- Due to increasing gas consumption worldwide, the gas meters market is anticipated to grow globally. These meters play a vital role in measuring industrial, domestic, and commercial gas consumption. Ecological concerns and energy demand have furthered natural gas consumption.
Natural gas has higher calorific value, low emissions, and easier operability. Rising consumer inclination towards this gas will drive the market and shape it further. This leads to low functioning expenses and simpler data administration in various departments. These benefits would also steer the gas meters market.
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Failure in handling huge data volumes produced from these meters is expected to hinder the market. R & D initiatives by market participants are leading to quality products. These products meet client demands and open new market horizons. Also, players are spending heavily on new products and their production. All such prospects assist the market.
The market is divided on the basis of three categories. These are products, applications, and geographies. Based on products, the market is sliced into conventional, and smart and intelligent gas meters. In view of applications, the gas meters market is divided into industrial, domestic, and commercial. The other applications are pressure management and leak detection. Growing use across these segments would steer market incomes.
Increased urbanization and disposable incomes, and enhanced life styles have augmented the demand for gas meters in commercial and domestic applications. Governmental initiatives to promote production in developing regions have led to huge demand from the industrial segment. Expansion in consumer industries, specifically in emergent nations, would assist all the four regions of the gas meters market.
Industrialized regions such as Europe and North America are anticipated to undergo rapid growth. The rest of the world and Asia Pacific will expand on account of governmental initiatives towards urbanization. Boosting consumer preference towards the adoption of natural gas and energy demand will also positively affect the worldwide market.
Regulatory policies that discourage conventional products and introduce new ones are predicted to shape and propel the market in the future. Some of the leading players in the gas meters market include Badger Meter Inc., Emerson Electric Co., Sensus USA Inc., Siemens A.G., and Diehl Metering Group.
Information Source: Grand View Research
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