The Gas Meter Market Size Is Expected To Reach $6.23 Billion By 2027, Driven By Rising Natural Gas Consumption As Per The Business Research Company's Gas Meter Global Market Report 2023

  • By Grand News Network
  • |
  • November 8, 2023

LONDON, Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company's Gas Meter Global Market Report 2023, the global gas meter market is poised for substantial growth, with a projected market size of $4.75 billion in 2023, up from $4.43 billion in 2022, demonstrating a notable compound annual growth rate (CAGR) of 7.4%. Looking ahead, the gas meter market is anticipated to expand to $6.23 billion by 2027, maintaining a CAGR of 7.0%. This growth is underpinned by the rising consumption of natural gas, which is driving the demand for precise gas metering solutions.

Fueling Growth: Growing Natural Gas Consumption

The growth of the gas meter market is intrinsically linked to the increasing consumption of natural gas. Natural gas is in high demand across industrial, commercial, and residential applications, necessitating accurate gas metering. The surge in demand for natural gas, fueled by its versatility and environmental advantages, is a key driver of market growth. According to the International Energy Agency (IEA), global natural gas consumption is projected to increase by 3.4%, equivalent to 140 billion cubic meters, from 2021 to 2025, with an average annual growth rate of 0.8%. This growth is expected to culminate in a total consumption of approximately 4,240 billion cubic meters by 2025, further boosting the gas meter market.

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