a CAGR of 7.0% during the forecast period.
The residential segment was the highest contributor to the market and is estimated to grow at a CAGR of 6.5% during the forecast period
The industrial segments is expected to witness significant CAGRs of 7.2% and respectively, during the forecast period.
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Technological Advancements
The gas meter market is witnessing a surge in technological advancements, with smart meters leading the way. Smart meters are equipped with cutting-edge features such as real-time data monitoring, remote access, and automated reporting. These capabilities not only enhance operational efficiency but also empower consumers to make informed decisions regarding their energy consumption.
Growth in adoption of smart meters in commercial and large residential areas is expected to drive the gas meter market growth during the forecast timeframe.
Market Trends
One of the prominent trends in the gas meter market is the integration of Internet of Things (IoT) technology. IoT-enabled gas meters enable seamless communication between devices, allowing for comprehensive data analysis and predictive maintenance. This trend is revolutionizing the way gas utilities manage their operations and deliver services to customers.
Impact on Consumers
The evolving gas meter market is benefiting consumers in various ways. By providing real-time insights into energy usage, smart meters empower individuals to adopt more sustainable practices and reduce their carbon footprint. Moreover, the shift towards digital metering solutions is simplifying the billing process and enhancing the overall customer experience.
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The mandatory installation of smart meters in households and commercial areas is anticipated to influence the gas meter market growth.
In addition, increase in demand for efficient energy technologies such as implementation of IOT (Internet of Things) will further drive the demand for various smart gas meters.
Gas meters are essential for ensuring adequate gas supply of natural or liquefied petroleum gas to keep a track on the usage of gas.
Gas meters are widely used in industrial, commercial, and large residential areas to maintain total usage of petroleum gas supplied by utility companies.
Future Outlook
As the gas meter market continues to evolve, we can anticipate further innovations and advancements that will drive growth and efficiency in the industry. From advanced analytics to AI-powered solutions, the future of gas metering holds immense potential for improving energy management and promoting sustainability on a global scale.
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Moreover, gas billing systems based on automated meter reading in smart meter makes the billing procedure easier than that of conventional gas meters.
In conclusion, the gas meter market is undergoing a significant transformation fueled by technological innovations and shifting consumer preferences. By embracing smart metering solutions and IoT integration, the industry is paving the way for a more sustainable and efficient energy future. The future of gas metering is bright, with endless possibilities for enhancing energy management and driving environmental conservation.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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