The alarming increase in the depletion of non-renewable sources of energy has led to a substantial rise in the uptake of natural gas to cater efficiently for the energy needs of consumers across the world.
The usage of crude oil as a fuel is increasingly replaced by natural gas, thanks to its non-toxicity and economic viability, which is resulting in a significant growth of the global market for gas meters. The efficiency of gas meters in minimising losses in transmission and distribution has prompted their installation in the supply systems, propelling this market, remarkably.
According to Transparency Market Research (TMR), the opportunity in the global gas meters market is lucrative and is likely to improve in the near future. In 2017, the market was worth US$2.75 bn, rising at a CAGR of 7.90% during the period from 2017 to 2024, it is likely to reach an impressive value of US$4.72 bn by 2024 end.
The advent and increasing popularity of smart meters, highly efficient in reducing energy consumption in transmission at regular intervals, is projected to support the growth of this market over the next few years. However, the dearth of proper handling and scrutiny of the massive amount of data generated by these meters may act as a hindrance in the market’s growth trajectory in the near future.
The worldwide market for gas meters is mainly spread across North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Here is a snapshot of how the global market is performing in these regions:
Asia Pacific to Continue to be Dominant
Asia Pacific has surfaced as the key regional market for gas meters across the world. The continual economic growth in developing countries, such as India, South Korea, Malaysia, Indonesia, and Thailand, has resulted in a significant rise in the usage of LPG in domestic kitchens as fuel. The industrial advancements in these economies have led to a heightened usage of natural gas. As a result, the demand for gas meters has increased exponentially in these regions, reflecting positively on the growth of the market for gas meters in Asia Pacific. Owing to the presence of ample growth opportunities, thanks to the increasing technological awareness among consumers, this regional market is likely to remain on the top over the next few years.
Europe to Retain its Growth Pace
Europe is another prominent regional market for gas meters. The presence of a large pool of established vendors and advanced infrastructure has been supporting the growth of this regional market. Over the forthcoming years, the lucrativeness of Europe market for gas meters is likely to increase, thanks to the implementation of strict regulations regarding the deployments of smart meters bodes. The increasing investments in this field by leading players is also expected to boost this regional market in the years to come.
North America to Witness Moderate Growth
The maturity in the market for gas meters in North America is resulting in a slowdown in its progress. Even in the upcoming years, this regional market is likely to demonstrate a moderate growth. However, the capital inflow in the market at regular interval may impel it to some extent in the near future.
Latin America and Middle East and Africa to Clock Impressive Growth Rates
The markets for gas meters in Latin America and the Middle East and Africa are in their nascent stages, therefore, rising a bit slowly. However, the presence of lucrative opportunities and untapped potentials is expected to act as a significant driving force that will support these regional markets over the forthcoming years in expanding at an impressive rate.