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. Moreover, gas billing systems based on automated meter reading in smart meter makes the billing procedure easier than that of conventional gas meters.
Growth in adoption of smart meters in commercial and large residential areas is expected to drive the market growth during the forecast timeframe. 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.
Global gas meter market size 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.
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On the basis of product type, smart gas meter emerged as the market leader in 2020. This is attributed to rise in demand for various gas meters in residential and commercial areas.
On the basis of end user, the residential end-user industry segment accounted for considerable market share, owing to increase in residential power consumption. Due to economic developments and favourable government policies, the smart meters market witnessed a large demand in the residential sector; therefore, positively impacting the market growth.
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By region, the market across Europe, followed by North America, held the largest share in 2020, contributing to more than two-fifths of the market, due to surge in concern toward energy conservation and government regulation regarding energy management. However, the global gas meter market across Asia-Pacific is anticipated to portray the highest CAGR of 8.8% during the forecast period, owing to rise in demand for smart metering devices in the region.
Key market players
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