ALBANY, New York, February 14, 2017 /PRNewswire/ --

Transparency Market Research has published a new report titled "Gas Meters Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global gas meters market was valued at US$ 2,306.0 Mn in 2015 and is expected to expand at a CAGR of 8.1% to reach US$ 4.72 Billion in 2024.

Gas meters are dedicated flow meters which are utilized to measure the volume of different types of gases such as natural gas, propane, and others. Generally, measuring volume of gases is challenging, as measured volumes are highly affected by temperature and pressure variations. Gas meters accurately measure a defined volume of gases, irrespective of the pressurized quantity or quality of the gases flowing through the meter. Gas meters are constructed and manufactured as per certain standards and certified according to European standards and American standards. Gas meters are usually installed where there are piped gas connections. Gas meters are installed at various types of facilities including residential, commercial, industrial and other facilities. Gas meters are also installed in gas transmission and distribution pipelines to measure the volume of gas flow.

The global gas meters market is segmented on the basis of product type and application. On the basis of product type, global gas meters market is segmented into diaphragm gas meter, rotary gas meter, turbine gas meter, ultrasonic gas meter, and others. On the basis of application, global gas meters market is segmented into residential, commercial, and industrial applications.

On the basis of product type, diaphragm gas meters are the most widely used type of gas meters. Diaphragm gas meters hold around 70% market share of the global gas meters type segment. Rotary and turbine gas meters are also installed in large numbers. Turbine and ultrasonic gas meters are being installed at a very high rate across the globe. Other gas meters types include orifice gas meters and coriolis gas meters. These types of gas meters hold less than 10% market share of the global gas meters market.

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On the basis of application, residential application includes gas connections of individual houses, gas connections of buildings, and gas connections of individual flats in buildings. Commercial application includes gas connections of hotels, gas connections of restaurants, gas connections of malls, gas connections of shops, and other commercial facilities with gas connections. Industrial application includes power generation facilities with gas connections, manufacturing plants with gas connections, chemical plants with gas connections, and other industrial facilities with gas connections. Residential application dominated the global gas meters market in 2015. Increasing residential gas connections are expected to boost the sales of gas meters for residential application during the forecast period.

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In recent years, the gas meters landscape is witnessing enhanced activities by various market participants, including ABB, AEM S.A., APATOR, Badger Meter, Betar, Diehl Metering GmbH, EDMI Ltd., Elster GmbH, General Electric, Itron Inc., Landis+Gyr, Honeywell, Qianwei Kromschroder Meters, Shancheng Gas Equipment, and Dandong Dongfa among others.

Long-term Outlook: The global gas meters market is anticipated to expand at a CAGR of 8.1% during the forecast period to reach US$ 4,722.2 Mn in annual revenue by 2024.

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