The global gas meter market revenue is projected to reach $9.7 billion by 2028, growing at a CAGR of 6.6% from 2021 to 2028.
A gas meter is a device used to measure the volume of natural gas or other gases that are consumed by residential, commercial, and industrial customers. Gas meters play a crucial role in accurately determining the amount of gas used, which is then used to calculate the cost of gas consumption for billing purposes.
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Diaphragm Gas Meter: Diaphragm gas meters are commonly used in residential and small commercial applications. They consist of a series of chambers or diaphragms that expand and contract as gas flows through them. The movement of the diaphragms is translated into volume measurements, and the cumulative volume of gas consumption is recorded on the meter display.
Rotary Gas Meter: Rotary gas meters are used for larger gas flow rates, such as those found in industrial and commercial settings. These meters use a rotating mechanism, often with multiple rotors or lobes, to measure gas flow. The rotational movement is proportional to the volume of gas passing through the meter.
Turbine Gas Meter: Turbine gas meters use a turbine or rotor that is rotated by the flowing gas. The rotational speed of the turbine is proportional to the gas flow rate. This information is then used to calculate the volume of gas consumed.
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.
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.
Some of the key players profiled in the report include General Electric, Itron, Elster, Landis+Gyr, ABB, Aclara, and Badger Meter.
COVID-19 scenario analysis
The gas meter market has been severely impacted by the outbreak of COVID-19 across the globe. The market witnessed large fall in demand, owing to large number of shutdowns in the industrial sector.
But stockpiling practices disrupted the supply chain of vendors, and countries with mandated installation deadlines will maintain the market demand during the pandemic.
However, shifting trend toward work from home norms and growing residential energy consumption will escalate the installation of gas meters for residential end users.
In the post-COVID period, industry players will focus to re-asses their supply chain and consider whether sourcing from domestic players closer to operational site may improve the supply chain.
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Ultrasonic Gas Meter: Ultrasonic gas meters use ultrasonic sound waves to measure gas flow. They typically consist of transducers that send and receive ultrasonic signals across the gas flow path. By analyzing the time it takes for the signals to travel, the meter calculates the gas velocity and, subsequently, the volume of gas.
Coriolis Flow Meter: Coriolis flow meters use the Coriolis effect, which involves measuring the changes in the vibration frequency of a tube carrying the gas. These meters can measure mass flow directly, making them suitable for applications where the gas composition may vary.
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 usually installed by utility companies or gas suppliers, and they are periodically read to determine the gas consumption. In recent years, advancements in technology have led to the development of smart gas meters that can transmit consumption data remotely through wireless networks, eliminating the need for manual readings. These smart meters offer benefits such as real-time monitoring, accurate data collection, and improved billing accuracy.
Gas meters are subject to regulations and standards to ensure their accuracy and reliability. Regular maintenance and calibration are necessary to ensure accurate measurements and proper functioning.
Gas meters are essential for ensuring adequate gas supply of natural or liquefied petroleum gas to keep a track on the usage of gas.
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Gas meters are widely used in industrial, commercial, and large residential areas to maintain total usage of petroleum gas supplied by utility companies.
Moreover, gas billing systems based on automated meter reading in smart meter makes the billing procedure easier than that of conventional gas meters.
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