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Gas Meter Market Size
Gas Meter Market was valued at USD 3.7 billion in 2023 and is anticipated to register a CAGR of 4.7% between 2024 and 2032. In comparison to coal and oil, natural gas burns cleaner when used as a fossil fuel. The need for natural gas is predicted to increase as different countries attempt to reduce their carbon footprint. This is anticipated to fuel the demand for new gas meters in order to effectively monitor and control gas usage.
Natural gas burns cleaner and releases less pollutants, such as carbon dioxide, as compared to conventional fossil fuels like coal and oil. Many nations are shifting their energy mix towards cleaner sources as environmental concerns grow and carbon emission rules become more stringent. This transition depends heavily on natural gas, which serves as a stopgap fuel until renewable energy sources have sufficient infrastructure and supply. Furthermore, using natural gas is simpler and less expensive than creating brand-new infrastructure for other energy sources because many nations already have natural gas infrastructure in operation.
Gas Meter Market Report Attributes
| Report Attribute |
Details |
| Base Year: | 2023 |
|---|
| Gas Meter Market Size in 2023: | USD 3.7 Billion |
|---|
| Forecast Period: | 2024-2032 |
|---|
| Forecast Period 2024-2032 CAGR: | 4.7% |
|---|
| 2032 Value Projection: | USD 5.5 Billion |
|---|
| Historical Data for: | 2021-2023 |
|---|
| No. of Pages: | 80 |
|---|
| Tables, Charts & Figures: | 52 |
| Segments covered: | By Technology, Type, End Use, Regions |
|---|
| Growth Drivers: | - Rising demand of natural gas
- Smart meter implementation
- Growing focus on energy efficiency
|
|---|
| Pitfalls & Challenges: | - High initial investment cost
- Cyber security concerns
|
|---|
The gas meter market is being driven by rising natural gas demand and the push for smart meter installation. The industry is capital intensive, and the heavy initial investment can be a deterrent for several market entry aspirants. Additionally, smart meters are equipped with advanced connectivity modules, sensors, and data processing capabilities. This complex technology results in a greater production cost as compared to the more basic design of a mechanical meter. Smart meters need a strong communication network backbone for data transfer, which increases the overall cost of utilities.
