Published Date : May 28, 2018
ALBANY, New York, May 28, 2018 - The global gas meters market is anticipated in a report added by MarketResearchReports.biz to witness an uplift in growth due to rising replacement of crude oil with natural gas for energy requirements. The report is titled “Gas Meters Market - Global Industry Analysis, Size, Share, Growth Trends and Forecast 2017 - 2024.” Gas meters are required to be installed in natural gas supply systems to reduce losses during distribution and transmission. This allows accurate recording of gas retrieved at the end and gas thrust at the start. The market could achieve favor in terms of growth with increasing application of smart meters for transferring energy consumption at fixed intervals.
Smart meters put a whole lot of benefits on the table for their adoption. However, the task of implementing necessary changes in the supply-demand chain could be hindered due to lack of scrutiny and management of massive volume of data generated through smart meters. This may restrict the adoption of smart meters in the long run. Nonetheless, when compared to traditional manually-operated meters, smart meters are proved to be much more effective to avoid the risk of overestimation or missed calculation. Thus, there could be improved demand for smart meters in the world gas meters market.
The international gas meters market has been classified according to application and product. On the basis of application, the market has been segregated into industrial, commercial, and residential. In terms of product, segments viz. ultrasonic, turbine, rotary, and diaphragm gas meters have been closely studied in the report. By the end of 2024, diaphragm gas meters have been foreseen to take the lead in the market while raking in a stronger share of 60.5%. Their demand could increase on the back of rising count of residential gas subscriptions for heating and cooking purposes. Turbine gas meters could also showcase their prominence in the market because of rising usage of natural gas in industrial activities.
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On the regional front, Asia Pacific is prognosticated to emerge as a vital market for gas meters. Sale of gas meters in the region could gain momentum with LPG being increasingly used as a domestic fuel. Furthermore, economic development observed in emerging countries of the region is foretold to set the tone for valuable growth in Asia Pacific. Demand for gas meters could be stoked by rising employment of natural gas as a result of industrial development in the region. Europe could be another key region of the global market, whereas North America is said to have reached a stage of market maturation.
The international gas meters market is marked by the presence of leading companies such as ABB, Dandong Donga Co. Ltd., and Elster GmbH. Only a few players are observed to function globally in the market despite a high degree of fragmentation, predict the authors of the report.
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