Gas meters: Key market research findings
- The increased consumption of natural gas in the industrial sector drives the market
- Innovations with respect to features of gas meters in the market
- Key vendors—Elster, GE, Itron, and Landis+Gyr
Technavio’s market research analysts estimate the global gas meter market to grow at a CAGR of over 10% between 2016 and 2020. The market is driven primarily by the increase in the consumption of natural gas in the industrial sector. Natural gas is used as a fuel source and feedstock that meets the different energy requirements in the industrial sector. The increase in consumption patterns of natural gas by the various industries is augmenting the demand for gas meters across the globe. In 2015, the Americas dominated the global gas meter market by accounting for more than 43% of the market share. The market in thriving in the Americas owing to the abundance of natural gas in the region.
The new market research report from Technavio presents a breakdown and analysis of the gas meter segments by product.
“Enhanced meter performance is the latest trend in the gas meter market globally. The changing market dynamics have roused a growing demand for other additional features such as wireless communication, remote firmware upgrades, remote connection and disconnection, prepayment, end-to-end encryption and authentication, and so on. However, these features such as these take a toll on the gas meter’s battery life as well as the upfront and future costs. As a result, manufacturers are employing various methods that can enable the industry to meet its target for the total service life requirements of the meters while reducing the meter maintenance and replacement costs,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
During 2015, the basic gas meter segment was the dominant shareholder with almost a 78% stake in the market share. Basic gas meters require manual recording of measurements, and hence, operator efficiency to take accurate measurements. However, the emergence of smart meters which are more accurate is likely to impact the growth of the global basic gas meter market during the forecast period. The demand for basic gas meters is more prevalent in developing nations as cost-sensitive end-users opt for these meters owing to the lower price as compared to smart meters.
The major players in the global gas meter market include Elster, GE, Itron, and Landis+Gyr. Owing to the presence and dominance of large international gas meter manufacturers, the global gas meter market appears moderately fragmented. Vendors usually compete on the basis of product quality, features, functionalities, and service offerings. Being capital-intensive, this market poses a stiff challenge to the local vendors, while small players find it difficult to compete with international vendors. Due to the introduction of products with new features and technologies, vendor competition is likely to intensify during the forecast period.
A more detailed analysis is available in the Technavio report, Global Gas Meter Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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