The growing utilization of gas (by residential and commercial installations) over conventional sources of energy, such as oil and fossil fuels, is identified as a major trend in the gas meters market. This shift is likely to open new areas of application for these meters as well as growth opportunities in related services, such as support and logistics, and data management.
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A gas meter is a specialized flow meter that measures the volume of fuel gases, such as natural gas and liquefied petroleum gas (LPG). These are employed in residential, commercial, and industrial installations to measure the flow and volume of gases. In the report, the gas meters market is segmented on basis of type, technology, application, and region.
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The gas meters market is bifurcated into standard gas meters and smart gas meters on the basis of technology. Smart gas meters provide precise consumption percentage or volume of gas, thereby offering benefits such as easy disbursed gas measurement, leakage check, and computation of bills to both the gas disbursing authority and the consumer. Furthermore, these meters allow the end users to plan their gas consumption, adhere to energy targets, and monitor expenditure.
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Based on region, the gas meters market is categorized into North America, Europe, APAC, Latin America, and the Middle East and Africa (MEA). Globally, North America is expected to continue holding the largest share in the market in the coming years. This is primarily attributable to the growing demand for these meters from residential as well as industrial consumers in the region. Moreover, this demand is also expected to increase on account of recent advancements in exploration and production (E&P) of natural gas across gas fields in the North American region.
The MEA region is witnessing a steady increment in investments in the energy sector. Furthermore, several countries in the region are diversifying their energy portfolios to reduce dependence on oil. This could translate into growth opportunities for the companies operating in the gas meters market, thereby encouraging the deployment of these meters in the commercial, industrial, and residential sectors.