Rapid industrialization in emerging economies and strong support from governments across the globe have boosted the growth of the global gas meter market.
PORTLAND, Ore., July 8, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Gas Meter Market by Type (Basic Gas Meter and Smart Gas Meter) and End User (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2028". As per the report, the global gas meter industry was pegged at $5.8 billion in 2020, and is estimated to generate $9.7 billion by 2028, growing at a CAGR of 6.6% from 2021 to 2028.
Major determinants of the market growth
Rapid industrialization in emerging economies and strong support from governments across the globe have boosted the growth of the global gas meter market. However, high installation costs and integration of complex technologies hinder the market growth. On the contrary, favorable policies and subsidies from industry players are estimated to open lucrative opportunities for the market players in the future.
The Covid-19 pandemic severely affected the demand for gas meters due to shutdowns in the industry sector. In addition, lockdown across several countries delayed the installation of a large number of smart meters. Moreover, the prolonged lockdown disrupted the supply chain.
However, the trend toward work from home and rise in residential energy consumption has increased the installation of gas meters in residential end-users.
The smart gas meters segment to portray the highest CAGR through 2028
By product type, the smart gas meters segment would register the highest CAGR of 7.0% during the forecast period, due to rise in emphasis of smart meter devices in commercial and large industrial areas. Moreover, the segment held the largest share in 2020, accounting for more than two-thirds of the global gas meter market. The report includes an analysis of the traditional gas meters segment as well.
By end user, the residential segment dominated the market in terms of revenue in 2020, contributing more than two-fifths of the global gas meter market, and is expected to continue its dominance throughout the forecast period. This is due to rise in disposable income and changing in lifestyle coupled with rise in demand for smooth and steady power solutions. However, the industrial segment is projected to register the highest CAGR of 7.2% from 2021 to 2028, due to surge in demand for smart and efficient gas supply in the industrial sector.
Europe, followed by North America, dominated the market in terms of revenue
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.
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