According to the findings of the research firm, the global gas meters market reached a total of $2.3 billion in 2015 and revenue generation is expected to rise by 8.1% between 2016 and 2024.
“The growing usage of natural gas as a primary energy source is the key factor behind the growth of the global gas meters market,” says a company release.
Competition by leading manufacturers of gas meters including Elster, Itron and Dandong Dongfa are introducing innovative gas metering solutions which expected to drive market growth.
In 2015 alone, these three companies collectively accounted for 33.4% of the overall market.
The adoption of diaphragm gas meters is expected to dominate the market.
Owing to increasing industrialisation, the Asia-Pacific region is expected to continue leading other parts of the world in terms of gas meter installations.
Europe is also predicted to experience robust growth in demand of gas meters due to regulations set by the EU stipulating the use of smart gas meters to improve billing accuracy and energy efficiency.
Transparency Market Research believed that the UK, France, Germany, Italy, and Russia will lead the European market for smart gas meters.
On the other hand, the high costs associated with switching to smart gas metering systems is more likely to hinder the growth of the global gas meters.
Regulation is playing a critical role in ensuring UK utility companies shift from analogue gas meters to smart meters.
In December 2016, UK energy regulator Ofgem ordered energy provider British Gas to pay a fine of GBP4.5 million for failing to meet its 2014 smart meter installation targets.
British Gas failed to install 28,000 smart gas meters and 15,000 smart electric meters for its medium-sized non-domestic business consumers by April 2014.
The utility firm had been ordered to install the 43,000 smart meters in 2009 to improve its billing accuracy.
Ofgem claims that British Gas denied its customers the right to consumer flexibility and participation in energy efficiency programmes to lower their energy usage and costs, by not meeting its smart meter rollout targets.
British Gas was able to equip 42,000 gas and electric consumers with the smart meters between 2009 and April 2014. [Consumers Energy upgrades gas network].
The fine will be allocated to the Carbon Trust for implementation of energy efficiency programmes for business consumers.