Global Gas Meter Market Will Reach USD 3.92 Billion by 2022: Zion Market Research
September 20, 2017 - 7:01 AM EDT
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Global Gas Meter Market Will Reach USD 3.92 Billion by 2022: Zion Market Research
According to the report, global gas meter market was valued at USD 2.26 billion in 2016 and is expected to reach USD 3.92 billion by 2022, growing at a CAGR of 9.4% between 2017 and 2022.
Sarasota, FL, Sept. 20, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Gas Meter Market (By Type: Turbine Gas Meter, Ultrasonic Gas Meter, Diaphragm Gas Meter, and Rotary Gas Meter; By Technology: Smart & Automated and Conventional; and By End Users: Residential, Commercial, and Industrial): Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global gas meter market was valued at USD 2.26 billion in 2016 and is expected to reach USD 3.92 billion by 2022, growing at a CAGR of 9.4% between 2017 and 2022.
In addition to measuring the definite amount of gas utilized, a gas meter must also be efficient of detecting the abnormal condition and to shut off the gas supply to prevent gas leakage. A gas meter is a specific flow meter utilized to measure a number of fuel gases such as liquefied petroleum gas and natural gas. Gas contracts and expands due to heat. Bills are based on a temperature of 15°C. So those meter outside contains profit as compared to those with a meter inside. The volume of gas absorbed in cubic meters (m^3) or cubic feet (?ft?^3) or still consumers are billed in kilowatt hours (kWh). The quality of the gas flowing through the meter or pressurized quantity measure a describe volume by gas meters.
Browse through 20 Market Tables and 49 Figures spread through 130 Pages and in-depth TOC on "Global Gas Meters Market: Industry Type, Technology, Size, Share, Research Report and Forecast 2016 – 2022”.
Major driving factors for the growth of gas meter market are increasing demand for smart equipment to observe supply of fuel in the energy industry and industry members are investing deeply in R&D drive. High installation expenses for end users could be restraining factors for the growth of gas meter market. Growing energy demand and environmental concerns have resulted in a change towards natural gas expenditure owing to its natural characteristics. The global gas meter market offers new growth opportunities, due to R&D initiatives to develop greater innovative products in line with client specifications and reduce industrialized as well as operating costs. The smart gas meter is not widely established across the end user industries at present, but are expected to observe rapid growth in future.
Gas meter market is bifurcated on the basis of type, technology, and end users. On the basis of type, the global gas market is segmented into turbine gas meter, ultrasonic gas meter, diaphragm gas meter, and rotary gas meter. Diaphragm gas meter market segment held the largest market share due to huge demand across the globe. Diaphragm gas segment held more than 60% of the overall market in 2015 and is expected to maintain its lead with greater part share throughout the forecast period. Rotary and turbine gas meters also attract a high demand and are expected to continue growing during the next few years.
Browse the full " Gas Meters Market (By Type: Turbine Gas Meter, Ultrasonic Gas Meter, Diaphragm Gas Meter, and Rotary Gas Meter; By Technology: Smart & Automated and Conventional; and By End Users: Residential, Commercial, and Industrial): Global Industrial Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022" report at https://www.zionmarketresearch.com/report/gas-meters-market
On the basis of technology, gas meter market is segmented into smart & automated, and conventional. The conventional segment is estimated to account for the largest gas meter market shares among all the technology. Industrial development has resulted in the introduction of the smart gas meter. The smart gas meter is ahead wide acceptance across various end-user industries in the recent past and is expected to continue this development in future.
On the basis of end users, gas meter market is segmented into residential, commercials, and industrial. Residential segment held the largest market share due to huge demand across the globe for the growth of gas meter market. Particularly in the developing regions, growth in end-use industries is expected to balance the regional markets. Result in higher as well as commercial demand due to rising disposable income, growing standards of living and urbanization.
Asia Pacific was the most attractive and largest market for the gas meter in 2016. Developing economies including India, China and Thailand are significantly increasing the demand for industrial and domestic expenditure in last few years. In this region, the growing consumption of natural gas is projected to improve this regional market during the forecast period. Expansion to fuel growth in smart cities, energy corridors and industrial are due to increasing investment in infrastructure which will raise gas meters market. In rural areas of China continues the development of pipelines framework. To meet the domestic demand, upcoming of new project and agreements with different countries which will further drive gas meter market.
In Europe, smart monitoring equipment is fueling immediately and also introducing smart meter in the domestic market. For monitoring Luxembourg, distributors are recognizing the commercial profits of a shared infrastructure which is already routing a dual fuel level project in the domestic region and related concept is planned in countries such as Belgium Ireland, Austria, and Germany. European Union’s third energy package for an internal energy supply will add to the growth of gas meter market size.
The major consumers of energy fuels are commercial and residential users in North America. Due to distribution leading to cost reduction and efficiency improvement in previous few years, low fuel prices continue to put pressure on major players. A number of new pipeline projects supplies are rising in this region from both sediment and conventional production.
In the Middle East, more than 50% of energy requirements are dependent on natural gas. Over 40% of the world’s established natural reserves and consumes almost 15% of the world’s production in Middle East region. Petrochemical capacity has increased over 80% in last few years and it is heavily utilized for enhanced oil recovery operation.
Some of the major players involved in the global gas meter market include ABB, Actaris, Emerson Electric, LAO Industria, Wyatt Engineering, Zenner, IMAC Systems, Elster GE Itron Landis Gyr, Schneider Electric, DIEHL Metering, Aclara and DIEHL Metering.
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Source: GlobeNewswire
(September 20, 2017 - 7:01 AM EDT)
