Players Focus on Product Innovation to Strengthen Presence in Gas Meters Market

The global gas meters market is fragmented in nature with most companies operating at a regional level. However, product innovation is the key focus of gas meters manufacturers in a bid to improve their presence in regional markets and penetrate the global market as well.
A new report published by Transparency Market Research says the global gas meters market presented an opportunity worth US$2.3 bn in 2015. Displaying a CAGR of 8.10% between 2016 and 2024, the market is expected to reach a valuation of US$4.7 bn by 2024.
In this blog post analysts have presented answers to some of the pertinent questions about developments in the global gas meters market in the coming years;

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Q. What are the major factors stoking growth and challenging the growth of global gas meters market?
A. The increasing adoption of natural gas as a primary fuel source is the major factor propelling the growth of the global gas meters market. Natural gas is increasingly replacing crude oil for energy needs across residential, commercial, and industrial sectors. In addition, favorable policies regarding the installation of smart meters and need to safeguard energy loss during transmission and distribution are also contributing towards the progression of the global gas meters market.
On the downside, insufficiency of gas meters in managing large volumes of data generated from smart gas meters, increasing uptake of hybrid metering systems, and high cost involved in setting up gas meter systems are restraining the market’s growth. However, laws enforcing the adoption of smart gas meters is expected to have a positive impact on the growth of this market.
Q. How are regional markets faring in terms of growth in the global gas meters market?
A. With rapid industrialization, Asia Pacific is currently the leading regional market for gas meters and is expected to remain so in the near future. The increasing adoption of natural gas is also boosting the growth of this regional market. China, India, Japan, Australia, and ASEAN countries have emerged as the key domestic markets for gas meters in this region.
Europe stood as the second-leading market for gas meters in 2015 and is expected to display healthy growth in the coming years. Regulations in place for the adoption of smart meters and increasing use of natural gas are the major factors stoking the growth of this regional market. The U.K., Germany, Italy, France, and Russia are expected to emerge as key domestic markets for gas meters in this region.
Q. Which is the leading product segment in this market?
A. Diaphragm held the leading 60% share of the market in 2015 and is anticipated to retain its lead position in the forthcoming years as well. Turbine and rotary gas meters also display considerable demand and are expected to continue doing so in the coming years as well.

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